Cullinan Associates Inc. Sells 2,000 Shares of ResMed Inc. (NYSE:RMD)

Cullinan Associates Inc. decreased its holdings in shares of ResMed Inc. (NYSE:RMD) by 66.7% during the third quarter, according to its most recent filing with the SEC. The firm owned 1,000 shares of the medical equipment provider’s stock after selling 2,000 shares during the period. Cullinan Associates Inc.’s holdings in ResMed were worth $240,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. OFI Invest Asset Management purchased a new stake in ResMed during the 2nd quarter worth approximately $32,000. BOK Financial Private Wealth Inc. purchased a new stake in shares of ResMed in the first quarter valued at about $35,000. Versant Capital Management Inc grew its holdings in shares of ResMed by 196.7% in the second quarter. Versant Capital Management Inc now owns 181 shares of the medical equipment provider’s stock valued at $35,000 after purchasing an additional 120 shares during the period. Financial Connections Group Inc. purchased a new stake in shares of ResMed in the second quarter valued at about $37,000. Finally, Blue Trust Inc. raised its holdings in ResMed by 182.7% in the second quarter. Blue Trust Inc. now owns 212 shares of the medical equipment provider’s stock valued at $42,000 after acquiring an additional 137 shares in the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

ResMed Stock Performance

ResMed stock opened at $256.07 on Friday. The stock’s 50 day moving average price is $240.22 and its 200 day moving average price is $217.35. ResMed Inc. has a one year low of $132.24 and a one year high of $260.49. The firm has a market capitalization of $37.58 billion, a PE ratio of 36.95, a price-to-earnings-growth ratio of 1.94 and a beta of 0.69. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.69 and a current ratio of 2.59.

ResMed (NYSE:RMD) last announced its earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.03 by $0.17. ResMed had a return on equity of 25.00% and a net margin of 21.79%. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same period in the prior year, the company posted $1.64 EPS. ResMed’s quarterly revenue was up 11.1% on a year-over-year basis. As a group, sell-side analysts expect that ResMed Inc. will post 9.08 EPS for the current fiscal year.

ResMed Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 7th will be issued a $0.53 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.83%. ResMed’s dividend payout ratio (DPR) is 30.59%.

Wall Street Analysts Forecast Growth

RMD has been the topic of several recent analyst reports. Robert W. Baird increased their price target on shares of ResMed from $280.00 to $283.00 and gave the company an “outperform” rating in a research note on Friday. Royal Bank of Canada raised their target price on ResMed from $224.00 to $232.00 and gave the company a “sector perform” rating in a report on Friday. KeyCorp lifted their price target on ResMed from $251.00 to $266.00 and gave the stock an “overweight” rating in a research note on Friday. Wolfe Research reiterated an “underperform” rating and set a $180.00 price objective on shares of ResMed in a research report on Wednesday, September 18th. Finally, Bank of America lifted their price target on ResMed from $240.00 to $270.00 and gave the company a “buy” rating in a report on Thursday, September 26th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $220.55.

Insiders Place Their Bets

In related news, insider Justin Leong sold 48,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $217.07, for a total transaction of $10,419,360.00. Following the completion of the transaction, the insider now owns 18,741 shares of the company’s stock, valued at $4,068,108.87. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other ResMed news, insider Justin Leong sold 48,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $217.07, for a total transaction of $10,419,360.00. Following the completion of the sale, the insider now directly owns 18,741 shares in the company, valued at approximately $4,068,108.87. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Michael J. Farrell sold 14,683 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $214.25, for a total value of $3,145,832.75. Following the sale, the chief executive officer now directly owns 440,799 shares of the company’s stock, valued at $94,441,185.75. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 123,874 shares of company stock valued at $28,151,142 over the last three months. Company insiders own 0.71% of the company’s stock.

ResMed Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. The company 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 ApneaLink Air, a portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow, and snoring; and NightOwl, a portable, cloud-connected, and disposable diagnostic device that measures AHI based on derived peripheral arterial tone, actigraphy, and oximetry over several nights.