Azzad Asset Management Inc. ADV Has $1.08 Million Stock Position in ResMed Inc. $RMD

Azzad Asset Management Inc. ADV lifted its position in shares of ResMed Inc. (NYSE:RMD) by 271.3% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,463 shares of the medical equipment provider’s stock after buying an additional 3,261 shares during the quarter. Azzad Asset Management Inc. ADV’s holdings in ResMed were worth $1,075,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of RMD. First Trust Advisors LP increased its holdings in shares of ResMed by 285.1% during the third quarter. First Trust Advisors LP now owns 445,198 shares of the medical equipment provider’s stock worth $121,864,000 after purchasing an additional 329,588 shares during the period. Marshall Wace LLP increased its holdings in shares of ResMed by 2,373.1% during the third quarter. Marshall Wace LLP now owns 310,987 shares of the medical equipment provider’s stock worth $85,126,000 after purchasing an additional 298,412 shares during the period. Nordea Investment Management AB increased its holdings in shares of ResMed by 37.2% during the fourth quarter. Nordea Investment Management AB now owns 1,084,996 shares of the medical equipment provider’s stock worth $262,027,000 after purchasing an additional 294,124 shares during the period. Vanguard Group Inc. grew its holdings in shares of ResMed by 1.6% during the 3rd quarter. Vanguard Group Inc. now owns 19,040,440 shares of the medical equipment provider’s stock worth $5,211,940,000 after purchasing an additional 293,515 shares in the last quarter. Finally, Giverny Capital Inc. acquired a new stake in shares of ResMed during the 3rd quarter worth $64,441,000. Institutional investors and hedge funds own 54.98% of the company’s stock.

Analyst Upgrades and Downgrades

RMD has been the topic of several analyst reports. Stifel Nicolaus increased their target price on ResMed from $260.00 to $265.00 and gave the stock a “hold” rating in a report on Friday, January 30th. Piper Sandler increased their target price on ResMed from $270.00 to $275.00 and gave the stock a “neutral” rating in a report on Friday, January 30th. Robert W. Baird set a $281.00 target price on ResMed in a report on Friday, January 30th. Citigroup increased their target price on ResMed from $330.00 to $345.00 and gave the stock a “buy” rating in a report on Monday, February 2nd. Finally, Wells Fargo & Company upped their price target on shares of ResMed from $265.00 to $270.00 and gave the stock an “equal weight” rating in a report on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $299.27.

ResMed Price Performance

ResMed stock opened at $226.53 on Wednesday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.32 and a current ratio of 3.06. ResMed Inc. has a 52 week low of $201.84 and a 52 week high of $293.81. The stock has a market capitalization of $33.00 billion, a P/E ratio of 22.41, a price-to-earnings-growth ratio of 1.49 and a beta of 0.93. The stock has a fifty day moving average of $245.31 and a 200-day moving average of $252.47.

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

ResMed Announces Dividend

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

Insider Activity at ResMed

In related news, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $225.00, for a total transaction of $450,000.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Michael J. Farrell sold 4,991 shares of ResMed stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $251.03, for a total transaction of $1,252,890.73. Following the sale, the chief executive officer directly owned 466,223 shares in the company, valued at $117,035,959.69. This trade represents a 1.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 16,032 shares of company stock worth $4,105,387 over the last ninety days. 0.65% of the stock is currently owned by insiders.

ResMed Profile

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.