Metis Global Partners LLC Decreases Stake in ResMed Inc. (NYSE:RMD)

Metis Global Partners LLC decreased its holdings in ResMed Inc. (NYSE:RMD) by 20.5% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,590 shares of the medical equipment provider’s stock after selling 1,695 shares during the quarter. Metis Global Partners LLC’s holdings in ResMed were worth $1,134,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of RMD. Morgan Stanley lifted its stake in shares of ResMed by 102.4% in the third quarter. Morgan Stanley now owns 2,329,618 shares of the medical equipment provider’s stock valued at $344,481,000 after purchasing an additional 1,178,547 shares during the period. LGT Capital Partners LTD. purchased a new stake in shares of ResMed during the 4th quarter worth approximately $117,621,000. abrdn plc boosted its stake in shares of ResMed by 79.2% during the 3rd quarter. abrdn plc now owns 901,485 shares of the medical equipment provider’s stock worth $133,303,000 after acquiring an additional 398,302 shares in the last quarter. Hsbc Holdings PLC grew its holdings in shares of ResMed by 109.9% in the 3rd quarter. Hsbc Holdings PLC now owns 490,214 shares of the medical equipment provider’s stock worth $72,785,000 after acquiring an additional 256,624 shares during the period. Finally, UBS Group AG increased its stake in ResMed by 109.3% in the 3rd quarter. UBS Group AG now owns 457,717 shares of the medical equipment provider’s stock valued at $67,683,000 after purchasing an additional 239,001 shares in the last quarter. Institutional investors and hedge funds own 54.98% of the company’s stock.

ResMed Stock Down 1.5 %

Shares of RMD opened at $212.89 on Thursday. ResMed Inc. has a fifty-two week low of $132.24 and a fifty-two week high of $237.26. The company’s fifty day moving average is $192.67 and its two-hundred day moving average is $176.28. The firm has a market cap of $31.28 billion, a PE ratio of 32.70, a price-to-earnings-growth ratio of 2.68 and a beta of 0.64. The company has a quick ratio of 1.97, a current ratio of 3.04 and a debt-to-equity ratio of 0.22.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, April 25th. The medical equipment provider reported $2.13 earnings per share for the quarter, beating the consensus estimate of $1.91 by $0.22. ResMed had a net margin of 20.91% and a return on equity of 24.43%. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the previous year, the business posted $1.68 EPS. The business’s quarterly revenue was up 7.2% on a year-over-year basis. Analysts forecast that ResMed Inc. will post 7.59 earnings per share for the current year.

ResMed Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 13th. Stockholders of record on Thursday, May 9th will be given 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 0.90%. ResMed’s payout ratio is currently 29.49%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Mizuho reiterated a “buy” rating and set a $215.00 target price on shares of ResMed in a research report on Wednesday, March 27th. UBS Group raised their target price on shares of ResMed from $175.00 to $180.00 and gave the company a “neutral” rating in a report on Thursday, January 25th. Needham & Company LLC upped their price target on shares of ResMed from $224.00 to $236.00 and gave the company a “buy” rating in a report on Friday, April 26th. Oppenheimer cut their price objective on ResMed from $205.00 to $200.00 and set an “outperform” rating for the company in a research report on Friday, April 26th. Finally, KeyCorp increased their price objective on ResMed from $227.00 to $238.00 and gave the company an “overweight” rating in a research note on Friday, April 26th. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, ResMed presently has an average rating of “Moderate Buy” and a consensus price target of $202.80.

Insider Activity at ResMed

In other ResMed news, Director Peter C. Farrell sold 10,935 shares of the company’s stock in a transaction dated 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 transaction, the director now directly owns 157,404 shares of the company’s stock, valued at approximately $28,751,414.64. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other ResMed news, General Counsel Michael J. Rider sold 200 shares of the stock in a transaction on Friday, March 1st. The shares were sold at an average price of $173.25, for a total transaction of $34,650.00. Following the transaction, the general counsel now directly owns 6,688 shares in the company, valued at approximately $1,158,696. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Peter C. Farrell sold 10,935 shares of the business’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $182.66, for a total transaction of $1,997,387.10. Following the completion of the sale, the director now directly owns 157,404 shares of the company’s stock, valued at approximately $28,751,414.64. The disclosure for this sale can be found here. In the last three months, insiders sold 11,641 shares of company stock valued at $2,137,958. Corporate insiders own 1.21% 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. 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.