Chevy Chase Trust Holdings LLC Lowers Position in ResMed Inc. $RMD

Chevy Chase Trust Holdings LLC lowered its stake in shares of ResMed Inc. (NYSE:RMD) by 3.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 74,793 shares of the medical equipment provider’s stock after selling 2,725 shares during the period. Chevy Chase Trust Holdings LLC owned approximately 0.05% of ResMed worth $20,473,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Jones Financial Companies Lllp boosted its holdings in ResMed by 52.6% in the first quarter. Jones Financial Companies Lllp now owns 2,882 shares of the medical equipment provider’s stock valued at $645,000 after acquiring an additional 994 shares during the last quarter. Allworth Financial LP increased its stake in ResMed by 53.0% during the second quarter. Allworth Financial LP now owns 1,082 shares of the medical equipment provider’s stock worth $279,000 after acquiring an additional 375 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in shares of ResMed by 7.1% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 35,961 shares of the medical equipment provider’s stock worth $9,278,000 after purchasing an additional 2,374 shares during the period. Meridian Wealth Management LLC raised its holdings in shares of ResMed by 12.0% in the 2nd quarter. Meridian Wealth Management LLC now owns 1,516 shares of the medical equipment provider’s stock worth $391,000 after purchasing an additional 163 shares during the period. Finally, SG Americas Securities LLC lifted its stake in shares of ResMed by 75.0% in the 2nd quarter. SG Americas Securities LLC now owns 8,343 shares of the medical equipment provider’s stock valued at $2,152,000 after purchasing an additional 3,576 shares in the last quarter. Institutional investors and hedge funds own 54.98% of the company’s stock.

ResMed Stock Performance

Shares of NYSE:RMD opened at $230.80 on Tuesday. The business’s 50-day simple moving average is $254.76 and its 200 day simple moving average is $257.89. The company has a market cap of $33.62 billion, a P/E ratio of 22.83, a PEG ratio of 1.53 and a beta of 0.88. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.32 and a current ratio of 3.06. ResMed Inc. has a one year low of $199.92 and a one year high of $293.81.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, January 29th. The medical equipment provider reported $2.81 earnings per share for the quarter, topping analysts’ consensus estimates of $2.68 by $0.13. ResMed had a return on equity of 25.20% and a net margin of 27.53%.The firm had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the prior year, the business earned $2.43 EPS. ResMed’s quarterly revenue was up 11.0% compared to the same quarter last year. On average, sell-side analysts forecast that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 19th. Stockholders of record on Thursday, February 12th will be paid a $0.60 dividend. The ex-dividend date is Thursday, February 12th. This represents a $2.40 annualized dividend and a dividend yield of 1.0%. ResMed’s dividend payout ratio is 23.74%.

Insider Buying and Selling at ResMed

In other ResMed news, CEO Michael J. Farrell sold 4,991 shares of the business’s stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $248.46, for a total value of $1,240,063.86. Following the transaction, the chief executive officer owned 466,223 shares in the company, valued at $115,837,766.58. The trade was a 1.06% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Peter C. Farrell sold 2,000 shares of the company’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $260.22, for a total transaction of $520,440.00. Following the completion of the transaction, the director directly owned 62,773 shares of the company’s stock, valued at approximately $16,334,790.06. The trade was a 3.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 21,073 shares of company stock valued at $5,405,198 over the last 90 days. Insiders own 0.65% of the company’s stock.

Analyst Upgrades and Downgrades

RMD has been the subject of a number of research reports. Stifel Nicolaus boosted their target price on ResMed from $260.00 to $265.00 and gave the stock a “hold” rating in a report on Friday, January 30th. Wells Fargo & Company lifted their price target on shares of ResMed from $265.00 to $270.00 and gave the company an “equal weight” rating in a research report on Friday, January 30th. Royal Bank Of Canada boosted their price objective on shares of ResMed from $311.00 to $314.00 and gave the stock an “outperform” rating in a research note on Friday, January 30th. Wall Street Zen lowered shares of ResMed from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, Robert W. Baird set a $281.00 target price on shares of ResMed in a research note on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $299.27.

ResMed Company Profile

ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.