Bridgewater Associates LP Cuts Holdings in ResMed Inc. (NYSE:RMD)

Bridgewater Associates LP decreased its position in ResMed Inc. (NYSE:RMD) by 43.5% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 93,897 shares of the medical equipment provider’s stock after selling 72,216 shares during the period. Bridgewater Associates LP owned 0.06% of ResMed worth $22,922,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the company. UMB Bank n.a. boosted its holdings in shares of ResMed by 1.9% in the 3rd quarter. UMB Bank n.a. now owns 2,465 shares of the medical equipment provider’s stock worth $602,000 after buying an additional 47 shares during the last quarter. QRG Capital Management Inc. boosted its stake in ResMed by 4.5% in the second quarter. QRG Capital Management Inc. now owns 1,291 shares of the medical equipment provider’s stock valued at $247,000 after acquiring an additional 56 shares during the last quarter. Inspire Advisors LLC grew its position in shares of ResMed by 1.9% during the 2nd quarter. Inspire Advisors LLC now owns 3,060 shares of the medical equipment provider’s stock valued at $586,000 after acquiring an additional 56 shares during the period. Concurrent Investment Advisors LLC increased its stake in shares of ResMed by 3.1% during the 3rd quarter. Concurrent Investment Advisors LLC now owns 1,919 shares of the medical equipment provider’s stock worth $469,000 after purchasing an additional 57 shares during the last quarter. Finally, Moss Adams Wealth Advisors LLC raised its holdings in shares of ResMed by 2.0% in the 3rd quarter. Moss Adams Wealth Advisors LLC now owns 3,043 shares of the medical equipment provider’s stock worth $743,000 after purchasing an additional 60 shares during the period. Institutional investors own 54.98% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on RMD shares. StockNews.com raised ResMed from a “hold” rating to a “buy” rating in a research report on Tuesday, October 15th. Royal Bank of Canada boosted their price objective on ResMed from $224.00 to $232.00 and gave the company a “sector perform” rating in a research note on Friday, October 25th. Bank of America increased their target price on shares of ResMed from $240.00 to $270.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Robert W. Baird boosted their target price on shares of ResMed from $280.00 to $283.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of ResMed in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, five have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, ResMed presently has an average rating of “Moderate Buy” and an average price target of $225.70.

ResMed Stock Performance

NYSE:RMD opened at $249.33 on Thursday. ResMed Inc. has a twelve month low of $151.95 and a twelve month high of $260.49. The company has a quick ratio of 1.91, a current ratio of 2.92 and a debt-to-equity ratio of 0.13. The stock has a market cap of $36.60 billion, a P/E ratio of 33.02, a PEG ratio of 1.82 and a beta of 0.69. The business’s 50-day moving average price is $242.03 and its two-hundred day moving average price is $225.21.

ResMed (NYSE:RMD) last announced its earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.17. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.19 billion. ResMed had a net margin of 23.15% and a return on equity of 25.53%. ResMed’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.64 earnings per share. As a group, equities analysts predict that ResMed Inc. will post 9.28 EPS for the current fiscal year.

ResMed Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 7th will be paid a $0.53 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $2.12 dividend on an annualized basis and a yield of 0.85%. ResMed’s dividend payout ratio is presently 28.08%.

Insider Buying and Selling at ResMed

In related news, insider Kaushik Ghoshal sold 5,000 shares of ResMed stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $252.56, for a total value of $1,262,800.00. Following the transaction, the insider now owns 21,788 shares in the company, valued at $5,502,777.28. This trade represents a 18.67 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Witte Jan De sold 796 shares of the business’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $248.81, for a total transaction 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. This represents a 10.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 68,334 shares of company stock worth $16,379,713 over the last 90 days. Corporate insiders own 0.71% of the company’s stock.

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.