Legacy Wealth Asset Management LLC Reduces Stock Position in ResMed Inc. (NYSE:RMD)

Legacy Wealth Asset Management LLC trimmed its holdings in shares of ResMed Inc. (NYSE:RMD) by 8.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,448 shares of the medical equipment provider’s stock after selling 131 shares during the quarter. Legacy Wealth Asset Management LLC’s holdings in ResMed were worth $331,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in RMD. True Wealth Design LLC increased its position in ResMed by 2,200.0% during the third quarter. True Wealth Design LLC now owns 115 shares of the medical equipment provider’s stock valued at $28,000 after acquiring an additional 110 shares during the last quarter. Ashton Thomas Securities LLC purchased a new stake in ResMed in the 3rd quarter worth about $34,000. Rosenberg Matthew Hamilton purchased a new position in shares of ResMed during the fourth quarter valued at approximately $54,000. Capital Performance Advisors LLP bought a new position in shares of ResMed during the third quarter valued at approximately $60,000. Finally, Quarry LP boosted its holdings in ResMed by 271.9% during the 2nd quarter. Quarry LP now owns 331 shares of the medical equipment provider’s stock valued at $63,000 after acquiring an additional 242 shares during the period. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

ResMed Stock Up 1.2 %

ResMed stock opened at $239.89 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.92. ResMed Inc. has a fifty-two week low of $170.39 and a fifty-two week high of $260.49. The stock has a 50-day simple moving average of $238.51 and a 200-day simple moving average of $232.47. The company has a market capitalization of $35.22 billion, a P/E ratio of 31.77, a PEG ratio of 1.69 and a beta of 0.70.

ResMed (NYSE:RMD) last announced its earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 EPS for the quarter, beating analysts’ consensus estimates of $2.03 by $0.17. The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.19 billion. ResMed had a net margin of 23.15% and a return on equity of 25.53%. The company’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.64 EPS. Equities research analysts expect that ResMed Inc. will post 9.36 earnings per share for the current year.

ResMed Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Thursday, November 7th were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 0.88%. The ex-dividend date of this dividend was Thursday, November 7th. ResMed’s dividend payout ratio (DPR) is presently 28.08%.

Insider Activity at ResMed

In related news, insider Justin Leong sold 6,160 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $243.09, for a total value of $1,497,434.40. Following the completion of the sale, the insider now owns 21,718 shares in the company, valued at $5,279,428.62. This trade represents a 22.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Witte Jan De sold 796 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $248.81, for a total value of $198,052.76. Following the sale, the director now directly owns 6,723 shares in the company, valued at $1,672,749.63. This trade represents a 10.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 11,099 shares of company stock worth $2,719,385 in the last three months. Insiders own 0.71% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RMD. Bank of America boosted their target price on shares of ResMed from $240.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. KeyCorp lifted their price target on shares of ResMed from $251.00 to $266.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Piper Sandler started coverage on ResMed in a report on Friday, January 10th. They set a “neutral” rating and a $252.00 price objective on the stock. The Goldman Sachs Group started coverage on ResMed in a research report on Thursday. They set a “buy” rating on the stock. Finally, Royal Bank of Canada increased their target price on shares of ResMed from $224.00 to $232.00 and gave the stock a “sector perform” rating in a report on Friday, October 25th. One analyst has rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, ResMed presently has a consensus rating of “Hold” and a consensus target price of $233.09.

About ResMed

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.