Oppenheimer Asset Management Inc. Sells 188 Shares of ResMed Inc. (NYSE:RMD)

Oppenheimer Asset Management Inc. lowered its position in shares of ResMed Inc. (NYSE:RMD) by 1.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,989 shares of the medical equipment provider’s stock after selling 188 shares during the period. Oppenheimer Asset Management Inc.’s holdings in ResMed were worth $2,439,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Victory Capital Management Inc. lifted its position in ResMed by 11.4% in the 3rd quarter. Victory Capital Management Inc. now owns 116,710 shares of the medical equipment provider’s stock worth $28,491,000 after buying an additional 11,914 shares during the last quarter. Cumberland Partners Ltd bought a new stake in shares of ResMed in the 3rd quarter worth approximately $488,000. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of ResMed by 4.4% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 345,542 shares of the medical equipment provider’s stock valued at $84,354,000 after purchasing an additional 14,465 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd grew its holdings in shares of ResMed by 17.5% during the 3rd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 19,452 shares of the medical equipment provider’s stock valued at $4,749,000 after purchasing an additional 2,891 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new position in ResMed in the 3rd quarter worth $410,000. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at ResMed

In related news, Director Witte Jan De sold 796 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $248.81, for a total value of $198,052.76. Following the sale, the director now owns 6,723 shares in the company, valued at $1,672,749.63. This represents a 10.59 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Michael J. Farrell sold 14,683 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $248.38, for a total value of $3,646,963.54. Following the transaction, the chief executive officer now directly owns 464,169 shares of the company’s stock, valued at approximately $115,290,296.22. This trade represents a 3.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 63,056 shares of company stock valued at $15,086,020 in the last three months. 0.71% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RMD. Royal Bank of Canada raised their price objective on ResMed from $224.00 to $232.00 and gave the company a “sector perform” rating in a research note on Friday, October 25th. StockNews.com upgraded ResMed from a “hold” rating to a “buy” rating in a research report on Tuesday, October 15th. Baird R W raised ResMed to a “strong-buy” rating in a research note on Tuesday, September 24th. Needham & Company LLC reaffirmed a “hold” rating on shares of ResMed in a research note on Friday, October 25th. Finally, Bank of America increased their price target on shares of ResMed from $240.00 to $270.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, ResMed has a consensus rating of “Moderate Buy” and a consensus target price of $225.70.

ResMed Stock Performance

Shares of RMD opened at $234.74 on Friday. The company has a 50-day simple moving average of $242.83 and a two-hundred day simple moving average of $223.55. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.92 and a quick ratio of 1.91. The firm has a market capitalization of $34.46 billion, a PE ratio of 31.09, a price-to-earnings-growth ratio of 1.71 and a beta of 0.69. ResMed Inc. has a one year low of $147.39 and a one year high of $260.49.

ResMed (NYSE:RMD) last released its earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 EPS for the quarter, beating analysts’ consensus estimates of $2.03 by $0.17. ResMed had a return on equity of 25.53% and a net margin of 23.15%. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.19 billion. During the same quarter last year, the business posted $1.64 EPS. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, analysts anticipate that ResMed Inc. will post 9.28 EPS for the current fiscal year.

ResMed Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 7th will be given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.90%. The ex-dividend date of this dividend is Thursday, November 7th. ResMed’s dividend payout ratio is presently 28.08%.

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.