Entropy Technologies LP Cuts Stake in ResMed Inc. (NYSE:RMD)

Entropy Technologies LP trimmed its holdings in shares of ResMed Inc. (NYSE:RMD) by 85.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,089 shares of the medical equipment provider’s stock after selling 6,581 shares during the quarter. Entropy Technologies LP’s holdings in ResMed were worth $249,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. True Wealth Design LLC increased its position in shares of ResMed by 2,200.0% during the third quarter. True Wealth Design LLC now owns 115 shares of the medical equipment provider’s stock worth $28,000 after acquiring an additional 110 shares during the last quarter. Ashton Thomas Securities LLC purchased a new stake in shares of ResMed during the third quarter worth about $34,000. Rosenberg Matthew Hamilton purchased a new stake in shares of ResMed during the fourth quarter worth about $54,000. Capital Performance Advisors LLP purchased a new stake in shares of ResMed during the third quarter worth about $60,000. Finally, Venturi Wealth Management LLC increased its position in shares of ResMed by 55.7% during the third quarter. Venturi Wealth Management LLC now owns 341 shares of the medical equipment provider’s stock worth $83,000 after acquiring an additional 122 shares during the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

ResMed Stock Performance

Shares of RMD stock opened at $239.39 on Friday. The company has a quick ratio of 2.29, a current ratio of 3.33 and a debt-to-equity ratio of 0.13. The business has a 50 day moving average of $238.68 and a two-hundred day moving average of $238.29. ResMed Inc. has a 52 week low of $170.56 and a 52 week high of $263.05. The company has a market cap of $35.16 billion, a P/E ratio of 28.26, a PEG ratio of 1.57 and a beta of 0.70.

ResMed (NYSE:RMD) last issued its earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 EPS for the quarter, beating analysts’ consensus estimates of $2.29 by $0.14. ResMed had a return on equity of 26.17% and a net margin of 25.34%. As a group, analysts anticipate that ResMed Inc. will post 9.44 EPS for the current year.

ResMed Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 20th. Stockholders of record on Thursday, February 13th will be given a dividend of $0.53 per share. The ex-dividend date is Thursday, February 13th. This represents a $2.12 annualized dividend and a dividend yield of 0.89%. ResMed’s dividend payout ratio is presently 25.03%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RMD. The Goldman Sachs Group began coverage on ResMed in a research report on Thursday, January 16th. They set a “buy” rating on the stock. Piper Sandler lifted their price target on ResMed from $252.00 to $260.00 and gave the stock a “neutral” rating in a research note on Friday, January 31st. UBS Group upgraded ResMed from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 31st. KeyCorp lifted their price target on ResMed from $266.00 to $280.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Finally, Royal Bank of Canada lifted their price target on ResMed from $224.00 to $232.00 and gave the stock a “sector perform” rating in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $244.73.

Insider Transactions at ResMed

In other news, CEO Michael J. Farrell sold 8,009 shares of the business’s stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $236.77, for a total transaction of $1,896,290.93. Following the completion of the transaction, the chief executive officer now directly owns 455,472 shares in the company, valued at approximately $107,842,105.44. The trade was a 1.73 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Justin Leong sold 6,160 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $243.09, for a total value of $1,497,434.40. Following the transaction, the insider now owns 21,718 shares of the company’s stock, valued at approximately $5,279,428.62. This represents a 22.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,307 shares of company stock worth $4,403,180. Company insiders own 0.71% of the company’s stock.

ResMed Profile

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.