Edgestream Partners L.P. Sells 10,096 Shares of ResMed Inc. $RMD

Edgestream Partners L.P. cut its position in ResMed Inc. (NYSE:RMD) by 20.3% in the first quarter, HoldingsChannel.com reports. The firm owned 39,740 shares of the medical equipment provider’s stock after selling 10,096 shares during the quarter. Edgestream Partners L.P.’s holdings in ResMed were worth $8,921,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. International Assets Investment Management LLC bought a new position in ResMed in the 4th quarter worth $25,000. ORG Partners LLC increased its stake in ResMed by 181.6% in the 4th quarter. ORG Partners LLC now owns 107 shares of the medical equipment provider’s stock worth $26,000 after buying an additional 69 shares in the last quarter. Imprint Wealth LLC bought a new stake in ResMed during the third quarter valued at about $26,000. WFA of San Diego LLC bought a new stake in ResMed during the second quarter valued at about $26,000. Finally, Sunbelt Securities Inc. purchased a new position in shares of ResMed in the third quarter valued at about $31,000. 54.98% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on RMD shares. UBS Group reaffirmed a “buy” rating and issued a $300.00 price objective on shares of ResMed in a research note on Tuesday, July 21st. The Goldman Sachs Group reissued a “buy” rating on shares of ResMed in a research note on Wednesday, July 1st. Wells Fargo & Company lowered their price target on ResMed from $227.00 to $225.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 8th. Robert W. Baird set a $225.00 price target on ResMed in a research note on Friday, May 1st. Finally, Citigroup reaffirmed a “neutral” rating and set a $235.00 price objective (down from $270.00) on shares of ResMed in a report on Sunday, July 12th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, ResMed has an average rating of “Moderate Buy” and an average price target of $246.25.

Insider Activity at ResMed

In related news, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $218.55, for a total transaction of $1,090,783.05. Following the completion of the transaction, the chief executive officer directly owned 466,223 shares of the company’s stock, valued at approximately $101,893,036.65. This represents a 1.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 14,973 shares of company stock valued at $3,096,067 in the last quarter. 0.65% of the stock is currently owned by insiders.

ResMed Stock Up 2.6%

Shares of RMD stock opened at $214.36 on Thursday. The company’s fifty day simple moving average is $198.80 and its two-hundred day simple moving average is $223.98. ResMed Inc. has a 52 week low of $180.26 and a 52 week high of $293.81. The stock has a market cap of $31.09 billion, a P/E ratio of 20.67, a PEG ratio of 1.27 and a beta of 0.78. The company has a quick ratio of 2.33, a current ratio of 3.01 and a debt-to-equity ratio of 0.06.

ResMed (NYSE:RMD) last issued its quarterly earnings data on Thursday, April 30th. The medical equipment provider reported $2.86 earnings per share for the quarter, beating analysts’ consensus estimates of $2.79 by $0.07. ResMed had a return on equity of 25.35% and a net margin of 27.44%.The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same quarter last year, the business posted $2.37 earnings per share. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. Analysts predict that ResMed Inc. will post 11.14 EPS for the current fiscal year.

ResMed 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.