Norden Group LLC Has $241,000 Position in ResMed Inc. (NYSE:RMD)

Norden Group LLC reduced its stake in ResMed Inc. (NYSE:RMD) by 19.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,400 shares of the medical equipment provider’s stock after selling 336 shares during the period. Norden Group LLC’s holdings in ResMed were worth $241,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Morgan Stanley increased its holdings in ResMed by 102.4% during the 3rd quarter. Morgan Stanley now owns 2,329,618 shares of the medical equipment provider’s stock worth $344,481,000 after purchasing an additional 1,178,547 shares in the last quarter. LGT Capital Partners LTD. purchased a new stake in ResMed in the 4th quarter valued at $117,621,000. abrdn plc raised its position in ResMed by 79.2% in the 3rd quarter. abrdn plc now owns 901,485 shares of the medical equipment provider’s stock valued at $133,303,000 after buying an additional 398,302 shares during the last quarter. Hsbc Holdings PLC boosted its holdings in ResMed by 109.9% during the 3rd quarter. Hsbc Holdings PLC now owns 490,214 shares of the medical equipment provider’s stock worth $72,785,000 after acquiring an additional 256,624 shares during the last quarter. Finally, UBS Group AG grew its stake in shares of ResMed by 109.3% in the 3rd quarter. UBS Group AG now owns 457,717 shares of the medical equipment provider’s stock worth $67,683,000 after acquiring an additional 239,001 shares in the last quarter. 54.98% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Needham & Company LLC boosted their price target on shares of ResMed from $224.00 to $236.00 and gave the stock a “buy” rating in a report on Friday, April 26th. Royal Bank of Canada increased their target price on shares of ResMed from $187.00 to $200.00 and gave the company a “sector perform” rating in a research report on Friday, April 26th. Mizuho reaffirmed a “buy” rating and issued a $215.00 price target on shares of ResMed in a report on Wednesday, March 27th. KeyCorp lifted their price objective on ResMed from $227.00 to $238.00 and gave the stock an “overweight” rating in a report on Friday, April 26th. Finally, JPMorgan Chase & Co. lifted their target price on shares of ResMed from $160.00 to $195.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 9th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $202.80.

Insider Buying and Selling

In other ResMed news, Director Karen Drexler sold 425 shares of the firm’s stock in a transaction on Monday, April 29th. The stock was sold at an average price of $214.92, for a total transaction of $91,341.00. Following the completion of the transaction, the director now owns 8,446 shares of the company’s stock, valued at $1,815,214.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other ResMed news, Director Peter C. Farrell sold 10,935 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $182.66, for a total transaction of $1,997,387.10. Following the completion of the transaction, the director now owns 157,404 shares of the company’s stock, valued at $28,751,414.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Karen Drexler sold 425 shares of the business’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $214.92, for a total value of $91,341.00. Following the completion of the sale, the director now directly owns 8,446 shares in the company, valued at $1,815,214.32. The disclosure for this sale can be found here. Insiders have sold a total of 11,641 shares of company stock valued at $2,137,958 over the last ninety days. Company insiders own 1.21% of the company’s stock.

ResMed Price Performance

Shares of ResMed stock opened at $214.96 on Thursday. The firm has a market cap of $31.58 billion, a PE ratio of 33.02, a price-to-earnings-growth ratio of 2.65 and a beta of 0.64. The company’s fifty day simple moving average is $189.16 and its two-hundred day simple moving average is $173.69. The company has a quick ratio of 1.97, a current ratio of 3.04 and a debt-to-equity ratio of 0.22. ResMed Inc. has a 12-month low of $132.24 and a 12-month high of $240.09.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, April 25th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.91 by $0.22. The company had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.17 billion. ResMed had a return on equity of 24.43% and a net margin of 20.91%. ResMed’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period last year, the firm earned $1.68 earnings per share. As a group, equities analysts expect that ResMed Inc. will post 7.57 EPS for the current year.

ResMed Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 13th. Shareholders of record on Thursday, May 9th will be issued a dividend of $0.48 per share. The ex-dividend date of this dividend is Wednesday, May 8th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 0.89%. ResMed’s dividend payout ratio (DPR) is 29.49%.

ResMed Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. It 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 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, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.