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

Congress Wealth Management LLC DE cut its holdings in shares of ResMed Inc. (NYSE:RMD) by 2.1% during the fourth quarter, Holdings Channel reports. The fund 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 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in ResMed by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 18,173,462 shares of the medical equipment provider’s stock worth $4,156,089,000 after purchasing an additional 160,590 shares during the period. LPL Financial LLC boosted its holdings in shares of ResMed by 60.6% during the 4th quarter. LPL Financial LLC now owns 53,342 shares of the medical equipment provider’s stock worth $12,199,000 after buying an additional 20,135 shares during the period. Simplify Asset Management Inc. acquired a new position in ResMed in the 4th quarter valued at about $6,893,000. Harbor Advisors LLC bought a new position in ResMed in the 4th quarter valued at about $343,000. Finally, Fox Run Management L.L.C. acquired a new stake in ResMed during the fourth quarter worth approximately $903,000. Institutional investors own 54.98% of the company’s stock.

Insiders Place Their Bets

In related news, insider Kaushik Ghoshal sold 9,745 shares of the firm’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $239.31, for a total transaction of $2,332,075.95. Following the sale, the insider now owns 9,725 shares of the company’s stock, valued at $2,327,289.75. This trade represents a 50.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $236.77, for a total value of $1,896,290.93. Following the completion of the transaction, the chief executive officer now owns 455,472 shares of the company’s stock, valued at $107,842,105.44. This represents a 1.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 38,940 shares of company stock valued at $9,164,385. 0.71% of the stock is currently owned by insiders.

ResMed Price Performance

ResMed stock opened at $222.95 on Tuesday. The stock has a fifty day moving average of $234.76 and a 200-day moving average of $238.83. The stock has a market capitalization of $32.74 billion, a P/E ratio of 26.32, a price-to-earnings-growth ratio of 1.53 and a beta of 0.74. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.29 and a current ratio of 3.33. ResMed Inc. has a 52 week low of $172.19 and a 52 week high of $263.05.

ResMed (NYSE:RMD) last posted its earnings results 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, sell-side analysts expect that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Dividend Announcement

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

Analysts Set New Price Targets

A number of brokerages have recently weighed in on RMD. The Goldman Sachs Group started coverage on ResMed in a research note on Thursday, January 16th. They set a “buy” rating on the stock. JPMorgan Chase & Co. lifted their target price on ResMed from $270.00 to $286.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. KeyCorp lifted their price objective on shares of ResMed from $266.00 to $280.00 and gave the stock an “overweight” rating 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 company a “neutral” rating in a research report on Friday, January 31st. Finally, Stifel Nicolaus cut their price target on ResMed from $250.00 to $240.00 and set a “hold” rating for the company in a research note on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, nine have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $246.83.

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.