Welch & Forbes LLC Reduces Position in ResMed Inc. (NYSE:RMD)

Welch & Forbes LLC reduced its position in shares of ResMed Inc. (NYSE:RMD) by 2.2% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 310,540 shares of the medical equipment provider’s stock after selling 6,862 shares during the quarter. Welch & Forbes LLC owned approximately 0.21% of ResMed worth $53,419,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Apollon Wealth Management LLC purchased a new stake in ResMed in the 4th quarter worth approximately $206,000. Lincoln National Corp bought a new position in ResMed in the 4th quarter worth $618,000. Private Advisor Group LLC purchased a new stake in shares of ResMed in the 4th quarter worth about $451,000. Spire Wealth Management increased its position in shares of ResMed by 30,396.5% during the fourth quarter. Spire Wealth Management now owns 34,461 shares of the medical equipment provider’s stock valued at $5,946,000 after buying an additional 34,348 shares during the period. Finally, National Bank of Canada FI lifted its holdings in ResMed by 11.1% in the fourth quarter. National Bank of Canada FI now owns 38,194 shares of the medical equipment provider’s stock worth $6,561,000 after buying an additional 3,802 shares during the period. Institutional investors own 54.98% of the company’s stock.

Insider Activity

In other ResMed news, Director Peter C. Farrell sold 10,935 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $182.66, for a total value of $1,997,387.10. Following the completion of the transaction, the director now directly owns 157,404 shares of the company’s stock, valued at $28,751,414.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Karen Drexler sold 425 shares of ResMed stock in a transaction dated 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 transaction, the director now owns 8,446 shares in the company, valued at approximately $1,815,214.32. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 value of $1,997,387.10. Following the completion of the sale, the director now directly owns 157,404 shares in the company, valued at $28,751,414.64. The disclosure for this sale can be found here. Insiders sold a total of 11,641 shares of company stock valued at $2,137,958 in the last quarter. 1.21% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

RMD has been the subject of a number of research analyst reports. UBS Group raised their target price on ResMed from $175.00 to $180.00 and gave the company a “neutral” rating in a research note on Thursday, January 25th. JPMorgan Chase & Co. upped their price objective on ResMed from $160.00 to $195.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 9th. KeyCorp lifted their target price on ResMed from $227.00 to $238.00 and gave the company an “overweight” rating in a research note on Friday, April 26th. Royal Bank of Canada increased their price target 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. Finally, Mizuho reiterated a “buy” rating and set a $215.00 price objective on shares of ResMed in a research note on Wednesday, March 27th. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $202.80.

ResMed Stock Performance

Shares of NYSE:RMD traded down $0.04 on Monday, hitting $216.94. 842,076 shares of the company were exchanged, compared to its average volume of 1,072,503. 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’s 50 day moving average price is $191.19 and its 200 day moving average price is $175.51. ResMed Inc. has a 1-year low of $132.24 and a 1-year high of $237.26. The firm has a market capitalization of $31.87 billion, a P/E ratio of 33.32, a price-to-earnings-growth ratio of 2.68 and a beta of 0.64.

ResMed (NYSE:RMD) last announced its quarterly earnings data on Thursday, April 25th. The medical equipment provider reported $2.13 EPS for the quarter, beating the consensus estimate of $1.91 by $0.22. The business had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.17 billion. ResMed had a net margin of 20.91% and a return on equity of 24.43%. The business’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.68 EPS. Sell-side analysts predict that ResMed Inc. will post 7.59 EPS for the current year.

ResMed Announces Dividend

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

ResMed Company 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.