Allianz Asset Management GmbH Buys 110,647 Shares of ResMed Inc. $RMD

Allianz Asset Management GmbH raised its stake in ResMed Inc. (NYSE:RMD) by 44.8% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 357,421 shares of the medical equipment provider’s stock after buying an additional 110,647 shares during the period. Allianz Asset Management GmbH’s holdings in ResMed were worth $97,837,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Johnson Investment Counsel Inc. raised its position in shares of ResMed by 2.8% in the 2nd quarter. Johnson Investment Counsel Inc. now owns 1,665 shares of the medical equipment provider’s stock valued at $430,000 after acquiring an additional 45 shares during the period. Quadcap Wealth Management LLC grew its holdings in ResMed by 2.5% during the second quarter. Quadcap Wealth Management LLC now owns 1,880 shares of the medical equipment provider’s stock valued at $485,000 after purchasing an additional 45 shares during the period. NBT Bank N A NY increased its stake in ResMed by 22.9% in the third quarter. NBT Bank N A NY now owns 252 shares of the medical equipment provider’s stock valued at $69,000 after purchasing an additional 47 shares in the last quarter. OFI Invest Asset Management raised its holdings in ResMed by 10.4% in the third quarter. OFI Invest Asset Management now owns 509 shares of the medical equipment provider’s stock worth $139,000 after purchasing an additional 48 shares during the period. Finally, New Wave Wealth Advisors LLC raised its holdings in ResMed by 2.8% in the third quarter. New Wave Wealth Advisors LLC now owns 1,899 shares of the medical equipment provider’s stock worth $520,000 after purchasing an additional 52 shares during the period. Institutional investors own 54.98% of the company’s stock.

Insider Buying and Selling

In related news, CEO Michael J. Farrell sold 8,011 shares of the firm’s stock in a transaction on Friday, November 7th. The shares were sold at an average price of $249.75, for a total value of $2,000,747.25. Following the completion of the transaction, the chief executive officer owned 467,866 shares of the company’s stock, valued at approximately $116,849,533.50. This trade represents a 1.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $248.83, for a total transaction of $497,660.00. Following the completion of the sale, the director owned 66,773 shares in the company, valued at $16,615,125.59. The trade was a 2.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 21,594 shares of company stock worth $5,403,495. 0.65% of the stock is owned by insiders.

ResMed Stock Down 1.3%

RMD stock opened at $251.33 on Wednesday. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.06 and a quick ratio of 2.32. The stock has a market capitalization of $36.61 billion, a P/E ratio of 24.86, a P/E/G ratio of 1.69 and a beta of 0.87. ResMed Inc. has a fifty-two week low of $199.92 and a fifty-two week high of $293.81. The business has a 50-day moving average of $251.03 and a 200-day moving average of $263.31.

ResMed (NYSE:RMD) last released its earnings results on Thursday, January 29th. The medical equipment provider reported $2.81 EPS for the quarter, beating the consensus estimate of $2.68 by $0.13. ResMed had a return on equity of 25.20% and a net margin of 27.53%.The firm had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the previous year, the business posted $2.43 EPS. The business’s quarterly revenue was up 11.0% compared to the same quarter last year. On average, sell-side analysts anticipate that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 19th. Stockholders of record on Thursday, February 12th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Thursday, February 12th. ResMed’s payout ratio is currently 23.74%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Morgan Stanley set a $305.00 price target on shares of ResMed in a report on Friday, October 31st. Stifel Nicolaus boosted their target price on ResMed from $260.00 to $265.00 and gave the company a “hold” rating in a research note on Friday. KeyCorp reaffirmed an “overweight” rating and set a $302.00 price target on shares of ResMed in a research report on Friday. Wells Fargo & Company boosted their price objective on ResMed from $265.00 to $270.00 and gave the company an “equal weight” rating in a research report on Friday, January 30th. Finally, Piper Sandler increased their target price on ResMed from $270.00 to $275.00 and gave the stock a “neutral” rating in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $299.27.

ResMed Company Profile

ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.