Chevy Chase Trust Holdings LLC Cuts Stake in ResMed Inc. (NYSE:RMD)

Chevy Chase Trust Holdings LLC lowered its stake in shares of ResMed Inc. (NYSE:RMD) by 2.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 77,147 shares of the medical equipment provider’s stock after selling 1,752 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in ResMed were worth $17,643,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Peak Financial Advisors LLC purchased a new stake in shares of ResMed during the fourth quarter worth about $2,972,000. Principal Financial Group Inc. increased its stake in shares of ResMed by 2.9% during the third quarter. Principal Financial Group Inc. now owns 186,776 shares of the medical equipment provider’s stock worth $45,596,000 after purchasing an additional 5,284 shares in the last quarter. Spire Wealth Management increased its stake in shares of ResMed by 11.3% during the fourth quarter. Spire Wealth Management now owns 10,800 shares of the medical equipment provider’s stock worth $2,470,000 after purchasing an additional 1,100 shares in the last quarter. Retireful LLC purchased a new stake in shares of ResMed during the third quarter worth about $742,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in shares of ResMed by 38.6% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,830 shares of the medical equipment provider’s stock worth $2,989,000 after purchasing an additional 3,576 shares in the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Insider Activity

In related news, Director Peter C. Farrell sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $245.65, for a total transaction of $491,300.00. Following the sale, the director now directly owns 81,218 shares of the company’s stock, valued at $19,951,201.70. This represents a 2.40 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael J. Farrell sold 8,009 shares of the company’s stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $236.77, for a total transaction of $1,896,290.93. Following the sale, the chief executive officer now directly owns 455,472 shares in the company, valued at approximately $107,842,105.44. The trade was a 1.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,307 shares of company stock valued at $4,403,180. Company insiders own 0.71% of the company’s stock.

Wall Street Analysts Forecast Growth

RMD has been the topic of a number of recent research reports. Stifel Nicolaus initiated coverage on shares of ResMed in a research report on Friday, December 13th. They set a “hold” rating and a $250.00 price target on the stock. Royal Bank of Canada boosted their price target on shares of ResMed from $224.00 to $232.00 and gave the stock a “sector perform” rating in a research report on Friday, October 25th. UBS Group upgraded shares of ResMed from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 31st. Needham & Company LLC restated a “hold” rating on shares of ResMed in a research report on Friday, January 31st. Finally, JPMorgan Chase & Co. boosted their price target on shares of ResMed from $270.00 to $286.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $244.73.

ResMed Stock Performance

NYSE:RMD opened at $232.93 on Friday. The company’s 50-day moving average is $238.51 and its two-hundred day moving average is $238.47. The firm has a market capitalization of $34.21 billion, a price-to-earnings ratio of 27.50, a PEG ratio of 1.57 and a beta of 0.70. ResMed Inc. has a 1-year low of $170.56 and a 1-year high of $263.05. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.33 and a quick ratio of 2.29.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.29 by $0.14. ResMed had a net margin of 25.34% and a return on equity of 26.17%. Analysts forecast that ResMed Inc. will post 9.44 EPS for the current year.

ResMed Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Stockholders of record on Thursday, February 13th will be paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date of this dividend is Thursday, February 13th. ResMed’s dividend payout ratio (DPR) is 25.03%.

About ResMed

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.