Pictet Asset Management Holding SA Sells 12,152 Shares of ResMed Inc. $RMD

Pictet Asset Management Holding SA trimmed its position in shares of ResMed Inc. (NYSE:RMD) by 16.5% during the first quarter, Holdings Channel.com reports. The fund owned 61,498 shares of the medical equipment provider’s stock after selling 12,152 shares during the quarter. Pictet Asset Management Holding SA’s holdings in ResMed were worth $13,805,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in RMD. Jones Financial Companies Lllp grew its position in ResMed by 52.6% in the 1st quarter. Jones Financial Companies Lllp now owns 2,882 shares of the medical equipment provider’s stock worth $645,000 after purchasing an additional 994 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new position in shares of ResMed during the 2nd quarter worth approximately $389,000. Brown Advisory Inc. boosted its stake in shares of ResMed by 17.8% in the 2nd quarter. Brown Advisory Inc. now owns 1,586 shares of the medical equipment provider’s stock worth $409,000 after buying an additional 240 shares during the last quarter. Cresset Asset Management LLC purchased a new position in shares of ResMed in the 2nd quarter worth approximately $206,000. Finally, Alliancebernstein L.P. grew its holdings in shares of ResMed by 24.2% in the second quarter. Alliancebernstein L.P. now owns 286,078 shares of the medical equipment provider’s stock valued at $73,808,000 after acquiring an additional 55,790 shares in the last quarter. Institutional investors own 54.98% of the company’s stock.

ResMed Price Performance

NYSE:RMD opened at $209.37 on Friday. The firm has a market capitalization of $30.37 billion, a price-to-earnings ratio of 20.19, a P/E/G ratio of 1.18 and a beta of 0.78. ResMed Inc. has a 52-week low of $180.26 and a 52-week high of $293.81. The stock has a fifty day moving average of $201.40 and a 200 day moving average of $229.65. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.33 and a current ratio of 3.01.

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

ResMed Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Thursday, May 14th were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $2.40 annualized dividend and a dividend yield of 1.1%. ResMed’s payout ratio is presently 23.14%.

Insider Activity at ResMed

In related news, CEO Michael J. Farrell sold 4,991 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $193.96, for a total value of $968,054.36. Following the transaction, the chief executive officer directly owned 466,256 shares in the company, valued at approximately $90,435,013.76. This represents a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 14,973 shares of company stock worth $3,130,754 over the last ninety days. 0.65% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RMD. Weiss Ratings downgraded ResMed from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 22nd. Royal Bank Of Canada boosted their target price on ResMed from $314.00 to $321.00 and gave the company an “outperform” rating in a research note on Friday, May 1st. Morgan Stanley reaffirmed an “equal weight” rating and set a $230.00 price target (down from $286.00) on shares of ResMed in a research report on Wednesday, June 17th. KeyCorp cut their price target on ResMed from $290.00 to $266.00 and set an “overweight” rating for the company in a research note on Monday, June 22nd. Finally, Wells Fargo & Company decreased their price objective on ResMed from $270.00 to $227.00 and set an “equal weight” rating for the company in a report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $270.82.

ResMed 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.