PNC Financial Services Group Inc. Decreases Stock Holdings in ResMed Inc. (NYSE:RMD)

PNC Financial Services Group Inc. reduced its holdings in shares of ResMed Inc. (NYSE:RMD) by 1.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 92,416 shares of the medical equipment provider’s stock after selling 1,187 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.06% of ResMed worth $21,135,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of RMD. True Wealth Design LLC boosted its holdings in shares of ResMed by 2,200.0% in the 3rd quarter. True Wealth Design LLC now owns 115 shares of the medical equipment provider’s stock worth $28,000 after buying an additional 110 shares during the last quarter. Ashton Thomas Securities LLC bought a new stake in ResMed in the third quarter worth about $34,000. BankPlus Trust Department purchased a new position in ResMed in the fourth quarter valued at about $44,000. Rosenberg Matthew Hamilton bought a new position in shares of ResMed during the 4th quarter valued at approximately $54,000. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of ResMed during the 4th quarter worth approximately $67,000. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Insider Activity

In other news, Director Peter C. Farrell sold 2,000 shares of the stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $242.11, for a total value of $484,220.00. Following the transaction, the director now owns 77,218 shares of the company’s stock, valued at $18,695,249.98. This represents a 2.52 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Kaushik Ghoshal sold 9,113 shares of ResMed stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $235.40, for a total transaction of $2,145,200.20. Following the sale, the insider now directly owns 9,725 shares of the company’s stock, valued at $2,289,265. This represents a 48.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,186 shares of company stock worth $4,996,646. 0.71% of the stock is currently owned by insiders.

ResMed Stock Performance

ResMed stock opened at $237.42 on Tuesday. ResMed Inc. has a 1-year low of $172.19 and a 1-year high of $263.05. The company has a current ratio of 3.33, a quick ratio of 2.29 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $34.87 billion, a PE ratio of 28.03, a price-to-earnings-growth ratio of 1.53 and a beta of 0.74. The firm’s 50 day simple moving average is $236.86 and its 200 day simple moving average is $240.13.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share for the quarter, topping the consensus estimate 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 expect that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Shareholders of record on Thursday, February 13th will be issued a $0.53 dividend. The ex-dividend date is Thursday, February 13th. This represents a $2.12 annualized dividend and a dividend yield of 0.89%. ResMed’s payout ratio is currently 25.03%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on RMD. JPMorgan Chase & Co. upped their price objective on ResMed from $270.00 to $286.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. The Goldman Sachs Group assumed coverage on ResMed in a research note on Thursday, January 16th. They set a “buy” rating for the company. Stifel Nicolaus lowered their price objective on ResMed from $250.00 to $240.00 and set a “hold” rating on the stock in a research note on Wednesday, March 5th. UBS Group upgraded shares of ResMed from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 31st. Finally, StockNews.com lowered shares of ResMed from a “buy” rating to a “hold” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $243.82.

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.