4,309 Shares in ResMed Inc. (NYSE:RMD) Purchased by Allstate Corp

Allstate Corp acquired a new position in shares of ResMed Inc. (NYSE:RMD) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 4,309 shares of the medical equipment provider’s stock, valued at approximately $985,000.

Several other hedge funds have also recently bought and sold shares of the company. Howard Capital Management Inc. increased its stake in ResMed by 5.3% in the fourth quarter. Howard Capital Management Inc. now owns 900 shares of the medical equipment provider’s stock valued at $206,000 after acquiring an additional 45 shares during the last quarter. Ascent Group LLC increased its stake in shares of ResMed by 1.7% in the 3rd quarter. Ascent Group LLC now owns 2,924 shares of the medical equipment provider’s stock valued at $714,000 after purchasing an additional 48 shares during the last quarter. SkyView Investment Advisors LLC raised its holdings in shares of ResMed by 2.0% during the 3rd quarter. SkyView Investment Advisors LLC now owns 2,610 shares of the medical equipment provider’s stock worth $637,000 after buying an additional 51 shares in the last quarter. Wedmont Private Capital lifted its position in shares of ResMed by 2.6% during the 4th quarter. Wedmont Private Capital now owns 2,032 shares of the medical equipment provider’s stock worth $475,000 after buying an additional 52 shares during the last quarter. Finally, Brooklyn Investment Group boosted its stake in ResMed by 8.1% in the fourth quarter. Brooklyn Investment Group now owns 911 shares of the medical equipment provider’s stock valued at $208,000 after buying an additional 68 shares in the last quarter. 54.98% of the stock is owned by institutional investors.

ResMed Price Performance

Shares of NYSE RMD opened at $223.81 on Tuesday. The company has a quick ratio of 2.29, a current ratio of 3.33 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $32.87 billion, a PE ratio of 26.42, a P/E/G ratio of 1.53 and a beta of 0.74. The firm has a fifty day simple moving average of $233.37 and a 200 day simple moving average of $237.83. ResMed Inc. has a twelve month low of $172.19 and a twelve month high of $263.05.

ResMed (NYSE:RMD) last announced its quarterly earnings data on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.29 by $0.14. ResMed had a return on equity of 26.17% and a net margin of 25.34%. On average, sell-side analysts forecast that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Announces Dividend

The firm also recently declared 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 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date of this dividend was Thursday, February 13th. ResMed’s payout ratio is 25.03%.

Insider Activity

In other ResMed news, insider Kaushik Ghoshal sold 9,745 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $239.31, for a total value of $2,332,075.95. Following the completion of the sale, the insider now directly owns 9,725 shares in the company, valued at approximately $2,327,289.75. This trade represents a 50.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Peter C. Farrell sold 2,000 shares of the company’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $242.11, for a total transaction of $484,220.00. Following the transaction, the director now owns 77,218 shares in the company, valued at $18,695,249.98. This represents a 2.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 38,940 shares of company stock worth $9,164,385 in the last quarter. 0.71% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. UBS Group raised shares of ResMed from a “hold” rating to a “strong-buy” rating in a report on Friday, January 31st. JPMorgan Chase & Co. raised their target price on shares of ResMed from $270.00 to $286.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Piper Sandler upped their price target on shares of ResMed from $252.00 to $260.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. Stifel Nicolaus cut their price objective on ResMed from $250.00 to $240.00 and set a “hold” rating on the stock in a report on Wednesday, March 5th. Finally, Citigroup raised ResMed from a “neutral” rating to a “buy” rating in a report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, ResMed has an average rating of “Moderate Buy” and an average target price of $249.73.

ResMed Company Profile

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.