Assenagon Asset Management S.A. Sells 5,635 Shares of ResMed Inc. $RMD

Assenagon Asset Management S.A. trimmed its position in ResMed Inc. (NYSE:RMD) by 14.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 34,073 shares of the medical equipment provider’s stock after selling 5,635 shares during the quarter. Assenagon Asset Management S.A.’s holdings in ResMed were worth $9,327,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. ICW Investment Advisors LLC grew its holdings in ResMed by 0.4% during the 1st quarter. ICW Investment Advisors LLC now owns 11,394 shares of the medical equipment provider’s stock worth $2,551,000 after acquiring an additional 41 shares in the last quarter. Johnson Investment Counsel Inc. lifted its position in shares of ResMed by 2.8% in the 2nd quarter. Johnson Investment Counsel Inc. now owns 1,665 shares of the medical equipment provider’s stock worth $430,000 after purchasing an additional 45 shares during the period. Quadcap Wealth Management LLC boosted its stake in shares of ResMed by 2.5% during the second quarter. Quadcap Wealth Management LLC now owns 1,880 shares of the medical equipment provider’s stock valued at $485,000 after purchasing an additional 45 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in ResMed by 3.9% during the first quarter. Smartleaf Asset Management LLC now owns 1,222 shares of the medical equipment provider’s stock valued at $269,000 after buying an additional 46 shares during the period. Finally, V Square Quantitative Management LLC raised its stake in ResMed by 3.0% in the second quarter. V Square Quantitative Management LLC now owns 1,747 shares of the medical equipment provider’s stock worth $451,000 after buying an additional 51 shares in the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Insider Transactions at ResMed

In related news, CEO Michael J. Farrell sold 8,011 shares of the stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $249.75, for a total value of $2,000,747.25. Following the transaction, the chief executive officer owned 467,866 shares in the company, valued at approximately $116,849,533.50. This represents a 1.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Michael J. Rider sold 100 shares of the firm’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $274.36, for a total transaction of $27,436.00. Following the transaction, the general counsel directly owned 11,327 shares of the company’s stock, valued at $3,107,675.72. This represents a 0.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 22,662 shares of company stock worth $5,946,466 in the last ninety days. Corporate insiders own 0.65% of the company’s stock.

ResMed Trading Up 0.9%

NYSE RMD opened at $244.72 on Friday. The company has a fifty day simple moving average of $253.81 and a two-hundred day simple moving average of $263.85. The stock has a market cap of $35.71 billion, a P/E ratio of 25.05, a P/E/G ratio of 1.65 and a beta of 0.87. ResMed Inc. has a 12-month low of $199.92 and a 12-month high of $293.81. The company has a current ratio of 2.89, a quick ratio of 2.13 and a debt-to-equity ratio of 0.07.

ResMed (NYSE:RMD) last released 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 25.45% and a net margin of 27.35%.The firm had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same period in the prior year, the firm earned $2.20 EPS. The firm’s revenue was up 9.1% on a year-over-year basis. On average, analysts forecast that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, December 18th. Investors of record on Thursday, November 13th were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Thursday, November 13th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.0%. ResMed’s payout ratio is 24.56%.

Analysts Set New Price Targets

RMD has been the subject of a number of analyst reports. Stifel Nicolaus dropped their target price on ResMed from $270.00 to $260.00 and set a “hold” rating on the stock in a research report on Thursday. Robert W. Baird reaffirmed a “neutral” rating and set a $275.00 price objective (down previously from $300.00) on shares of ResMed in a research report on Tuesday. CLSA upgraded ResMed from a “hold” rating to an “outperform” rating in a research note on Tuesday, September 2nd. Baird R W cut shares of ResMed from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 16th. Finally, Wells Fargo & Company began coverage on shares of ResMed in a research report on Monday, October 13th. They issued an “equal weight” rating and a $280.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $296.09.

About ResMed

ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.