Summit Global Investments Acquires Shares of 1,270 ResMed Inc. (NYSE:RMD)

Summit Global Investments bought a new position in shares of ResMed Inc. (NYSE:RMD) in the fourth quarter, Holdings Channel.com reports. The fund bought 1,270 shares of the medical equipment provider’s stock, valued at approximately $290,000.

Other hedge funds have also modified their holdings of the company. First Horizon Advisors Inc. grew its stake in ResMed by 285.1% during the 4th quarter. First Horizon Advisors Inc. now owns 593 shares of the medical equipment provider’s stock valued at $136,000 after acquiring an additional 439 shares in the last quarter. Peak Financial Advisors LLC purchased a new stake in shares of ResMed in the fourth quarter valued at approximately $2,972,000. Principal Financial Group Inc. increased its holdings in shares of ResMed by 2.9% in the third quarter. Principal Financial Group Inc. now owns 186,776 shares of the medical equipment provider’s stock valued at $45,596,000 after purchasing an additional 5,284 shares during the last quarter. Spire Wealth Management lifted its position in ResMed by 11.3% during the fourth quarter. Spire Wealth Management now owns 10,800 shares of the medical equipment provider’s stock worth $2,470,000 after buying an additional 1,100 shares in the last quarter. Finally, Asset Management One Co. Ltd. boosted its stake in ResMed by 2.8% during the fourth quarter. Asset Management One Co. Ltd. now owns 60,489 shares of the medical equipment provider’s stock worth $14,105,000 after buying an additional 1,629 shares during the last quarter. 54.98% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at ResMed

In other ResMed news, insider Kaushik Ghoshal sold 9,745 shares of the company’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $239.31, for a total transaction of $2,332,075.95. Following the sale, the insider now owns 9,725 shares in the company, valued at $2,327,289.75. This represents a 50.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael J. Farrell sold 8,009 shares of the 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 completion of the sale, the chief executive officer now directly owns 455,472 shares in the company, valued at $107,842,105.44. This represents a 1.73 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 38,940 shares of company stock valued at $9,164,385. 0.71% of the stock is currently owned by company insiders.

ResMed Price Performance

RMD opened at $222.95 on Tuesday. The stock’s 50-day moving average price is $234.76 and its 200 day moving average price is $238.83. ResMed Inc. has a 12-month low of $172.19 and a 12-month high of $263.05. The firm has a market cap of $32.74 billion, a price-to-earnings ratio of 26.32, a PEG ratio of 1.53 and a beta of 0.74. 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 (NYSE:RMD) last issued its quarterly 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 net margin of 25.34% and a return on equity of 26.17%. As a group, sell-side analysts expect that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Thursday, February 13th were paid a $0.53 dividend. The ex-dividend date 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%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Piper Sandler raised their target price on ResMed from $252.00 to $260.00 and gave the stock a “neutral” rating in a research note on Friday, January 31st. KeyCorp lifted their target price on shares of ResMed from $266.00 to $280.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. UBS Group raised shares of ResMed from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 31st. StockNews.com upgraded shares of ResMed from a “hold” rating to a “buy” rating in a report on Tuesday. Finally, Citigroup upgraded ResMed from a “neutral” rating to a “buy” rating in a report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $246.83.

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.