Belpointe Asset Management LLC Trims Stock Position in ResMed Inc. (NYSE:RMD)

Posted by Defense World Staff on May 19th, 2023

Belpointe Asset Management LLC cut its position in shares of ResMed Inc. (NYSE:RMD – Get Rating) by 35.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 564 shares of the medical equipment provider’s stock after selling 316 shares during the period. Belpointe Asset Management LLC’s holdings in ResMed were worth $117,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Kayne Anderson Rudnick Investment Management LLC purchased a new position in ResMed during the third quarter worth about $26,000. Ronald Blue Trust Inc. raised its stake in ResMed by 72.8% during the fourth quarter. Ronald Blue Trust Inc. now owns 159 shares of the medical equipment provider’s stock worth $35,000 after purchasing an additional 67 shares during the period. Guardian Wealth Advisors LLC purchased a new position in ResMed during the third quarter worth about $36,000. CVA Family Office LLC raised its stake in ResMed by 162.5% during the third quarter. CVA Family Office LLC now owns 210 shares of the medical equipment provider’s stock worth $46,000 after purchasing an additional 130 shares during the period. Finally, WFA of San Diego LLC purchased a new position in ResMed during the fourth quarter worth about $52,000. 64.73% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other ResMed news, insider David Pendarvis sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, March 3rd. The shares were sold at an average price of $216.69, for a total transaction of $325,035.00. Following the completion of the transaction, the insider now owns 94,172 shares in the company, valued at approximately $20,406,130.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other ResMed news, insider David Pendarvis sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, March 3rd. The shares were sold at an average price of $216.69, for a total transaction of $325,035.00. Following the completion of the transaction, the insider now owns 94,172 shares in the company, valued at approximately $20,406,130.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael J. Farrell sold 5,675 shares of the business’s stock in a transaction that occurred on Monday, April 17th. The stock was sold at an average price of $224.23, for a total transaction of $1,272,505.25. Following the transaction, the chief executive officer now owns 436,900 shares of the company’s stock, valued at approximately $97,966,087. The disclosure for this sale can be found here. Insiders have sold a total of 31,951 shares of company stock valued at $7,143,067 in the last ninety days. Company insiders own 1.39% of the company’s stock.

ResMed Price Performance

Shares of RMD opened at $224.21 on Friday. ResMed Inc. has a fifty-two week low of $190.12 and a fifty-two week high of $247.65. The firm’s 50 day moving average price is $222.46 and its 200 day moving average price is $219.97. The company has a market cap of $32.94 billion, a P/E ratio of 38.20, a PEG ratio of 3.35 and a beta of 0.48. The company has a quick ratio of 1.74, a current ratio of 3.07 and a debt-to-equity ratio of 0.40.

ResMed (NYSE:RMD – Get Rating) last announced its earnings results on Thursday, April 27th. The medical equipment provider reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.10. ResMed had a net margin of 21.49% and a return on equity of 25.82%. The firm had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.05 billion. During the same period in the prior year, the firm earned $1.32 EPS. The firm’s revenue for the quarter was up 29.2% on a year-over-year basis. On average, research analysts forecast that ResMed Inc. will post 6.48 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Thursday, May 11th will be paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 0.78%. The ex-dividend date is Wednesday, May 10th. ResMed’s payout ratio is currently 29.98%.

Analyst Ratings Changes

RMD has been the topic of a number of research analyst reports. William Blair reissued an “outperform” rating on shares of ResMed in a research note on Tuesday, January 31st. StockNews.com initiated coverage on shares of ResMed in a research note on Thursday. They issued a “buy” rating on the stock. JPMorgan Chase & Co. boosted their price target on shares of ResMed from $245.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, January 27th. Finally, Mizuho initiated coverage on shares of ResMed in a research note on Thursday, April 13th. They issued a “buy” rating and a $255.00 price target on the stock. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $259.00.

ResMed Profile

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ResMed, Inc engages in providing digital health and cloud-connected medical devices. Its digital health technologies and cloud-connected medical devices transform care for people with sleep apnea, chronic obstructive pulmonary disease, or COPD, and other chronic diseases. The firm operates through the Sleep and Respiratory Care and Software as a Service segments.