Horizon Investment Services LLC Invests $1.61 Million in ResMed Inc. (NYSE:RMD)

Horizon Investment Services LLC bought a new stake in shares of ResMed Inc. (NYSE:RMD) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 7,043 shares of the medical equipment provider’s stock, valued at approximately $1,611,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Norges Bank bought a new position in shares of ResMed during the 4th quarter worth approximately $118,605,000. Geode Capital Management LLC raised its holdings in shares of ResMed by 10.9% during the third quarter. Geode Capital Management LLC now owns 3,858,814 shares of the medical equipment provider’s stock valued at $939,114,000 after purchasing an additional 380,383 shares during the period. Los Angeles Capital Management LLC boosted its position in shares of ResMed by 60.0% during the 4th quarter. Los Angeles Capital Management LLC now owns 668,908 shares of the medical equipment provider’s stock worth $152,973,000 after purchasing an additional 250,746 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec grew its stake in shares of ResMed by 726.3% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 283,801 shares of the medical equipment provider’s stock valued at $69,281,000 after buying an additional 249,454 shares during the period. Finally, Proficio Capital Partners LLC bought a new stake in ResMed in the 4th quarter valued at about $50,364,000. Institutional investors own 54.98% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on RMD. Piper Sandler raised their price objective on ResMed from $252.00 to $260.00 and gave the company a “neutral” rating in a research note on Friday, January 31st. Citigroup upgraded shares of ResMed from a “neutral” rating to a “buy” rating in a research note on Wednesday, March 5th. Morgan Stanley initiated coverage on shares of ResMed in a research note on Wednesday, March 19th. They issued an “overweight” rating and a $280.00 price objective on the stock. StockNews.com raised shares of ResMed from a “hold” rating to a “buy” rating in a research report on Tuesday. Finally, KeyCorp raised their price target on shares of ResMed from $266.00 to $280.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. One analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $249.73.

Insider Buying and Selling at ResMed

In related news, Director Peter C. Farrell sold 2,000 shares of the business’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $227.71, for a total transaction of $455,420.00. Following the sale, the director now directly owns 75,218 shares in the company, valued at approximately $17,127,890.78. The trade was a 2.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Kaushik Ghoshal sold 9,745 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $239.31, for a total value of $2,332,075.95. Following the completion of the transaction, the insider now owns 9,725 shares of the company’s stock, valued at approximately $2,327,289.75. This represents a 50.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 38,940 shares of company stock valued at $9,164,385 over the last three months. 0.71% of the stock is currently owned by insiders.

ResMed Trading Down 1.2 %

Shares of ResMed stock opened at $219.85 on Friday. The firm has a market cap of $32.29 billion, a PE ratio of 25.96, a P/E/G ratio of 1.53 and a beta of 0.74. The stock has a fifty day moving average price of $233.70 and a 200-day moving average price of $238.23. 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 Inc. has a 1 year low of $172.19 and a 1 year high of $263.05.

ResMed (NYSE:RMD) last released its earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share 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%. Equities research analysts anticipate that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Thursday, February 13th were issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 0.96%. The ex-dividend date was Thursday, February 13th. ResMed’s dividend payout ratio (DPR) is presently 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.