ResMed Inc. $RMD Shares Sold by Elevation Point Wealth Partners LLC

Elevation Point Wealth Partners LLC lowered its position in ResMed Inc. (NYSE:RMD) by 91.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 243 shares of the medical equipment provider’s stock after selling 2,629 shares during the period. Elevation Point Wealth Partners LLC’s holdings in ResMed were worth $63,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of RMD. Swedbank AB boosted its position in ResMed by 445.1% during the first quarter. Swedbank AB now owns 397,319 shares of the medical equipment provider’s stock worth $88,940,000 after purchasing an additional 324,428 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of ResMed by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 18,493,702 shares of the medical equipment provider’s stock valued at $4,139,815,000 after buying an additional 320,240 shares in the last quarter. Nuveen LLC acquired a new stake in ResMed in the 1st quarter valued at $69,492,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in ResMed in the 2nd quarter valued at $34,443,000. Finally, Geode Capital Management LLC increased its holdings in ResMed by 2.4% in the 2nd quarter. Geode Capital Management LLC now owns 4,215,145 shares of the medical equipment provider’s stock worth $1,083,409,000 after acquiring an additional 98,717 shares in the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

ResMed Price Performance

NYSE:RMD opened at $250.99 on Wednesday. ResMed Inc. has a one year low of $199.92 and a one year high of $293.81. The stock has a market cap of $36.63 billion, a PE ratio of 26.39, a P/E/G ratio of 1.75 and a beta of 0.87. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.53 and a current ratio of 3.44. The stock has a 50 day moving average price of $260.53 and a 200 day moving average price of $263.63.

ResMed (NYSE:RMD) last issued its earnings results on Friday, October 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.49 by $0.06. ResMed had a return on equity of 25.62% and a net margin of 27.22%.The company had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same period in the prior year, the business earned $2.20 EPS. The firm’s quarterly revenue was up 9.1% on a year-over-year basis. Equities research analysts expect that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 18th. Shareholders of record on Thursday, November 13th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 1.0%. The ex-dividend date is Thursday, November 13th. ResMed’s payout ratio is presently 24.56%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. KeyCorp increased their price objective on shares of ResMed from $298.00 to $299.00 and gave the company an “overweight” rating in a report on Friday, October 31st. UBS Group raised shares of ResMed to a “strong-buy” rating in a research note on Tuesday, September 16th. Wells Fargo & Company assumed coverage on ResMed in a research note on Monday, October 13th. They set an “equal weight” rating and a $280.00 price objective for the company. Wall Street Zen cut ResMed from a “buy” rating to a “hold” rating in a report on Sunday, August 10th. Finally, Mizuho lowered their price target on ResMed from $310.00 to $300.00 and set an “outperform” rating on the stock in a research note on Friday, October 31st. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $297.45.

Insider Activity

In other ResMed news, CEO Michael J. Farrell sold 8,011 shares of the firm’s stock in a transaction on Friday, November 7th. The stock was sold at an average price of $249.75, for a total transaction of $2,000,747.25. Following the completion of the sale, the chief executive officer owned 467,866 shares of the company’s stock, valued at $116,849,533.50. This trade represents a 1.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Michael J. Rider sold 100 shares of ResMed stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $274.36, for a total value of $27,436.00. Following the completion of the sale, the general counsel owned 11,327 shares in the company, valued at $3,107,675.72. This represents a 0.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 20,662 shares of company stock worth $5,443,526. Corporate insiders own 0.65% of the company’s stock.

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.