Congress Asset Management Co. MA Purchases 23,714 Shares of ResMed Inc. (RMD)
Congress Asset Management Co. MA raised its position in ResMed Inc. (NYSE:RMD) by 2.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,078,645 shares of the medical equipment provider’s stock after buying an additional 23,714 shares during the quarter. ResMed makes up about 1.3% of Congress Asset Management Co. MA’s investment portfolio, making the stock its 13th biggest holding. Congress Asset Management Co. MA’s holdings in ResMed were worth $91,350,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also recently made changes to their positions in RMD. Franklin Resources Inc. bought a new position in ResMed in the 2nd quarter valued at $397,000. Citigroup Inc. boosted its position in ResMed by 405.7% in the 2nd quarter. Citigroup Inc. now owns 18,757 shares of the medical equipment provider’s stock valued at $1,460,000 after buying an additional 15,048 shares during the last quarter. Parametric Portfolio Associates LLC boosted its position in ResMed by 4.0% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 155,331 shares of the medical equipment provider’s stock valued at $12,096,000 after buying an additional 5,923 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in ResMed by 0.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 379,317 shares of the medical equipment provider’s stock valued at $29,535,000 after buying an additional 2,530 shares during the last quarter. Finally, Stifel Financial Corp boosted its position in shares of ResMed by 55.4% in the 2nd quarter. Stifel Financial Corp now owns 9,033 shares of the medical equipment provider’s stock worth $703,000 after purchasing an additional 3,219 shares during the last quarter. Hedge funds and other institutional investors own 61.83% of the company’s stock.
ResMed Inc. (RMD) traded down $2.18 during trading hours on Tuesday, hitting $100.67. The stock had a trading volume of 1,260,000 shares, compared to its average volume of 735,830. ResMed Inc. has a 1-year low of $66.18 and a 1-year high of $104.78. The company has a market cap of $14,290.00, a price-to-earnings ratio of 50.59, a P/E/G ratio of 2.37 and a beta of 0.78.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Thursday, February 8th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Wednesday, February 7th. This represents a $1.40 annualized dividend and a yield of 1.39%. ResMed’s dividend payout ratio is presently 70.35%.
Several research firms have recently issued reports on RMD. Northland Securities restated a “sell” rating and issued a $55.00 price target on shares of ResMed in a research report on Friday, October 27th. Jefferies Group restated a “sell” rating and issued a $56.00 price target on shares of ResMed in a research report on Thursday, October 12th. Needham & Company LLC upgraded ResMed from an “underperform” rating to a “hold” rating in a research report on Tuesday, January 23rd. BMO Capital Markets raised their price target on ResMed to $82.00 and gave the stock a “market perform” rating in a research report on Tuesday, December 12th. Finally, Macquarie lowered ResMed from a “neutral” rating to a “sell” rating in a research report on Tuesday, January 23rd. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company. ResMed currently has an average rating of “Hold” and an average price target of $71.71.
In other ResMed news, CFO Brett Sandercock sold 1,250 shares of ResMed stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $84.50, for a total transaction of $105,625.00. Following the transaction, the chief financial officer now directly owns 71,772 shares in the company, valued at $6,064,734. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director John P. Wareham sold 25,934 shares of ResMed stock in a transaction dated Friday, January 26th. The stock was sold at an average price of $102.25, for a total value of $2,651,751.50. Following the transaction, the director now owns 38,934 shares in the company, valued at $3,981,001.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 189,748 shares of company stock worth $16,319,844. Corporate insiders own 1.77% of the company’s stock.
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ResMed Inc is a holding company. The Company is engaged in the development, manufacturing, distribution and marketing of medical devices and cloud-based software applications that diagnose, treat and manage respiratory disorders, including sleep disordered breathing (SDB), chronic obstructive pulmonary disease (COPD), neuromuscular disease and other diseases.
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