Allstate Corp Takes Position in ResMed Inc. (NYSE:RMD)

Allstate Corp acquired a new position in ResMed Inc. (NYSE:RMD - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 4,309 shares of the medical equipment provider's stock, valued at approximately $985,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Maridea Wealth Management LLC purchased a new position in ResMed during the 4th quarter valued at $481,000. Horizon Investment Services LLC bought a new stake in shares of ResMed during the 4th quarter valued at about $1,611,000. DnB Asset Management AS increased its position in shares of ResMed by 6.9% during the fourth 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 period. denkapparat Operations GmbH bought a new position in ResMed in the fourth quarter worth about $313,000. Finally, Nomura Asset Management Co. Ltd. lifted its holdings in ResMed by 0.8% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 43,244 shares of the medical equipment provider's stock worth $9,889,000 after buying an additional 335 shares during the period. Institutional investors own 54.98% of the company's stock.

ResMed Stock Performance

Shares of ResMed stock traded down $9.89 during trading hours on Thursday, reaching $213.11. 1,511,659 shares of the stock traded hands, compared to its average volume of 1,000,991. ResMed Inc. has a one year low of $172.19 and a one year high of $263.05. The firm has a market capitalization of $31.30 billion, a price-to-earnings ratio of 25.16, 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 $232.37 and a 200 day moving average price of $237.54.

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ResMed (NYSE:RMD - Get Free Report) last announced its earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.29 by $0.14. ResMed had a net margin of 25.34% and a return on equity of 26.17%. On average, equities research analysts expect that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Thursday, February 13th were issued a $0.53 dividend. The ex-dividend date was Thursday, February 13th. This represents a $2.12 annualized dividend and a dividend yield of 0.99%. ResMed's dividend payout ratio (DPR) is 25.03%.

Insider Buying and Selling at ResMed

In other news, CEO Michael J. Farrell sold 8,009 shares of the business's stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $236.77, for a total transaction of $1,896,290.93. Following the transaction, the chief executive officer now owns 455,472 shares of the company's stock, valued at approximately $107,842,105.44. The trade was a 1.73 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Kaushik Ghoshal sold 9,745 shares of the firm's stock in a transaction on Monday, March 10th. The stock was 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 owns 9,725 shares of the company's stock, valued at approximately $2,327,289.75. This represents a 50.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 39,004 shares of company stock worth $9,178,648 in the last quarter. 0.71% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. KeyCorp upped their target price on ResMed from $266.00 to $280.00 and gave the stock an "overweight" rating in a report on Friday, January 31st. JPMorgan Chase & Co. upped their price target on ResMed from $270.00 to $286.00 and gave the stock an "overweight" rating in a research note on Friday, January 31st. StockNews.com lowered ResMed from a "buy" rating to a "hold" rating in a research report on Wednesday. Piper Sandler upped their target price on shares of ResMed from $252.00 to $260.00 and gave the stock a "neutral" rating in a research report on Friday, January 31st. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of ResMed in a research report on Friday, January 31st. One research analyst has rated the stock with a sell rating, six have issued a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, ResMed currently has a consensus rating of "Moderate Buy" and an average target price of $249.73.

ResMed 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.