Envestnet Asset Management Inc. Sells 49,003 Shares of ResMed Inc. (NYSE:RMD)

Envestnet Asset Management Inc. lowered its holdings in ResMed Inc. (NYSE:RMD) by 28.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 122,880 shares of the medical equipment provider’s stock after selling 49,003 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.08% of ResMed worth $26,909,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of RMD. Cambridge Investment Research Advisors Inc. raised its holdings in shares of ResMed by 15.7% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 3,050 shares of the medical equipment provider’s stock valued at $740,000 after purchasing an additional 414 shares in the last quarter. Cibc World Market Inc. raised its holdings in shares of ResMed by 13.0% in the 1st quarter. Cibc World Market Inc. now owns 1,000 shares of the medical equipment provider’s stock valued at $243,000 after purchasing an additional 115 shares in the last quarter. Vontobel Holding Ltd. raised its holdings in shares of ResMed by 14.5% in the 1st quarter. Vontobel Holding Ltd. now owns 8,112 shares of the medical equipment provider’s stock valued at $2,020,000 after purchasing an additional 1,025 shares in the last quarter. Sei Investments Co. raised its holdings in shares of ResMed by 7.8% in the 1st quarter. Sei Investments Co. now owns 40,740 shares of the medical equipment provider’s stock valued at $9,781,000 after purchasing an additional 2,955 shares in the last quarter. Finally, Prudential PLC bought a new stake in shares of ResMed in the 1st quarter valued at about $694,000. Institutional investors own 63.79% of the company’s stock.

Insider Activity

In other news, CEO Michael J. Farrell sold 5,675 shares of the company’s stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $217.39, for a total value of $1,233,688.25. Following the sale, the chief executive officer now directly owns 436,930 shares of the company’s stock, valued at approximately $94,984,212.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Kaushik Ghoshal sold 500 shares of the stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $220.00, for a total transaction of $110,000.00. Following the sale, the insider now directly owns 12,287 shares of the company’s stock, valued at $2,703,140. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael J. Farrell sold 5,675 shares of the stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $217.39, for a total transaction of $1,233,688.25. Following the sale, the chief executive officer now directly owns 436,930 shares in the company, valued at $94,984,212.70. The disclosure for this sale can be found here. Insiders have sold 24,075 shares of company stock valued at $5,019,024 in the last ninety days. Insiders own 1.39% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on RMD shares. UBS Group started coverage on shares of ResMed in a research note on Monday, May 22nd. They set a “buy” rating and a $290.00 price objective for the company. Bank of America reduced their price objective on shares of ResMed from $260.00 to $250.00 and set a “buy” rating for the company in a research note on Friday, August 4th. StockNews.com started coverage on shares of ResMed in a research note on Thursday, August 17th. They set a “hold” rating for the company. Royal Bank of Canada reduced their price objective on shares of ResMed from $284.00 to $273.00 and set an “outperform” rating for the company in a research note on Monday, August 14th. Finally, KeyCorp reduced their price objective on shares of ResMed from $280.00 to $260.00 and set an “overweight” rating for the company in a research note on Friday, August 4th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $261.86.

ResMed Stock Up 0.2 %

NYSE:RMD opened at $164.18 on Thursday. The company has a market cap of $24.15 billion, a PE ratio of 26.91, a P/E/G ratio of 2.48 and a beta of 0.48. ResMed Inc. has a twelve month low of $158.88 and a twelve month high of $243.52. The company has a current ratio of 3.12, a quick ratio of 1.81 and a debt-to-equity ratio of 0.35. The company’s 50 day moving average is $200.39 and its two-hundred day moving average is $212.93.

ResMed (NYSE:RMD) last released its quarterly earnings data on Thursday, August 3rd. The medical equipment provider reported $1.60 EPS for the quarter, missing the consensus estimate of $1.67 by ($0.07). The business had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.14 billion. ResMed had a net margin of 21.25% and a return on equity of 24.94%. The firm’s revenue was up 22.7% on a year-over-year basis. During the same period last year, the company earned $1.49 earnings per share. Analysts anticipate that ResMed Inc. will post 7.08 EPS for the current year.

ResMed Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 21st. Stockholders of record on Thursday, August 17th will be issued a $0.48 dividend. This is an increase from ResMed’s previous quarterly dividend of $0.44. This represents a $1.92 annualized dividend and a dividend yield of 1.17%. The ex-dividend date of this dividend is Wednesday, August 16th. ResMed’s dividend payout ratio is 31.48%.

ResMed Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. The company operates in two segments, Sleep and Respiratory Care, and Software as a Service. It offers various products and solutions for a range of respiratory disorders, including technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.