Convergence Investment Partners LLC Buys New Shares in ResMed Inc. (NYSE:RMD)

Convergence Investment Partners LLC purchased a new stake in ResMed Inc. (NYSE:RMD) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 4,487 shares of the medical equipment provider’s stock, valued at approximately $1,026,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. True Wealth Design LLC increased its position in shares of 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 purchasing an additional 110 shares during the period. Ashton Thomas Securities LLC acquired a new stake in ResMed during the third quarter worth $34,000. Rosenberg Matthew Hamilton acquired a new stake in ResMed during the fourth quarter worth $54,000. Capital Performance Advisors LLP bought a new stake in ResMed in the 3rd quarter valued at $60,000. Finally, Kentucky Trust Co acquired a new position in shares of ResMed in the 4th quarter valued at $82,000. 54.98% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

RMD has been the topic of several recent research reports. 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. Needham & Company LLC reaffirmed a “hold” rating on shares of ResMed in a report on Friday, January 31st. Stifel Nicolaus began coverage on ResMed in a report on Friday, December 13th. They issued a “hold” rating and a $250.00 target price for the company. Royal Bank of Canada boosted their price target on ResMed from $224.00 to $232.00 and gave the company a “sector perform” rating in a research note on Friday, October 25th. Finally, KeyCorp increased their price objective on ResMed from $266.00 to $280.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. One analyst has rated the stock with a sell rating, six have given 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 a consensus rating of “Moderate Buy” and an average target price of $244.73.

Insider Activity

In other ResMed news, insider Justin Leong sold 6,160 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $243.09, for a total transaction of $1,497,434.40. Following the completion of the sale, the insider now directly owns 21,718 shares of the company’s stock, valued at approximately $5,279,428.62. The trade was a 22.10 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Michael J. Farrell sold 8,009 shares of the firm’s stock in a transaction dated Friday, February 7th. The shares were 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 in the company, valued at $107,842,105.44. This trade represents a 1.73 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,307 shares of company stock valued at $4,403,180 over the last 90 days. 0.71% of the stock is owned by company insiders.

ResMed Stock Up 1.7 %

Shares of NYSE:RMD opened at $234.48 on Thursday. 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 market cap of $34.44 billion, a P/E ratio of 27.68, a P/E/G ratio of 1.54 and a beta of 0.70. ResMed Inc. has a 12 month low of $170.56 and a 12 month high of $263.05. The company’s 50-day moving average price is $237.99 and its two-hundred day moving average price is $239.04.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 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%. As a group, research analysts forecast that ResMed Inc. will post 9.44 EPS for the current fiscal 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 paid a $0.53 dividend. The ex-dividend date of this dividend is Thursday, February 13th. This represents a $2.12 annualized dividend and a dividend yield of 0.90%. ResMed’s dividend payout ratio (DPR) is currently 25.03%.

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.