ResMed Inc. $RMD Shares Bought by Legal & General Group Plc

Legal & General Group Plc boosted its holdings in shares of ResMed Inc. (NYSE:RMD) by 3.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 992,527 shares of the medical equipment provider’s stock after buying an additional 34,317 shares during the period. Legal & General Group Plc’s holdings in ResMed were worth $239,070,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in RMD. Jones Financial Companies Lllp increased its position in ResMed by 52.6% during the 1st quarter. Jones Financial Companies Lllp now owns 2,882 shares of the medical equipment provider’s stock valued at $645,000 after buying an additional 994 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in ResMed during the 2nd quarter valued at about $389,000. Brown Advisory Inc. increased its position in ResMed by 17.8% during the 2nd quarter. Brown Advisory Inc. now owns 1,586 shares of the medical equipment provider’s stock valued at $409,000 after buying an additional 240 shares in the last quarter. Cresset Asset Management LLC acquired a new position in ResMed during the 2nd quarter valued at about $206,000. Finally, Alliancebernstein L.P. increased its holdings in shares of ResMed by 24.2% in the second quarter. Alliancebernstein L.P. now owns 286,078 shares of the medical equipment provider’s stock valued at $73,808,000 after purchasing an additional 55,790 shares during the period. 54.98% of the stock is owned by institutional investors and hedge funds.

Insider Activity at ResMed

In other news, Director Peter C. Farrell sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $225.00, for a total value of $450,000.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $251.03, for a total value of $1,252,890.73. Following the completion of the sale, the chief executive officer directly owned 466,223 shares of the company’s stock, valued at approximately $117,035,959.69. This represents a 1.06% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 18,973 shares of company stock worth $4,386,031. Company insiders own 0.65% of the company’s stock.

ResMed Stock Down 0.8%

ResMed stock opened at $206.24 on Thursday. The firm has a market cap of $29.92 billion, a price-to-earnings ratio of 19.89, a price-to-earnings-growth ratio of 1.33 and a beta of 0.84. The business’s 50-day moving average price is $218.28 and its 200 day moving average price is $240.03. The company has a quick ratio of 2.33, a current ratio of 3.01 and a debt-to-equity ratio of 0.06. ResMed Inc. has a 52 week low of $198.61 and a 52 week high of $293.81.

ResMed (NYSE:RMD) last issued its quarterly earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.79 by $0.07. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.42 billion. ResMed had a return on equity of 25.35% and a net margin of 27.44%.ResMed’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.37 earnings per share. As a group, sell-side analysts anticipate that ResMed Inc. will post 11.13 earnings per share for the current year.

ResMed Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Thursday, May 14th will be given a dividend of $0.60 per share. The ex-dividend date is Thursday, May 14th. This represents a $2.40 dividend on an annualized basis and a yield of 1.2%. ResMed’s dividend payout ratio is currently 23.14%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on RMD shares. Evercore set a $255.00 price objective on ResMed and gave the stock an “outperform” rating in a research note on Monday, April 13th. Wells Fargo & Company reduced their price objective on ResMed from $270.00 to $227.00 and set an “equal weight” rating for the company in a research note on Friday, May 1st. Stifel Nicolaus raised their price objective on ResMed from $260.00 to $265.00 and gave the stock a “hold” rating in a research note on Friday, January 30th. Weiss Ratings cut ResMed from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 22nd. Finally, Piper Sandler raised their price objective on ResMed from $270.00 to $275.00 and gave the stock a “neutral” rating in a research note on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, ResMed presently has a consensus rating of “Moderate Buy” and a consensus target price of $286.18.

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.