Envestnet Asset Management Inc. Has $26.87 Million Stake in ResMed Inc. (NYSE:RMD)

Envestnet Asset Management Inc. cut its holdings in shares of ResMed Inc. (NYSE:RMD) by 3.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 120,054 shares of the medical equipment provider’s stock after selling 4,581 shares during the quarter. Envestnet Asset Management Inc. owned about 0.08% of ResMed worth $26,874,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in ResMed by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 18,173,462 shares of the medical equipment provider’s stock worth $4,156,089,000 after purchasing an additional 160,590 shares during the last quarter. Geode Capital Management LLC increased its position in ResMed by 2.2% during the 4th quarter. Geode Capital Management LLC now owns 3,944,084 shares of the medical equipment provider’s stock worth $899,860,000 after buying an additional 85,270 shares during the period. Invesco Ltd. lifted its holdings in shares of ResMed by 32.2% during the fourth quarter. Invesco Ltd. now owns 2,325,009 shares of the medical equipment provider’s stock worth $531,706,000 after buying an additional 566,046 shares in the last quarter. Northern Trust Corp boosted its position in shares of ResMed by 20.6% in the fourth quarter. Northern Trust Corp now owns 1,702,590 shares of the medical equipment provider’s stock valued at $389,365,000 after acquiring an additional 290,664 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in ResMed by 28.6% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 954,612 shares of the medical equipment provider’s stock worth $218,310,000 after acquiring an additional 212,201 shares during the period. 54.98% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on RMD shares. JPMorgan Chase & Co. increased their target price on shares of ResMed from $286.00 to $290.00 and gave the stock an “overweight” rating in a research report on Thursday, April 24th. Mizuho set a $265.00 price target on ResMed in a research report on Wednesday, April 16th. Wall Street Zen cut ResMed from a “buy” rating to a “hold” rating in a report on Saturday, May 24th. Piper Sandler cut their target price on ResMed from $260.00 to $248.00 and set a “neutral” rating for the company in a research report on Thursday, April 24th. Finally, Morgan Stanley set a $286.00 target price on ResMed and gave the stock an “overweight” rating in a report on Tuesday, May 20th. One analyst has rated the stock with a sell rating, five have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $259.33.

Insiders Place Their Bets

In related news, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $242.25, for a total transaction of $484,500.00. Following the sale, the director directly owned 71,218 shares in the company, valued at $17,252,560.50. This trade represents a 2.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael J. Farrell sold 8,009 shares of the business’s stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $256.72, for a total transaction of $2,056,070.48. Following the sale, the chief executive officer directly owned 455,503 shares in the company, valued at $116,936,730.16. The trade was a 1.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 29,013 shares of company stock valued at $7,238,913 in the last 90 days. Corporate insiders own 0.71% of the company’s stock.

ResMed Trading Down 0.1%

RMD opened at $254.09 on Tuesday. The company has a market cap of $37.26 billion, a P/E ratio of 28.52, a PEG ratio of 1.59 and a beta of 0.77. The company has a current ratio of 3.41, a quick ratio of 2.49 and a debt-to-equity ratio of 0.12. The company’s 50 day moving average is $250.63 and its 200-day moving average is $236.92. ResMed Inc. has a 1-year low of $196.43 and a 1-year high of $263.05.

ResMed (NYSE:RMD) last issued its earnings results on Wednesday, April 23rd. The medical equipment provider reported $2.37 earnings per share for the quarter, beating analysts’ consensus estimates of $2.36 by $0.01. The firm had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.28 billion. ResMed had a net margin of 26.15% and a return on equity of 25.67%. The company’s quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter last year, the business posted $2.13 earnings per share. Equities research analysts predict that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Thursday, May 8th were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, May 8th. This represents a $2.12 dividend on an annualized basis and a yield of 0.83%. ResMed’s dividend payout ratio is currently 23.79%.

About ResMed

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 ApneaLink Air, a portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow, and snoring; and NightOwl, a portable, cloud-connected, and disposable diagnostic device that measures AHI based on derived peripheral arterial tone, actigraphy, and oximetry over several nights.