MetLife Investment Management LLC Decreases Stock Position in ResMed Inc. (NYSE:RMD)

MetLife Investment Management LLC trimmed its holdings in shares of ResMed Inc. (NYSE:RMD) by 2.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 39,985 shares of the medical equipment provider’s stock after selling 1,010 shares during the period. MetLife Investment Management LLC’s holdings in ResMed were worth $9,761,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of RMD. OFI Invest Asset Management bought a new stake in ResMed in the 2nd quarter worth about $32,000. Ashton Thomas Securities LLC purchased a new stake in ResMed during the third quarter valued at approximately $34,000. Versant Capital Management Inc raised its position in ResMed by 196.7% in the second quarter. Versant Capital Management Inc now owns 181 shares of the medical equipment provider’s stock worth $35,000 after acquiring an additional 120 shares during the period. Financial Connections Group Inc. purchased a new position in shares of ResMed during the 2nd quarter worth $37,000. Finally, Blue Trust Inc. grew its position in shares of ResMed by 182.7% during the 2nd quarter. Blue Trust Inc. now owns 212 shares of the medical equipment provider’s stock valued at $42,000 after acquiring an additional 137 shares during the period. Institutional investors own 54.98% of the company’s stock.

ResMed Price Performance

NYSE:RMD opened at $249.33 on Friday. The business’s 50-day moving average is $242.15 and its 200 day moving average is $225.38. ResMed Inc. has a 12 month low of $151.95 and a 12 month high of $260.49. The company has a market capitalization of $36.60 billion, a P/E ratio of 33.02, a P/E/G ratio of 1.81 and a beta of 0.69. The company has a current ratio of 2.92, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.17. The firm 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% compared to the same quarter last year. During the same period last year, the firm posted $1.64 earnings per share. On average, equities research analysts forecast that ResMed Inc. will post 9.28 earnings per share for the current fiscal year.

ResMed Announces Dividend

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

Analysts Set New Price Targets

Several analysts have issued reports on RMD shares. 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 report on Friday, October 25th. Wolfe Research reiterated an “underperform” rating and set a $180.00 price objective on shares of ResMed in a research note on Wednesday, September 18th. Bank of America raised their target price on shares of ResMed from $240.00 to $270.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Needham & Company LLC reiterated a “hold” rating on shares of ResMed in a research report on Friday, October 25th. Finally, KeyCorp increased their price objective on shares of ResMed from $251.00 to $266.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $225.70.

Insider Buying and Selling

In related news, insider Justin Leong sold 6,160 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $243.09, for a total value of $1,497,434.40. Following the completion of the sale, the insider now directly owns 21,718 shares in the company, valued at $5,279,428.62. This trade represents a 22.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael J. Farrell sold 14,683 shares of the business’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $231.91, for a total transaction of $3,405,134.53. Following the transaction, the chief executive officer now owns 464,169 shares in the company, valued at $107,645,432.79. This trade represents a 3.07 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 68,334 shares of company stock worth $16,379,713. 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.