Envestnet Asset Management Inc. Raises Holdings in ResMed Inc. $RMD

Envestnet Asset Management Inc. increased its position in shares of ResMed Inc. (NYSE:RMD) by 10.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 99,233 shares of the medical equipment provider’s stock after buying an additional 9,349 shares during the period. Envestnet Asset Management Inc. owned about 0.07% of ResMed worth $27,163,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in RMD. Telos Capital Management Inc. boosted its stake in shares of ResMed by 2.2% during the third quarter. Telos Capital Management Inc. now owns 31,382 shares of the medical equipment provider’s stock valued at $8,590,000 after purchasing an additional 661 shares in the last quarter. Premier Path Wealth Partners LLC lifted its holdings in ResMed by 13.1% during the third quarter. Premier Path Wealth Partners LLC now owns 1,476 shares of the medical equipment provider’s stock worth $404,000 after buying an additional 171 shares during the period. SGL Investment Advisors Inc. boosted its position in ResMed by 2.1% during the 3rd quarter. SGL Investment Advisors Inc. now owns 11,299 shares of the medical equipment provider’s stock valued at $2,813,000 after acquiring an additional 229 shares in the last quarter. Westside Investment Management Inc. increased its holdings in shares of ResMed by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 132 shares of the medical equipment provider’s stock valued at $36,000 after acquiring an additional 66 shares during the period. Finally, Cornerstone Planning Group LLC increased its holdings in shares of ResMed by 2,144.8% in the 3rd quarter. Cornerstone Planning Group LLC now owns 651 shares of the medical equipment provider’s stock valued at $178,000 after acquiring an additional 622 shares during the period. 54.98% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on RMD. KeyCorp reaffirmed an “overweight” rating and set a $302.00 price objective on shares of ResMed in a research report on Friday, January 30th. Robert W. Baird set a $281.00 price target on shares of ResMed in a research report on Friday, January 30th. UBS Group restated a “buy” rating and issued a $345.00 price target on shares of ResMed in a report on Friday, December 12th. Citigroup boosted their price objective on shares of ResMed from $330.00 to $345.00 and gave the stock a “buy” rating in a research note on Monday, February 2nd. Finally, Weiss Ratings raised shares of ResMed from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $299.27.

Insider Buying and Selling

In related news, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $251.31, for a total transaction of $502,620.00. Following the completion of the sale, the director owned 64,773 shares of the company’s stock, valued at $16,278,102.63. The trade was a 3.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Witte Jan De sold 2,055 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $255.00, for a total value of $524,025.00. Following the completion of the sale, the director owned 4,261 shares in the company, valued at approximately $1,086,555. This represents a 32.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 18,137 shares of company stock worth $4,658,832 in the last 90 days. Insiders own 0.65% of the company’s stock.

ResMed Stock Performance

Shares of ResMed stock opened at $245.93 on Friday. The company has a 50 day moving average price of $252.63 and a 200 day moving average price of $263.09. The firm has a market capitalization of $35.83 billion, a P/E ratio of 24.33, a PEG ratio of 1.72 and a beta of 0.87. The company has a quick ratio of 2.32, a current ratio of 3.06 and a debt-to-equity ratio of 0.06. ResMed Inc. has a 52 week low of $199.92 and a 52 week high of $293.81.

ResMed (NYSE:RMD) last issued its quarterly earnings results on Thursday, January 29th. The medical equipment provider reported $2.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.68 by $0.13. The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.40 billion. ResMed had a net margin of 27.53% and a return on equity of 25.20%. ResMed’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.43 EPS. Sell-side analysts expect that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 19th. Investors of record on Thursday, February 12th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Thursday, February 12th. ResMed’s dividend payout ratio is presently 23.74%.

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.