Patton Fund Management Inc. Lowers Stock Holdings in ResMed Inc. (NYSE:RMD)

Patton Fund Management Inc. lessened its position in ResMed Inc. (NYSE:RMD) by 14.7% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 21,116 shares of the medical equipment provider’s stock after selling 3,653 shares during the quarter. Patton Fund Management Inc.’s holdings in ResMed were worth $4,829,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Geode Capital Management LLC grew its position in ResMed by 10.9% in the 3rd quarter. Geode Capital Management LLC now owns 3,858,814 shares of the medical equipment provider’s stock valued at $939,114,000 after acquiring an additional 380,383 shares in the last quarter. Greenvale Capital LLP boosted its stake in shares of ResMed by 61.1% in the second quarter. Greenvale Capital LLP now owns 725,000 shares of the medical equipment provider’s stock valued at $138,780,000 after purchasing an additional 275,000 shares during the period. Caisse DE Depot ET Placement DU Quebec grew its holdings in shares of ResMed by 726.3% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 283,801 shares of the medical equipment provider’s stock valued at $69,281,000 after purchasing an additional 249,454 shares in the last quarter. Nordea Investment Management AB increased its stake in ResMed by 92.7% during the 4th quarter. Nordea Investment Management AB now owns 448,151 shares of the medical equipment provider’s stock worth $103,214,000 after buying an additional 215,561 shares during the period. Finally, State Street Corp lifted its holdings in ResMed by 1.9% during the 3rd quarter. State Street Corp now owns 6,261,633 shares of the medical equipment provider’s stock worth $1,528,590,000 after buying an additional 116,918 shares in the last quarter. Institutional investors and hedge funds own 54.98% of the company’s stock.

ResMed Trading Down 1.8 %

Shares of ResMed stock opened at $250.03 on Wednesday. The company has a current ratio of 2.92, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13. The company has a fifty day simple moving average of $239.80 and a 200-day simple moving average of $235.71. The stock has a market cap of $36.70 billion, a price-to-earnings ratio of 33.12, a PEG ratio of 1.78 and a beta of 0.70. ResMed Inc. has a 12-month low of $170.56 and a 12-month high of $260.49.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. StockNews.com raised ResMed from a “hold” rating to a “buy” rating in a research report on Tuesday, October 15th. Piper Sandler assumed coverage on ResMed in a report on Friday, January 10th. They set a “neutral” rating and a $252.00 price target on the stock. Needham & Company LLC reiterated a “hold” rating on shares of ResMed in a research note on Friday, October 25th. The Goldman Sachs Group started coverage on shares of ResMed in a research note on Thursday, January 16th. They set a “buy” rating on the stock. Finally, Stifel Nicolaus started coverage on shares of ResMed in a research note on Friday, December 13th. They issued a “hold” rating and a $250.00 price target for the company. One research analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ResMed presently has a consensus rating of “Moderate Buy” and a consensus target price of $238.40.

Insider Activity at ResMed

In other ResMed news, insider Justin Leong sold 6,160 shares of ResMed stock in a transaction that occurred on 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 transaction, the insider now owns 21,718 shares of the company’s stock, valued at $5,279,428.62. The trade was a 22.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Witte Jan De sold 796 shares of the stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $248.81, for a total value of $198,052.76. Following the completion of the sale, the director now directly owns 6,723 shares of the company’s stock, valued at $1,672,749.63. The trade was a 10.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,099 shares of company stock valued at $2,719,385 over the last ninety days. Insiders own 0.71% of the company’s stock.

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.