QRG Capital Management Inc. Buys 11,015 Shares of ResMed Inc. (NYSE:RMD)

QRG Capital Management Inc. grew its stake in shares of ResMed Inc. (NYSE:RMD) by 162.1% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 17,812 shares of the medical equipment provider’s stock after acquiring an additional 11,015 shares during the period. QRG Capital Management Inc.’s holdings in ResMed were worth $4,074,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of RMD. Versor Investments LP boosted its stake in ResMed by 220.0% during the fourth quarter. Versor Investments LP now owns 7,360 shares of the medical equipment provider’s stock valued at $1,683,000 after buying an additional 5,060 shares during the period. Proficio Capital Partners LLC purchased a new stake in shares of ResMed in the 4th quarter valued at about $50,364,000. Mn Services Vermogensbeheer B.V. raised its holdings in shares of ResMed by 1.6% in the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 57,378 shares of the medical equipment provider’s stock valued at $13,122,000 after acquiring an additional 900 shares in the last quarter. New York Life Investment Management LLC grew its holdings in shares of ResMed by 1.1% during the fourth quarter. New York Life Investment Management LLC now owns 21,914 shares of the medical equipment provider’s stock worth $5,012,000 after purchasing an additional 230 shares in the last quarter. Finally, Stegent Equity Advisors Inc. bought a new position in shares of ResMed in the fourth quarter worth approximately $795,000. 54.98% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at ResMed

In other news, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $242.11, for a total transaction of $484,220.00. Following the sale, the director now owns 77,218 shares of the company’s stock, valued at approximately $18,695,249.98. The trade was a 2.52 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $107,842,105.44. The trade was a 1.73 % 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 over the last quarter. 0.71% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

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

ResMed Trading Up 0.9 %

Shares of RMD opened at $233.32 on Friday. The stock has a market capitalization of $34.27 billion, a P/E ratio of 27.55, a PEG ratio of 1.53 and a beta of 0.70. ResMed Inc. has a twelve month low of $170.56 and a twelve month high of $263.05. 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 firm has a fifty day simple moving average of $237.06 and a two-hundred day simple moving average of $239.83.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.29 by $0.14. ResMed had a return on equity of 26.17% and a net margin of 25.34%. On average, research analysts anticipate that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Stockholders of record on Thursday, February 13th will be paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Thursday, February 13th. This represents a $2.12 annualized dividend and a dividend yield of 0.91%. ResMed’s dividend payout ratio (DPR) is presently 25.03%.

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.