GraniteShares Advisors LLC Makes New $635,000 Investment in ResMed Inc. (NYSE:RMD)

GraniteShares Advisors LLC bought a new position in shares of ResMed Inc. (NYSE:RMD) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,775 shares of the medical equipment provider’s stock, valued at approximately $635,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. State Street Corp grew its position in shares of ResMed by 1.9% during the third quarter. State Street Corp now owns 6,261,633 shares of the medical equipment provider’s stock worth $1,528,590,000 after acquiring an additional 116,918 shares during the last quarter. Geode Capital Management LLC grew its position in shares of ResMed by 10.9% during the third quarter. Geode Capital Management LLC now owns 3,858,814 shares of the medical equipment provider’s stock worth $939,114,000 after acquiring an additional 380,383 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of ResMed by 1.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 924,047 shares of the medical equipment provider’s stock worth $225,578,000 after acquiring an additional 13,985 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of ResMed by 0.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 742,411 shares of the medical equipment provider’s stock worth $181,237,000 after acquiring an additional 2,406 shares during the last quarter. Finally, Los Angeles Capital Management LLC grew its position in shares of ResMed by 60.0% during the fourth quarter. Los Angeles Capital Management LLC now owns 668,908 shares of the medical equipment provider’s stock worth $152,973,000 after acquiring an additional 250,746 shares during the last quarter. 54.98% of the stock is owned by institutional investors and hedge funds.

ResMed Stock Performance

NYSE:RMD opened at $235.73 on Wednesday. ResMed Inc. has a twelve month low of $170.56 and a twelve month high of $263.05. The company has a current ratio of 3.33, a quick ratio of 2.29 and a debt-to-equity ratio of 0.13. The company has a 50-day moving average of $237.06 and a 200-day moving average of $239.66. The firm has a market cap of $34.62 billion, a price-to-earnings ratio of 27.83, a price-to-earnings-growth ratio of 1.53 and a beta of 0.70.

ResMed (NYSE:RMD) last posted its quarterly earnings data on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share for the quarter, beating the consensus estimate of $2.29 by $0.14. ResMed had a net margin of 25.34% and a return on equity of 26.17%. Analysts forecast that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 20th. Shareholders of record on Thursday, February 13th will be paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 0.90%. The ex-dividend date is Thursday, February 13th. ResMed’s dividend payout ratio is presently 25.03%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on RMD. UBS Group upgraded shares of ResMed from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 31st. Piper Sandler upped their price target on shares of ResMed from $252.00 to $260.00 and gave the stock a “neutral” rating in a research report on Friday, January 31st. KeyCorp increased their target price on shares of ResMed from $266.00 to $280.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Stifel Nicolaus initiated coverage on shares of ResMed in a research report on Friday, December 13th. They issued a “hold” rating and a $250.00 target price for the company. Finally, JPMorgan Chase & Co. increased their target price on shares of ResMed from $270.00 to $286.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. One analyst has rated the stock with a sell rating, six have assigned a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $244.73.

Insider Buying and Selling at ResMed

In other ResMed news, CEO Michael J. Farrell sold 8,009 shares of the company’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $236.77, for a total transaction of $1,896,290.93. Following the completion of the sale, the chief executive officer now directly owns 455,472 shares of the company’s stock, valued at approximately $107,842,105.44. This represents a 1.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Peter C. Farrell sold 2,000 shares of the company’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $245.65, for a total transaction of $491,300.00. Following the sale, the director now directly owns 81,218 shares of the company’s stock, valued at $19,951,201.70. This represents a 2.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,147 shares of company stock valued at $2,905,745. 0.71% of the stock is currently owned by corporate insiders.

ResMed Company 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.