Bank of New York Mellon Corp Cuts Position in ResMed Inc. (NYSE:RMD)

Bank of New York Mellon Corp decreased its position in shares of ResMed Inc. (NYSE:RMD) by 4.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,431,906 shares of the medical equipment provider’s stock after selling 276,548 shares during the period. Bank of New York Mellon Corp owned approximately 3.70% of ResMed worth $1,242,222,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. BankPlus Trust Department purchased a new position in shares of ResMed during the 4th quarter valued at about $44,000. IFP Advisors Inc grew its position in ResMed by 37.1% during the fourth quarter. IFP Advisors Inc now owns 373 shares of the medical equipment provider’s stock valued at $85,000 after acquiring an additional 101 shares during the last quarter. Howard Capital Management Inc. raised its stake in shares of ResMed by 5.3% during the fourth quarter. Howard Capital Management Inc. now owns 900 shares of the medical equipment provider’s stock worth $206,000 after acquiring an additional 45 shares in the last quarter. First Horizon Advisors Inc. lifted its holdings in shares of ResMed by 285.1% in the 4th quarter. First Horizon Advisors Inc. now owns 593 shares of the medical equipment provider’s stock worth $136,000 after acquiring an additional 439 shares during the last quarter. Finally, Olympiad Research LP bought a new stake in shares of ResMed in the 4th quarter worth approximately $328,000. Institutional investors own 54.98% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on RMD. The Goldman Sachs Group assumed coverage on shares of ResMed in a research report on Thursday, January 16th. They issued a “buy” rating on the stock. Stifel Nicolaus initiated coverage on ResMed in a report on Friday, December 13th. They issued a “hold” rating and a $250.00 price objective on the stock. Needham & Company LLC restated a “hold” rating on shares of ResMed in a report 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, Piper Sandler boosted their price objective on ResMed from $252.00 to $260.00 and gave the company a “neutral” rating in a research report on Friday, January 31st. One investment analyst has rated the stock with a sell rating, six have given a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $244.73.

ResMed Stock Down 1.0 %

Shares of ResMed stock opened at $229.47 on Tuesday. The company has a current ratio of 3.33, a quick ratio of 2.29 and a debt-to-equity ratio of 0.13. ResMed Inc. has a 12-month low of $170.56 and a 12-month high of $263.05. The company has a market cap of $33.70 billion, a P/E ratio of 27.09, a PEG ratio of 1.53 and a beta of 0.70. The company’s fifty day simple moving average is $237.20 and its two-hundred day simple moving average is $239.52.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share (EPS) 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%. Research analysts anticipate that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Stockholders of record on Thursday, February 13th will be given a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 0.92%. The ex-dividend date of this dividend is Thursday, February 13th. ResMed’s dividend payout ratio is currently 25.03%.

Insider Activity

In other 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 value of $1,896,290.93. Following the sale, the chief executive officer now directly owns 455,472 shares of the company’s stock, valued at $107,842,105.44. This represents a 1.73 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Peter C. Farrell sold 2,000 shares of the stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $245.65, for a total transaction of $491,300.00. Following the completion of the transaction, the director now owns 81,218 shares of the company’s stock, valued at approximately $19,951,201.70. The trade was a 2.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,147 shares of company stock worth $2,905,745 in the last quarter. 0.71% of the stock is owned by company insiders.

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.