Elevation Point Wealth Partners LLC Trims Holdings in ResMed Inc. $RMD

Elevation Point Wealth Partners LLC lowered its stake in shares of ResMed Inc. (NYSE:RMD) by 91.5% in the second quarter, HoldingsChannel.com reports. The firm owned 243 shares of the medical equipment provider’s stock after selling 2,629 shares during the period. Elevation Point Wealth Partners LLC’s holdings in ResMed were worth $63,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Swedbank AB lifted its stake in ResMed by 445.1% during the first quarter. Swedbank AB now owns 397,319 shares of the medical equipment provider’s stock worth $88,940,000 after purchasing an additional 324,428 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of ResMed by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 18,493,702 shares of the medical equipment provider’s stock valued at $4,139,815,000 after buying an additional 320,240 shares during the period. Nuveen LLC purchased a new stake in shares of ResMed in the 1st quarter valued at $69,492,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in ResMed during the 2nd quarter worth about $34,443,000. Finally, Geode Capital Management LLC boosted its holdings in ResMed by 2.4% during the 2nd quarter. Geode Capital Management LLC now owns 4,215,145 shares of the medical equipment provider’s stock valued at $1,083,409,000 after acquiring an additional 98,717 shares during the period. Institutional investors and hedge funds own 54.98% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Morgan Stanley set a $305.00 price target on shares of ResMed in a research report on Friday, October 31st. KeyCorp upped their target price on shares of ResMed from $298.00 to $299.00 and gave the stock an “overweight” rating in a research note on Friday, October 31st. Mizuho reduced their target price on shares of ResMed from $310.00 to $300.00 and set an “outperform” rating on the stock in a report on Friday, October 31st. CLSA upgraded shares of ResMed from a “hold” rating to an “outperform” rating in a research note on Tuesday, September 2nd. Finally, UBS Group raised ResMed to a “strong-buy” rating in a research report on Tuesday, September 16th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $297.45.

Insider Activity at ResMed

In other ResMed news, Director Peter C. Farrell sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $252.05, for a total transaction of $504,100.00. Following the transaction, the director owned 66,110 shares of the company’s stock, valued at approximately $16,663,025.50. This trade represents a 2.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel Michael J. Rider sold 100 shares of ResMed stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $274.36, for a total value of $27,436.00. Following the sale, the general counsel owned 11,327 shares in the company, valued at $3,107,675.72. This trade represents a 0.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 20,662 shares of company stock worth $5,443,526 over the last 90 days. 0.65% of the stock is owned by corporate insiders.

ResMed Stock Up 1.1%

ResMed stock opened at $250.99 on Wednesday. The stock has a market cap of $36.63 billion, a PE ratio of 26.39, a P/E/G ratio of 1.75 and a beta of 0.87. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.44 and a quick ratio of 2.53. The stock’s fifty day moving average is $260.53 and its two-hundred day moving average is $263.63. ResMed Inc. has a 1-year low of $199.92 and a 1-year high of $293.81.

ResMed (NYSE:RMD) last released its quarterly earnings data on Friday, October 31st. The medical equipment provider reported $2.55 EPS for the quarter, beating analysts’ consensus estimates of $2.49 by $0.06. ResMed had a return on equity of 25.62% and a net margin of 27.22%.The business had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter in the prior year, the business posted $2.20 EPS. The business’s revenue for the quarter was up 9.1% on a year-over-year basis. On average, sell-side analysts expect that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 18th. Shareholders of record on Thursday, November 13th will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Thursday, November 13th. This represents a $2.40 dividend on an annualized basis and a yield of 1.0%. ResMed’s dividend payout ratio (DPR) is presently 24.56%.

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.