Patten & Patten Inc. TN Has $261,000 Position in ResMed Inc. (NYSE:RMD)

Patten & Patten Inc. TN reduced its holdings in shares of ResMed Inc. (NYSE:RMDFree Report) by 9.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,517 shares of the medical equipment provider’s stock after selling 150 shares during the period. Patten & Patten Inc. TN’s holdings in ResMed were worth $261,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of RMD. Morgan Stanley boosted its position in shares of ResMed by 102.4% during the 3rd quarter. Morgan Stanley now owns 2,329,618 shares of the medical equipment provider’s stock worth $344,481,000 after purchasing an additional 1,178,547 shares in the last quarter. Norges Bank bought a new position in shares of ResMed during the 4th quarter worth about $244,477,000. LGT Capital Partners LTD. bought a new position in shares of ResMed during the 4th quarter worth about $117,621,000. abrdn plc boosted its position in shares of ResMed by 79.2% during the 3rd quarter. abrdn plc now owns 901,485 shares of the medical equipment provider’s stock worth $133,303,000 after purchasing an additional 398,302 shares in the last quarter. Finally, Hsbc Holdings PLC boosted its position in shares of ResMed by 109.9% during the 3rd quarter. Hsbc Holdings PLC now owns 490,214 shares of the medical equipment provider’s stock worth $72,785,000 after purchasing an additional 256,624 shares in the last quarter. 54.98% of the stock is currently owned by institutional investors and hedge funds.

ResMed Price Performance

ResMed stock opened at $186.04 on Thursday. ResMed Inc. has a 52 week low of $132.24 and a 52 week high of $243.52. The company’s 50 day moving average price is $186.80 and its two-hundred day moving average price is $166.98. The company has a quick ratio of 1.89, a current ratio of 3.11 and a debt-to-equity ratio of 0.27. The stock has a market cap of $27.36 billion, a P/E ratio of 30.75, a P/E/G ratio of 2.28 and a beta of 0.67.

ResMed (NYSE:RMDGet Free Report) last posted its earnings results on Wednesday, January 24th. The medical equipment provider reported $1.88 EPS for the quarter, topping the consensus estimate of $1.81 by $0.07. ResMed had a net margin of 19.77% and a return on equity of 23.86%. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter last year, the firm earned $1.66 EPS. The company’s quarterly revenue was up 12.5% compared to the same quarter last year. On average, equities analysts predict that ResMed Inc. will post 7.45 earnings per share for the current year.

ResMed Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 14th. Shareholders of record on Thursday, February 8th were given a dividend of $0.48 per share. The ex-dividend date was Wednesday, February 7th. This represents a $1.92 annualized dividend and a dividend yield of 1.03%. ResMed’s dividend payout ratio is currently 31.74%.

Insiders Place Their Bets

In other ResMed news, Director Peter C. Farrell sold 10,935 shares of ResMed stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $182.66, for a total transaction of $1,997,387.10. Following the transaction, the director now owns 157,404 shares of the company’s stock, valued at approximately $28,751,414.64. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, General Counsel Michael J. Rider sold 200 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $173.25, for a total transaction of $34,650.00. Following the completion of the sale, the general counsel now owns 6,688 shares in the company, valued at approximately $1,158,696. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Peter C. Farrell sold 10,935 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $182.66, for a total transaction of $1,997,387.10. Following the sale, the director now owns 157,404 shares of the company’s stock, valued at approximately $28,751,414.64. The disclosure for this sale can be found here. Insiders have sold a total of 11,216 shares of company stock valued at $2,046,617 in the last 90 days. 1.21% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on RMD shares. Oppenheimer increased their price objective on shares of ResMed from $185.00 to $205.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 30th. Mizuho reissued a “buy” rating and set a $215.00 price objective on shares of ResMed in a research report on Wednesday, March 27th. JPMorgan Chase & Co. raised their price target on shares of ResMed from $160.00 to $195.00 and gave the company an “overweight” rating in a research report on Tuesday, January 9th. UBS Group raised their price target on shares of ResMed from $175.00 to $180.00 and gave the company a “neutral” rating in a research report on Thursday, January 25th. Finally, Needham & Company LLC raised their price target on shares of ResMed from $215.00 to $224.00 and gave the company a “buy” rating in a research report on Monday. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $199.20.

Check Out Our Latest Stock Analysis on RMD

ResMed Profile

(Free Report)

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. It 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.

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Institutional Ownership by Quarter for ResMed (NYSE:RMD)

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