Convergence Investment Partners LLC Sells 3,328 Shares of ResMed Inc. $RMD

Convergence Investment Partners LLC lowered its holdings in ResMed Inc. (NYSE:RMD) by 59.3% during the fourth quarter, HoldingsChannel.com reports. The fund owned 2,288 shares of the medical equipment provider’s stock after selling 3,328 shares during the period. Convergence Investment Partners LLC’s holdings in ResMed were worth $551,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Swedbank AB boosted its position in ResMed by 103.1% in the fourth quarter. Swedbank AB now owns 1,102,476 shares of the medical equipment provider’s stock valued at $265,553,000 after buying an additional 559,765 shares in the last quarter. First Trust Advisors LP boosted its position in ResMed by 285.1% in the third quarter. First Trust Advisors LP now owns 445,198 shares of the medical equipment provider’s stock valued at $121,864,000 after buying an additional 329,588 shares in the last quarter. Marshall Wace LLP boosted its position in ResMed by 2,373.1% in the third quarter. Marshall Wace LLP now owns 310,987 shares of the medical equipment provider’s stock valued at $85,126,000 after buying an additional 298,412 shares in the last quarter. Nordea Investment Management AB boosted its position in ResMed by 37.2% in the fourth quarter. Nordea Investment Management AB now owns 1,084,996 shares of the medical equipment provider’s stock valued at $262,027,000 after buying an additional 294,124 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in ResMed by 1.6% in the third quarter. Vanguard Group Inc. now owns 19,040,440 shares of the medical equipment provider’s stock valued at $5,211,940,000 after buying an additional 293,515 shares in the last quarter. Institutional investors own 54.98% of the company’s stock.

ResMed Trading Down 0.2%

Shares of NYSE RMD opened at $202.03 on Friday. The company’s 50 day simple moving average is $223.93 and its 200 day simple moving average is $242.52. ResMed Inc. has a fifty-two week low of $198.61 and a fifty-two week high of $293.81. The firm has a market capitalization of $29.43 billion, a P/E ratio of 19.48, a P/E/G ratio of 1.29 and a beta of 0.84. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.01 and a quick ratio of 2.33.

ResMed (NYSE:RMD) last announced its quarterly earnings data on Thursday, April 30th. The medical equipment provider reported $2.86 earnings per share for the quarter, beating the consensus estimate of $2.79 by $0.07. ResMed had a net margin of 27.44% and a return on equity of 25.35%. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same period in the prior year, the business posted $2.37 earnings per share. ResMed’s revenue was up 10.8% compared to the same quarter last year. On average, analysts predict that ResMed Inc. will post 11.13 EPS for the current year.

ResMed Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 18th. Investors of record on Thursday, May 14th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 1.2%. The ex-dividend date is Thursday, May 14th. ResMed’s dividend payout ratio is currently 23.14%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Stifel Nicolaus boosted their price target on shares of ResMed from $260.00 to $265.00 and gave the company a “hold” rating in a research report on Friday, January 30th. Royal Bank Of Canada boosted their price target on shares of ResMed from $314.00 to $321.00 and gave the company an “outperform” rating in a research report on Friday, May 1st. Robert W. Baird set a $225.00 price target on shares of ResMed in a research report on Friday, May 1st. Wall Street Zen lowered shares of ResMed from a “buy” rating to a “hold” rating in a research report on Saturday, March 14th. Finally, Wells Fargo & Company reduced their price target on shares of ResMed from $270.00 to $227.00 and set an “equal weight” rating on the stock in a research report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $286.18.

Insider Activity at ResMed

In related news, Director Peter C. Farrell sold 2,000 shares of the stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $225.00, for a total value of $450,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $251.03, for a total transaction of $1,252,890.73. Following the completion of the transaction, the chief executive officer owned 466,223 shares in the company, valued at $117,035,959.69. This represents a 1.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 18,973 shares of company stock worth $4,386,031 over the last 90 days. 0.65% of the stock is currently owned by company insiders.

ResMed Company 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.