Congress Asset Management Co. Has $900,000 Stock Position in ResMed Inc. $RMD

Congress Asset Management Co. cut its holdings in ResMed Inc. (NYSE:RMD) by 43.6% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,737 shares of the medical equipment provider’s stock after selling 2,890 shares during the quarter. Congress Asset Management Co.’s holdings in ResMed were worth $900,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. SJS Investment Consulting Inc. lifted its holdings in shares of ResMed by 1,433.3% in the third quarter. SJS Investment Consulting Inc. now owns 92 shares of the medical equipment provider’s stock worth $25,000 after acquiring an additional 86 shares during the last quarter. Imprint Wealth LLC acquired a new stake in shares of ResMed in the 3rd quarter valued at approximately $26,000. WFA of San Diego LLC bought a new stake in shares of ResMed during the 2nd quarter valued at approximately $26,000. Sunbelt Securities Inc. bought a new stake in shares of ResMed during the 3rd quarter valued at approximately $31,000. Finally, Westside Investment Management Inc. increased its position in ResMed by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 132 shares of the medical equipment provider’s stock worth $36,000 after purchasing an additional 66 shares in the last quarter. Institutional investors own 54.98% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on RMD. KeyCorp reissued an “overweight” rating and issued a $302.00 price objective on shares of ResMed in a research note on Friday, January 30th. Royal Bank Of Canada boosted their target price on shares of ResMed from $311.00 to $314.00 and gave the stock an “outperform” rating in a research note on Friday, January 30th. Weiss Ratings cut ResMed from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, March 19th. Wells Fargo & Company raised their price objective on ResMed from $265.00 to $270.00 and gave the company an “equal weight” rating in a report on Friday, January 30th. Finally, Citigroup boosted their price objective on ResMed from $330.00 to $345.00 and gave the stock a “buy” rating in a research report on Monday, February 2nd. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, ResMed currently has an average rating of “Moderate Buy” and an average target price of $299.27.

ResMed Stock Down 0.6%

NYSE:RMD opened at $226.75 on Thursday. The firm’s 50 day simple moving average is $251.28 and its 200 day simple moving average is $255.80. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.06 and a quick ratio of 2.32. ResMed Inc. has a one year low of $199.92 and a one year high of $293.81. The company has a market cap of $33.03 billion, a PE ratio of 22.43, a P/E/G ratio of 1.52 and a beta of 0.88.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Friday, January 30th. The medical equipment provider reported $2.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.68 by $0.13. The firm had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.40 billion. ResMed had a net margin of 27.53% and a return on equity of 25.20%. The company’s revenue was up 11.0% on a year-over-year basis. During the same period in the prior year, the company posted $2.43 EPS. On average, research analysts anticipate that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 19th. Investors of record on Thursday, February 12th were issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Thursday, February 12th. ResMed’s dividend payout ratio is presently 23.74%.

Insiders Place Their Bets

In other ResMed news, Director Peter C. Farrell sold 2,000 shares of the company’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $260.22, for a total value of $520,440.00. Following the sale, the director owned 62,773 shares in the company, valued at approximately $16,334,790.06. The trade was a 3.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $251.03, for a total value of $1,252,890.73. Following the completion of the sale, the chief executive officer directly owned 466,223 shares of the company’s stock, valued at approximately $117,035,959.69. The trade was a 1.06% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 21,073 shares of company stock valued at $5,405,198 over the last 90 days. 0.65% of the stock is currently owned by company insiders.

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.