Assenagon Asset Management S.A. Acquires 2,867 Shares of ResMed Inc. (RMD)
Assenagon Asset Management S.A. grew its position in ResMed Inc. (NYSE:RMD) by 5.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 52,777 shares of the medical equipment provider’s stock after purchasing an additional 2,867 shares during the quarter. Assenagon Asset Management S.A.’s holdings in ResMed were worth $6,010,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Eukles Asset Management purchased a new stake in shares of ResMed during the fourth quarter valued at $2,053,000. Oakbrook Investments LLC acquired a new position in shares of ResMed in the fourth quarter worth about $851,000. Cape Cod Five Cents Savings Bank raised its position in shares of ResMed by 0.7% in the fourth quarter. Cape Cod Five Cents Savings Bank now owns 36,367 shares of the medical equipment provider’s stock worth $4,141,000 after acquiring an additional 242 shares during the period. RNC Capital Management LLC raised its position in shares of ResMed by 28.0% in the fourth quarter. RNC Capital Management LLC now owns 2,432 shares of the medical equipment provider’s stock worth $277,000 after acquiring an additional 532 shares during the period. Finally, RPG Investment Advisory LLC raised its position in shares of ResMed by 0.7% in the fourth quarter. RPG Investment Advisory LLC now owns 48,104 shares of the medical equipment provider’s stock worth $5,478,000 after acquiring an additional 338 shares during the period. 65.01% of the stock is currently owned by institutional investors and hedge funds.
RMD stock opened at $117.30 on Friday. The stock has a market cap of $16.74 billion, a P/E ratio of 33.23, a P/E/G ratio of 3.00 and a beta of 0.86. ResMed Inc. has a 52 week low of $87.67 and a 52 week high of $118.50. The company has a current ratio of 2.58, a quick ratio of 1.91 and a debt-to-equity ratio of 0.27.
In related news, CFO Brett Sandercock sold 3,000 shares of the company’s stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $112.50, for a total value of $337,500.00. Following the sale, the chief financial officer now directly owns 96,390 shares of the company’s stock, valued at $10,843,875. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael J. Farrell sold 6,651 shares of the company’s stock in a transaction on Monday, January 14th. The shares were sold at an average price of $113.75, for a total transaction of $756,551.25. Following the completion of the sale, the chief executive officer now directly owns 292,933 shares in the company, valued at $33,321,128.75. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 49,942 shares of company stock valued at $5,480,473. 1.24% of the stock is owned by insiders.
RMD has been the subject of several research analyst reports. BMO Capital Markets upgraded shares of ResMed from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $109.00 to $127.00 in a research report on Monday, December 10th. Credit Suisse Group raised shares of ResMed from a “neutral” rating to an “outperform” rating in a research note on Friday, October 26th. Finally, Deutsche Bank cut shares of ResMed from a “buy” rating to a “hold” rating in a research report on Wednesday. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $123.50.
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ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications that diagnose, treat, and manage respiratory disorders comprising sleep disordered breathing, chronic obstructive pulmonary disease, neuromuscular disease, and other chronic diseases. It offers various products and solutions for a range of respiratory disorders, including technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, portable oxygen concentrators, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.
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