Rockefeller Capital Management L.P. Decreases Stock Position in ResMed Inc. (NYSE:RMD)

Rockefeller Capital Management L.P. lowered its stake in ResMed Inc. (NYSE:RMD) by 0.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,625 shares of the medical equipment provider’s stock after selling 338 shares during the period. Rockefeller Capital Management L.P.’s holdings in ResMed were worth $9,420,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in RMD. Versor Investments LP lifted its stake in ResMed by 327.3% in the second quarter. Versor Investments LP now owns 4,700 shares of the medical equipment provider’s stock worth $900,000 after acquiring an additional 3,600 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in ResMed by 245.2% in the second quarter. Assenagon Asset Management S.A. now owns 33,507 shares of the medical equipment provider’s stock valued at $6,414,000 after buying an additional 23,801 shares during the last quarter. Addenda Capital Inc. raised its stake in ResMed by 17.4% in the second quarter. Addenda Capital Inc. now owns 58,986 shares of the medical equipment provider’s stock valued at $11,291,000 after buying an additional 8,747 shares in the last quarter. Retireful LLC acquired a new position in shares of ResMed during the 3rd quarter worth about $742,000. Finally, Asset Management One Co. Ltd. increased its holdings in shares of ResMed by 5.1% in the 3rd quarter. Asset Management One Co. Ltd. now owns 58,860 shares of the medical equipment provider’s stock valued at $14,369,000 after acquiring an additional 2,878 shares during the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

ResMed Price Performance

Shares of RMD opened at $246.91 on Wednesday. The firm has a market capitalization of $36.25 billion, a PE ratio of 32.70, a P/E/G ratio of 1.78 and a beta of 0.68. The stock’s 50 day moving average is $242.21 and its two-hundred day moving average is $226.07. ResMed Inc. has a twelve month low of $159.60 and a twelve month high of $260.49. The company has a current ratio of 2.92, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13.

ResMed (NYSE:RMD) last released its earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 EPS for the quarter, beating analysts’ consensus estimates of $2.03 by $0.17. ResMed had a return on equity of 25.53% and a net margin of 23.15%. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter last year, the company earned $1.64 earnings per share. ResMed’s quarterly revenue was up 11.1% compared to the same quarter last year. Research analysts anticipate that ResMed Inc. will post 9.28 earnings per share for the current year.

ResMed Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 7th will be given a dividend of $0.53 per share. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.86%. ResMed’s payout ratio is 28.08%.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Wolfe Research restated an “underperform” rating and set a $180.00 price objective on shares of ResMed in a research report on Wednesday, September 18th. KeyCorp upped their price objective on shares of ResMed from $251.00 to $266.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. StockNews.com upgraded ResMed from a “hold” rating to a “buy” rating in a research report on Tuesday, October 15th. Baird R W raised ResMed to a “strong-buy” rating in a research report on Tuesday, September 24th. Finally, Bank of America lifted their price target on ResMed from $240.00 to $270.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $225.70.

Insider Transactions at ResMed

In related news, CFO Brett Sandercock sold 1,000 shares of ResMed stock in a transaction on Monday, September 9th. The stock was sold at an average price of $246.42, for a total transaction of $246,420.00. Following the completion of the transaction, the chief financial officer now directly owns 96,812 shares of the company’s stock, valued at approximately $23,856,413.04. The trade was a 1.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Michael J. Farrell sold 14,683 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $248.38, for a total value of $3,646,963.54. Following the completion of the sale, the chief executive officer now directly owns 464,169 shares in the company, valued at $115,290,296.22. This trade represents a 3.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,408 shares of company stock valued at $15,918,332 in the last quarter. 0.71% of the stock is currently owned by corporate insiders.

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.