Arrowstreet Capital Limited Partnership Acquires 17,951 Shares of ResMed Inc. (NYSE:RMD)

Arrowstreet Capital Limited Partnership lifted its holdings in ResMed Inc. (NYSE:RMD) by 9.1% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 216,127 shares of the medical equipment provider’s stock after purchasing an additional 17,951 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in ResMed were worth $49,426,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RMD. Norges Bank purchased a new stake in ResMed during the fourth quarter worth $118,605,000. Geode Capital Management LLC raised its position in shares of ResMed by 10.9% in the 3rd quarter. Geode Capital Management LLC now owns 3,858,814 shares of the medical equipment provider’s stock worth $939,114,000 after acquiring an additional 380,383 shares in the last quarter. Los Angeles Capital Management LLC lifted its stake in shares of ResMed by 60.0% during the 4th quarter. Los Angeles Capital Management LLC now owns 668,908 shares of the medical equipment provider’s stock worth $152,973,000 after purchasing an additional 250,746 shares during the last quarter. Proficio Capital Partners LLC bought a new stake in ResMed during the fourth quarter valued at about $50,364,000. Finally, Nordea Investment Management AB grew its stake in ResMed by 92.7% in the fourth quarter. Nordea Investment Management AB now owns 448,151 shares of the medical equipment provider’s stock valued at $103,214,000 after purchasing an additional 215,561 shares during the last quarter. 54.98% of the stock is currently owned by institutional investors.

Insider Transactions at ResMed

In other ResMed news, CEO Michael J. Farrell sold 8,009 shares of the business’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $236.77, for a total transaction of $1,896,290.93. Following the transaction, the chief executive officer now owns 455,472 shares of the company’s stock, valued at approximately $107,842,105.44. The trade was a 1.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $227.71, for a total value of $455,420.00. Following the transaction, the director now owns 75,218 shares in the company, valued at approximately $17,127,890.78. This represents a 2.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 38,940 shares of company stock valued at $9,164,385 in the last three months. 0.71% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Stifel Nicolaus lowered their price target on shares of ResMed from $250.00 to $240.00 and set a “hold” rating on the stock in a report on Wednesday, March 5th. JPMorgan Chase & Co. raised their target price on shares of ResMed from $270.00 to $286.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Piper Sandler upped their price target on ResMed from $252.00 to $260.00 and gave the stock a “neutral” rating in a research report on Friday, January 31st. Morgan Stanley began coverage on ResMed in a report on Wednesday, March 19th. They set an “overweight” rating and a $280.00 price objective for the company. Finally, The Goldman Sachs Group started coverage on ResMed in a research note on Thursday, January 16th. They set a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, five have given a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ResMed has an average rating of “Moderate Buy” and an average target price of $249.73.

ResMed Stock Performance

Shares of NYSE RMD opened at $222.14 on Wednesday. The company has a 50 day simple moving average of $232.86 and a two-hundred day simple moving average of $237.64. The stock has a market cap of $32.62 billion, a price-to-earnings ratio of 26.23, a PEG ratio of 1.53 and a beta of 0.74. The company has a current ratio of 3.33, a quick ratio of 2.29 and a debt-to-equity ratio of 0.13. ResMed Inc. has a 12 month low of $172.19 and a 12 month high of $263.05.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.29 by $0.14. ResMed had a net margin of 25.34% and a return on equity of 26.17%. As a group, analysts predict that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Thursday, February 13th were issued a $0.53 dividend. The ex-dividend date was Thursday, February 13th. This represents a $2.12 dividend on an annualized basis and a yield of 0.95%. ResMed’s payout ratio is 25.03%.

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.