ABLE Financial Group LLC Sells 299 Shares of ResMed Inc. (NYSE:RMD)

ABLE Financial Group LLC reduced its stake in ResMed Inc. (NYSE:RMD) by 10.4% during the third quarter, Holdings Channel.com reports. The fund owned 2,567 shares of the medical equipment provider’s stock after selling 299 shares during the quarter. ABLE Financial Group LLC’s holdings in ResMed were worth $627,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of RMD. Bank of New York Mellon Corp lifted its holdings in shares of ResMed by 51.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,772,761 shares of the medical equipment provider’s stock worth $1,105,022,000 after buying an additional 1,959,642 shares during the period. Marshall Wace LLP purchased a new stake in ResMed in the second quarter worth about $77,285,000. Greenvale Capital LLP lifted its stake in ResMed by 61.1% in the second quarter. Greenvale Capital LLP now owns 725,000 shares of the medical equipment provider’s stock worth $138,780,000 after acquiring an additional 275,000 shares during the period. Los Angeles Capital Management LLC grew its holdings in ResMed by 48.3% during the 2nd quarter. Los Angeles Capital Management LLC now owns 740,226 shares of the medical equipment provider’s stock worth $141,694,000 after acquiring an additional 241,195 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new position in ResMed during the 2nd quarter valued at about $42,036,000. 54.98% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at ResMed

In other ResMed news, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $239.90, for a total transaction of $479,800.00. Following the completion of the transaction, the director now owns 87,204 shares in the company, valued at approximately $20,920,239.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, General Counsel Michael J. Rider sold 882 shares of the company’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $231.00, for a total value of $203,742.00. Following the completion of the transaction, the general counsel now owns 10,512 shares of the company’s stock, valued at approximately $2,428,272. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Peter C. Farrell sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $239.90, for a total value of $479,800.00. Following the completion of the sale, the director now directly owns 87,204 shares in the company, valued at approximately $20,920,239.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 60,260 shares of company stock valued at $14,390,487. 0.71% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on RMD shares. Needham & Company LLC reaffirmed a “hold” rating on shares of ResMed in a research report on Friday, October 25th. Robert W. Baird upped their price target on ResMed from $280.00 to $283.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Royal Bank of Canada raised their price objective on ResMed from $224.00 to $232.00 and gave the stock a “sector perform” rating in a research report on Friday, October 25th. KeyCorp upped their target price on ResMed from $251.00 to $266.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Finally, Bank of America raised their price target on ResMed from $240.00 to $270.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $225.70.

ResMed Stock Performance

Shares of NYSE:RMD traded up $4.04 during trading on Friday, hitting $252.58. The stock had a trading volume of 111,435 shares, compared to its average volume of 1,047,215. The company has a quick ratio of 1.91, a current ratio of 2.92 and a debt-to-equity ratio of 0.13. ResMed Inc. has a 12-month low of $140.81 and a 12-month high of $260.49. The stock has a market capitalization of $37.08 billion, a price-to-earnings ratio of 32.90, a price-to-earnings-growth ratio of 1.78 and a beta of 0.69. The stock has a 50-day simple moving average of $243.12 and a two-hundred day simple moving average of $221.39.

ResMed (NYSE:RMD) last posted its quarterly earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.03 by $0.17. ResMed had a net margin of 23.15% and a return on equity of 25.53%. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.19 billion. During the same period last year, the firm posted $1.64 EPS. ResMed’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, equities research analysts expect that ResMed Inc. will post 9.22 earnings per share for the current fiscal year.

ResMed Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 7th will be given a dividend of $0.53 per share. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $2.12 dividend on an annualized basis and a yield of 0.84%. ResMed’s dividend payout ratio is presently 28.08%.

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.