Envestnet Portfolio Solutions Inc. Cuts Stock Holdings in ResMed Inc. (NYSE:RMD)

Envestnet Portfolio Solutions Inc. decreased its holdings in shares of ResMed Inc. (NYSE:RMD) by 16.2% in the 1st quarter, Holdings Channel reports. The firm owned 5,045 shares of the medical equipment provider’s stock after selling 972 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in ResMed were worth $1,129,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of RMD. Howard Capital Management Inc. lifted its position in ResMed by 5.3% in the fourth quarter. Howard Capital Management Inc. now owns 900 shares of the medical equipment provider’s stock valued at $206,000 after purchasing an additional 45 shares during the last quarter. CVA Family Office LLC lifted its position in ResMed by 29.8% in the first quarter. CVA Family Office LLC now owns 209 shares of the medical equipment provider’s stock valued at $47,000 after purchasing an additional 48 shares during the last quarter. Central Pacific Bank Trust Division lifted its position in ResMed by 9.7% in the first quarter. Central Pacific Bank Trust Division now owns 565 shares of the medical equipment provider’s stock valued at $126,000 after purchasing an additional 50 shares during the last quarter. Faithward Advisors LLC lifted its position in ResMed by 4.3% in the fourth quarter. Faithward Advisors LLC now owns 1,279 shares of the medical equipment provider’s stock valued at $292,000 after purchasing an additional 53 shares during the last quarter. Finally, Portside Wealth Group LLC lifted its position in ResMed by 3.8% in the first quarter. Portside Wealth Group LLC now owns 1,457 shares of the medical equipment provider’s stock valued at $326,000 after purchasing an additional 54 shares during the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Stifel Nicolaus lowered their price objective on ResMed from $250.00 to $240.00 and set a “hold” rating for the company in a research report on Wednesday, March 5th. JPMorgan Chase & Co. boosted their target price on ResMed from $286.00 to $290.00 and gave the company an “overweight” rating in a research note on Thursday, April 24th. Mizuho set a $265.00 target price on ResMed in a research note on Wednesday, April 16th. Royal Bank Of Canada boosted their target price on ResMed from $247.00 to $255.00 and gave the company a “sector perform” rating in a research note on Thursday, April 24th. Finally, KeyCorp set a $274.00 target price on ResMed in a research note on Thursday, April 24th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $259.33.

Insider Transactions at ResMed

In other news, CEO Michael J. Farrell sold 8,009 shares of the firm’s stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $251.21, for a total value of $2,011,940.89. Following the transaction, the chief executive officer now owns 455,503 shares in the company, valued at $114,426,908.63. This trade represents a 1.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Peter C. Farrell sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $219.74, for a total value of $439,480.00. Following the completion of the transaction, the director now owns 73,218 shares in the company, valued at approximately $16,088,923.32. This trade represents a 2.66% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 30,132 shares of company stock worth $7,075,837 over the last quarter. 0.71% of the stock is currently owned by insiders.

ResMed Trading Up 0.6%

Shares of NYSE:RMD opened at $256.06 on Wednesday. The business’s 50-day moving average is $242.35 and its 200 day moving average is $235.09. ResMed Inc. has a 1 year low of $180.34 and a 1 year high of $263.05. The firm has a market capitalization of $37.55 billion, a P/E ratio of 28.74, a P/E/G ratio of 1.75 and a beta of 0.78. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.41 and a quick ratio of 2.49.

ResMed (NYSE:RMD) last announced its earnings results on Wednesday, April 23rd. The medical equipment provider reported $2.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.01. The company had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.28 billion. ResMed had a return on equity of 25.67% and a net margin of 26.15%. The firm’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same period in the prior year, the company posted $2.13 EPS. On average, research analysts predict that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Thursday, May 8th were paid a $0.53 dividend. The ex-dividend date was Thursday, May 8th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.83%. ResMed’s payout ratio is 23.79%.

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.