Seven Eight Capital LP Reduces Holdings in ResMed Inc. (NYSE:RMD)

Seven Eight Capital LP reduced its holdings in shares of ResMed Inc. (NYSE:RMDFree Report) by 92.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,696 shares of the medical equipment provider’s stock after selling 61,238 shares during the quarter. Seven Eight Capital LP’s holdings in ResMed were worth $808,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in RMD. Atlantic Edge Private Wealth Management LLC purchased a new stake in shares of ResMed during the fourth quarter worth about $27,000. Planned Solutions Inc. purchased a new stake in shares of ResMed during the fourth quarter worth about $34,000. MV Capital Management Inc. grew its holdings in shares of ResMed by 39.0% during the fourth quarter. MV Capital Management Inc. now owns 214 shares of the medical equipment provider’s stock worth $37,000 after buying an additional 60 shares in the last quarter. Operose Advisors LLC purchased a new stake in shares of ResMed during the third quarter worth about $32,000. Finally, Turtle Creek Wealth Advisors LLC purchased a new stake in shares of ResMed during the fourth quarter worth about $45,000. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Oppenheimer lowered their price target on shares of ResMed from $205.00 to $200.00 and set an “outperform” rating for the company in a report on Friday, April 26th. KeyCorp boosted their target price on shares of ResMed from $227.00 to $238.00 and gave the company an “overweight” rating in a report on Friday, April 26th. Needham & Company LLC boosted their target price on shares of ResMed from $224.00 to $236.00 and gave the company a “buy” rating in a report on Friday, April 26th. Mizuho restated a “buy” rating and issued a $215.00 target price on shares of ResMed in a report on Wednesday, March 27th. Finally, Royal Bank of Canada boosted their target price on shares of ResMed from $187.00 to $200.00 and gave the company a “sector perform” rating in a report on Friday, April 26th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $202.80.

Get Our Latest Research Report on ResMed

ResMed Trading Up 0.4 %

Shares of RMD stock opened at $211.67 on Tuesday. The stock has a market cap of $31.10 billion, a price-to-earnings ratio of 32.51, a price-to-earnings-growth ratio of 2.07 and a beta of 0.69. The company has a quick ratio of 1.97, a current ratio of 3.04 and a debt-to-equity ratio of 0.22. ResMed Inc. has a fifty-two week low of $132.24 and a fifty-two week high of $229.97. The firm’s 50 day moving average price is $203.69 and its two-hundred day moving average price is $187.32.

ResMed (NYSE:RMDGet Free Report) last announced its quarterly earnings results on Thursday, April 25th. The medical equipment provider reported $2.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.91 by $0.22. The firm had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.17 billion. ResMed had a net margin of 20.91% and a return on equity of 24.43%. ResMed’s revenue was up 7.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.68 earnings per share. On average, analysts anticipate that ResMed Inc. will post 7.7 EPS for the current year.

ResMed Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 13th. Stockholders of record on Thursday, May 9th will be given a dividend of $0.48 per share. The ex-dividend date is Wednesday, May 8th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 0.91%. ResMed’s payout ratio is currently 29.49%.

Insider Transactions at ResMed

In other news, Director Witte Jan De sold 360 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $218.29, for a total transaction of $78,584.40. Following the transaction, the director now directly owns 7,519 shares of the company’s stock, valued at $1,641,322.51. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Witte Jan De sold 360 shares of the company’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $218.29, for a total value of $78,584.40. Following the sale, the director now directly owns 7,519 shares of the company’s stock, valued at $1,641,322.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael J. Farrell sold 14,683 shares of the company’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $211.66, for a total transaction of $3,107,803.78. Following the completion of the sale, the chief executive officer now directly owns 440,799 shares in the company, valued at $93,299,516.34. The disclosure for this sale can be found here. Over the last three months, insiders have sold 30,151 shares of company stock valued at $6,456,599. Corporate insiders own 1.21% of the company’s stock.

About ResMed

(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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