ResMed Inc. $RMD Position Decreased by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA trimmed its holdings in shares of ResMed Inc. (NYSE:RMD) by 22.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 67,518 shares of the medical equipment provider’s stock after selling 19,768 shares during the quarter. Pictet Asset Management Holding SA’s holdings in ResMed were worth $14,928,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of RMD. BlackRock Inc. acquired a new position in ResMed in the second quarter valued at about $2,400,375,000. State Street Corp increased its position in shares of ResMed by 0.6% during the second quarter. State Street Corp now owns 6,680,735 shares of the medical equipment provider’s stock valued at $1,301,942,000 after acquiring an additional 37,567 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of ResMed by 0.7% during the first quarter. Bank of New York Mellon Corp now owns 4,925,386 shares of the medical equipment provider’s stock valued at $1,105,651,000 after acquiring an additional 34,732 shares during the last quarter. First Trust Advisors LP raised its stake in shares of ResMed by 1.3% in the 1st quarter. First Trust Advisors LP now owns 1,537,825 shares of the medical equipment provider’s stock valued at $345,211,000 after acquiring an additional 20,233 shares during the period. Finally, Deutsche Bank AG purchased a new stake in shares of ResMed in the 2nd quarter valued at approximately $257,692,000. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, General Counsel Michael J. Rider sold 400 shares of ResMed stock in a transaction that occurred on Friday, October 23rd. The shares were sold at an average price of $255.00, for a total value of $102,000.00. Following the completion of the transaction, the general counsel owned 12,318 shares in the company, valued at $3,141,090. The trade was a 3.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 970 shares of the business’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $234.73, for a total transaction of $227,688.10. Following the transaction, the director owned 51,803 shares of the company’s stock, valued at $12,159,718.19. This trade represents a 1.84% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 16,345 shares of company stock worth $3,744,602. Company insiders own 0.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on RMD. Weiss Ratings upgraded shares of ResMed from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, October 8th. Mizuho set a $270.00 target price on shares of ResMed in a report on Friday, October 30th. KeyCorp lifted their target price on shares of ResMed from $267.00 to $277.00 and gave the company an “overweight” rating in a report on Friday, October 30th. Robert W. Baird set a $213.00 target price on ResMed in a research report on Friday, August 7th. Finally, Piper Sandler decreased their price target on ResMed from $233.00 to $225.00 and set a “neutral” rating on the stock in a research note on Friday, August 7th. Seven investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $253.69.

ResMed Trading Up 0.2%

RMD opened at $238.96 on Friday. The business has a fifty day moving average price of $231.99 and a 200 day moving average price of $224.50. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.65 and a quick ratio of 1.88. ResMed Inc. has a 12 month low of $180.26 and a 12 month high of $277.67. The stock has a market capitalization of $33.61 billion, a price-to-earnings ratio of 20.69, a PEG ratio of 1.45 and a beta of 0.77.

ResMed (NYSE:RMD) last posted its quarterly earnings results on Thursday, October 29th. The medical equipment provider reported $2.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.67 by $0.24. The company had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.39 billion. ResMed had a return on equity of 26.42% and a net margin of 27.79%. ResMed’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same quarter last year, the company earned $2.55 EPS. Sell-side analysts expect that ResMed Inc. will post 12.14 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 17th. Investors of record on Thursday, November 12th will be paid a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Thursday, November 12th. ResMed’s dividend payout ratio is presently 24.04%.

About ResMed

ResMed is a medical technology company that develops products and software for people with sleep apnea, chronic obstructive pulmonary disease and other respiratory conditions. Its devices include continuous positive airway pressure (CPAP) and bilevel machines, ventilators and related masks and accessories. The company also provides cloud-connected software for managing sleep and respiratory care, along with digital tools used by home medical equipment providers and post-acute care organizations.