Congress Wealth Management LLC DE Has $14.62 Million Stock Position in ResMed Inc. (NYSE:RMD)

Congress Wealth Management LLC DE lessened its position in shares of ResMed Inc. (NYSE:RMD) by 2.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 63,905 shares of the medical equipment provider’s stock after selling 1,373 shares during the quarter. Congress Wealth Management LLC DE’s holdings in ResMed were worth $14,615,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. First Horizon Advisors Inc. grew its holdings in ResMed by 285.1% during the 4th quarter. First Horizon Advisors Inc. now owns 593 shares of the medical equipment provider’s stock worth $136,000 after acquiring an additional 439 shares during the period. Peak Financial Advisors LLC acquired a new stake in shares of ResMed during the fourth quarter worth $2,972,000. Principal Financial Group Inc. grew its stake in shares of ResMed by 2.9% during the third quarter. Principal Financial Group Inc. now owns 186,776 shares of the medical equipment provider’s stock worth $45,596,000 after purchasing an additional 5,284 shares during the period. Spire Wealth Management increased its holdings in ResMed by 11.3% in the fourth quarter. Spire Wealth Management now owns 10,800 shares of the medical equipment provider’s stock valued at $2,470,000 after purchasing an additional 1,100 shares during the last quarter. Finally, Asset Management One Co. Ltd. lifted its stake in ResMed by 2.8% in the fourth quarter. Asset Management One Co. Ltd. now owns 60,489 shares of the medical equipment provider’s stock valued at $14,105,000 after buying an additional 1,629 shares during the period. Institutional investors own 54.98% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on RMD. Morgan Stanley began coverage on ResMed in a research report on Wednesday, March 19th. They set an “overweight” rating and a $280.00 target price for the company. Needham & Company LLC reaffirmed a “hold” rating on shares of ResMed in a research note on Friday, January 31st. Piper Sandler lifted their price target on shares of ResMed from $252.00 to $260.00 and gave the stock a “neutral” rating in a research report on Friday, January 31st. StockNews.com upgraded shares of ResMed from a “hold” rating to a “buy” rating in a research report on Tuesday. Finally, The Goldman Sachs Group initiated coverage on ResMed in a research note on Thursday, January 16th. They set a “buy” rating on the stock. One analyst has rated the stock with a sell rating, five have issued a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, ResMed has a consensus rating of “Moderate Buy” and an average target price of $246.83.

Insider Activity

In other news, Director Peter C. Farrell sold 2,000 shares of the stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $242.11, for a total value of $484,220.00. Following the completion of the sale, the director now owns 77,218 shares of the company’s stock, valued at approximately $18,695,249.98. This represents a 2.52 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 in the company, valued at approximately $107,842,105.44. The trade was a 1.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 38,940 shares of company stock worth $9,164,385 in the last quarter. Corporate insiders own 0.71% of the company’s stock.

ResMed Stock Up 1.5 %

Shares of ResMed stock opened at $222.95 on Tuesday. ResMed Inc. has a 52-week low of $172.19 and a 52-week high of $263.05. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.29 and a current ratio of 3.33. The business’s 50 day simple moving average is $234.76 and its 200 day simple moving average is $238.83. The firm has a market cap of $32.74 billion, a PE ratio of 26.32, a P/E/G ratio of 1.53 and a beta of 0.74.

ResMed (NYSE:RMD) last announced its quarterly earnings data on Thursday, January 30th. The medical equipment provider reported $2.43 EPS for the quarter, topping 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%. On average, analysts predict that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Announces Dividend

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

ResMed Company 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.