Chevy Chase Trust Holdings LLC Sells 719 Shares of ResMed Inc. (NYSE:RMD)

Chevy Chase Trust Holdings LLC lessened its holdings in shares of ResMed Inc. (NYSE:RMD) by 0.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 81,485 shares of the medical equipment provider’s stock after selling 719 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in ResMed were worth $16,136,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of ResMed by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 17,743,457 shares of the medical equipment provider’s stock valued at $3,052,229,000 after buying an additional 173,635 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of ResMed by 230.3% during the 1st quarter. Bank of New York Mellon Corp now owns 3,813,119 shares of the medical equipment provider’s stock valued at $755,112,000 after buying an additional 2,658,709 shares in the last quarter. Morgan Stanley boosted its holdings in shares of ResMed by 102.4% during the 3rd quarter. Morgan Stanley now owns 2,329,618 shares of the medical equipment provider’s stock valued at $344,481,000 after buying an additional 1,178,547 shares in the last quarter. Norges Bank bought a new stake in shares of ResMed during the 4th quarter valued at $233,966,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of ResMed by 5.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 863,289 shares of the medical equipment provider’s stock valued at $148,503,000 after buying an additional 46,113 shares in the last quarter. Institutional investors own 54.98% of the company’s stock.

Analysts Set New Price Targets

RMD has been the topic of a number of analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $236.00 price target on shares of ResMed in a research note on Monday, June 24th. KeyCorp upped their price target on shares of ResMed from $227.00 to $238.00 and gave the stock an “overweight” rating in a research note on Friday, April 26th. Royal Bank of Canada upped their price target on shares of ResMed from $187.00 to $200.00 and gave the stock a “sector perform” rating in a research note on Friday, April 26th. Mizuho reiterated a “buy” rating and issued a $215.00 price target on shares of ResMed in a research note on Wednesday, March 27th. Finally, Citigroup cut shares of ResMed from a “buy” rating to a “neutral” rating in a research note on Monday, June 24th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $202.80.

Insider Activity

In other news, Director Witte Jan De sold 360 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $218.29, for a total transaction of $78,584.40. Following the completion of the sale, the director now owns 7,519 shares of the company’s stock, valued at approximately $1,641,322.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Karen Drexler sold 425 shares of the stock in a transaction that occurred on Monday, April 29th. The shares were 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 of the company’s stock, valued at approximately $1,815,214.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Witte Jan De sold 360 shares of the stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $218.29, for a total transaction of $78,584.40. Following the completion of the sale, the director now directly owns 7,519 shares of the company’s stock, valued at $1,641,322.51. The disclosure for this sale can be found here. Insiders sold 46,834 shares of company stock valued at $9,694,137 in the last quarter. 1.21% of the stock is currently owned by insiders.

ResMed Stock Performance

NYSE:RMD traded up $4.09 during mid-day trading on Thursday, reaching $196.42. The company’s stock had a trading volume of 47,303 shares, compared to its average volume of 1,055,443. ResMed Inc. has a 12-month low of $132.24 and a 12-month high of $229.97. The firm’s fifty day moving average price is $207.06 and its two-hundred day moving average price is $192.30. The company has a current ratio of 3.04, a quick ratio of 1.97 and a debt-to-equity ratio of 0.22. The stock has a market cap of $28.86 billion, a P/E ratio of 29.55, a PEG ratio of 1.68 and a beta of 0.66.

ResMed (NYSE:RMD) last issued its earnings results on Thursday, April 25th. The medical equipment provider reported $2.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.91 by $0.22. ResMed had a return on equity of 24.43% and a net margin of 20.91%. The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the previous year, the firm earned $1.68 EPS. ResMed’s revenue was up 7.2% on a year-over-year basis. On average, equities analysts forecast that ResMed Inc. will post 7.7 EPS for the current fiscal year.

ResMed Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 13th. Stockholders of record on Thursday, May 9th were given a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 0.98%. The ex-dividend date of this dividend was Wednesday, May 8th. ResMed’s payout ratio is currently 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.