Allstate Corp Makes New Investment in ResMed Inc. (NYSE:RMD)

Allstate Corp acquired a new stake in shares of ResMed Inc. (NYSE:RMD) in the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 4,309 shares of the medical equipment provider’s stock, valued at approximately $985,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in RMD. Maridea Wealth Management LLC bought a new stake in ResMed during the 4th quarter worth approximately $481,000. Horizon Investment Services LLC bought a new stake in ResMed during the fourth quarter worth $1,611,000. DnB Asset Management AS raised its position in ResMed by 6.9% in the 4th quarter. DnB Asset Management AS now owns 26,702 shares of the medical equipment provider’s stock valued at $6,106,000 after buying an additional 1,729 shares during the last quarter. denkapparat Operations GmbH bought a new position in ResMed during the 4th quarter valued at $313,000. Finally, Nomura Asset Management Co. Ltd. boosted its holdings in ResMed by 0.8% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 43,244 shares of the medical equipment provider’s stock worth $9,889,000 after acquiring an additional 335 shares during the last quarter. 54.98% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on RMD shares. Morgan Stanley started coverage on shares of ResMed in a report on Wednesday, March 19th. They issued an “overweight” rating and a $280.00 target price for the company. The Goldman Sachs Group assumed coverage on shares of ResMed in a research report on Thursday, January 16th. They set a “buy” rating on the stock. Piper Sandler increased their price target on ResMed from $252.00 to $260.00 and gave the company a “neutral” rating in a research 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 research report on Wednesday, March 5th. Finally, KeyCorp raised their target price on 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 issued a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, ResMed has a consensus rating of “Moderate Buy” and a consensus price target of $249.73.

Insider Activity at ResMed

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

ResMed Price Performance

Shares of NYSE:RMD opened at $223.81 on Tuesday. The firm 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 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 50-day moving average price of $233.37 and a two-hundred day moving average price 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 released its quarterly earnings data 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 analysts forecast that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Thursday, February 13th were paid a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, February 13th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.95%. ResMed’s payout ratio is 25.03%.

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.