Congress Asset Management Co. Has $900,000 Stake in ResMed Inc. $RMD

Congress Asset Management Co. cut its position in shares of ResMed Inc. (NYSE:RMD) by 43.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,737 shares of the medical equipment provider’s stock after selling 2,890 shares during the quarter. Congress Asset Management Co.’s holdings in ResMed were worth $900,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Norges Bank acquired a new position in ResMed in the second quarter valued at $306,452,000. First Trust Advisors LP grew its holdings in ResMed by 285.1% during the 3rd quarter. First Trust Advisors LP now owns 445,198 shares of the medical equipment provider’s stock worth $121,864,000 after acquiring an additional 329,588 shares during the period. Marshall Wace LLP grew its holdings in ResMed by 2,373.1% during the 3rd quarter. Marshall Wace LLP now owns 310,987 shares of the medical equipment provider’s stock worth $85,126,000 after acquiring an additional 298,412 shares during the period. Nordea Investment Management AB raised its position in shares of ResMed by 37.2% in the 4th quarter. Nordea Investment Management AB now owns 1,084,996 shares of the medical equipment provider’s stock worth $262,027,000 after acquiring an additional 294,124 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in shares of ResMed by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 19,040,440 shares of the medical equipment provider’s stock worth $5,211,940,000 after acquiring an additional 293,515 shares in the last quarter. Institutional investors own 54.98% of the company’s stock.

Insider Buying and Selling

In other news, Director Peter C. Farrell sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $260.22, for a total transaction of $520,440.00. Following the completion of the sale, the director owned 62,773 shares in the company, valued at $16,334,790.06. The trade was a 3.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Michael J. Farrell sold 4,991 shares of the company’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $251.03, for a total value of $1,252,890.73. Following the transaction, the chief executive officer directly owned 466,223 shares in the company, valued at $117,035,959.69. The trade was a 1.06% 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 in the last three months. Insiders own 0.65% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on RMD. Weiss Ratings lowered ResMed from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, March 19th. Royal Bank Of Canada lifted their target price on ResMed from $311.00 to $314.00 and gave the stock an “outperform” rating in a report on Friday, January 30th. KeyCorp reissued an “overweight” rating and issued a $302.00 price target on shares of ResMed in a research note on Friday, January 30th. Stifel Nicolaus increased their price target on ResMed from $260.00 to $265.00 and gave the stock a “hold” rating in a report on Friday, January 30th. Finally, Wall Street Zen cut ResMed from a “buy” rating to a “hold” rating in a report on Saturday, March 14th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $299.27.

ResMed Price Performance

Shares of NYSE RMD opened at $226.75 on Thursday. The firm has a market capitalization of $33.03 billion, a P/E ratio of 22.43, a P/E/G ratio of 1.52 and a beta of 0.88. The firm’s 50-day moving average price is $251.28 and its 200-day moving average price is $255.80. The company has a current ratio of 3.06, a quick ratio of 2.32 and a debt-to-equity ratio of 0.06. ResMed Inc. has a 1-year low of $199.92 and a 1-year high of $293.81.

ResMed (NYSE:RMD) last issued its earnings results on Friday, January 30th. The medical equipment provider reported $2.81 EPS for the quarter, beating the consensus estimate of $2.68 by $0.13. ResMed had a return on equity of 25.20% and a net margin of 27.53%.The company had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the business posted $2.43 EPS. The firm’s revenue for the quarter was up 11.0% compared to the same quarter last year. Equities research analysts anticipate that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 19th. Shareholders of record on Thursday, February 12th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Thursday, February 12th. ResMed’s dividend payout ratio (DPR) is 23.74%.

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.