Arrowstreet Capital Limited Partnership Raises Stake in ResMed Inc. (NYSE:RMD)

Arrowstreet Capital Limited Partnership lifted its position in ResMed Inc. (NYSE:RMD) by 9.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 216,127 shares of the medical equipment provider’s stock after purchasing an additional 17,951 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.15% of ResMed worth $49,426,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently modified their holdings of RMD. Howard Capital Management Inc. raised its holdings in ResMed by 5.3% during the fourth quarter. Howard Capital Management Inc. now owns 900 shares of the medical equipment provider’s stock valued at $206,000 after acquiring an additional 45 shares during the period. Ascent Group LLC lifted its holdings in ResMed by 1.7% in the 3rd quarter. Ascent Group LLC now owns 2,924 shares of the medical equipment provider’s stock worth $714,000 after purchasing an additional 48 shares in the last quarter. SkyView Investment Advisors LLC lifted its holdings in ResMed by 2.0% in the 3rd quarter. SkyView Investment Advisors LLC now owns 2,610 shares of the medical equipment provider’s stock worth $637,000 after purchasing an additional 51 shares in the last quarter. Wedmont Private Capital grew its holdings in ResMed by 2.6% during the 4th quarter. Wedmont Private Capital now owns 2,032 shares of the medical equipment provider’s stock valued at $475,000 after buying an additional 52 shares in the last quarter. Finally, Brooklyn Investment Group grew its holdings in ResMed by 8.1% during the 4th quarter. Brooklyn Investment Group now owns 911 shares of the medical equipment provider’s stock valued at $208,000 after buying an additional 68 shares in the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Insider Transactions at ResMed

In other news, CEO Michael J. Farrell sold 8,009 shares of ResMed stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $229.20, for a total transaction of $1,835,662.80. Following the completion of the sale, the chief executive officer now owns 455,472 shares of the company’s stock, valued at approximately $104,394,182.40. The trade was a 1.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Kaushik Ghoshal sold 9,745 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $239.31, for a total value of $2,332,075.95. Following the completion of the transaction, the insider now directly owns 9,725 shares in the company, valued at approximately $2,327,289.75. This trade represents a 50.05 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 38,940 shares of company stock worth $9,164,385. Insiders own 0.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Piper Sandler upped their target price 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. Needham & Company LLC restated a “hold” rating on shares of ResMed in a research report on Friday, January 31st. StockNews.com upgraded ResMed from a “hold” rating to a “buy” rating in a research report on Tuesday, March 25th. KeyCorp raised their price target on ResMed from $266.00 to $280.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Finally, Stifel Nicolaus decreased their price objective on ResMed from $250.00 to $240.00 and set a “hold” rating on the stock in a report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $249.73.

ResMed Price Performance

RMD stock opened at $222.14 on Wednesday. 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 $172.19 and a 12 month high of $263.05. The stock has a market cap of $32.62 billion, a PE ratio of 26.23, a P/E/G ratio of 1.53 and a beta of 0.74. The company has a 50-day moving average price of $232.86 and a 200 day moving average price of $237.64.

ResMed (NYSE:RMD) last released 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%. Equities research analysts anticipate that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Thursday, February 13th were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, February 13th. This represents a $2.12 annualized dividend and a dividend yield of 0.95%. ResMed’s dividend payout ratio (DPR) is 25.03%.

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.