Corebridge Financial Inc. Has $9.67 Million Stock Position in ResMed Inc. (NYSE:RMD)

Corebridge Financial Inc. grew its stake in shares of ResMed Inc. (NYSE:RMD - Free Report) by 9.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 42,292 shares of the medical equipment provider's stock after buying an additional 3,673 shares during the period. Corebridge Financial Inc.'s holdings in ResMed were worth $9,672,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. True Wealth Design LLC boosted its stake in ResMed by 2,200.0% during the 3rd quarter. True Wealth Design LLC now owns 115 shares of the medical equipment provider's stock worth $28,000 after acquiring an additional 110 shares during the last quarter. OFI Invest Asset Management bought a new position in shares of ResMed during the fourth quarter worth $39,000. BankPlus Trust Department acquired a new position in shares of ResMed in the 4th quarter valued at $44,000. Rosenberg Matthew Hamilton acquired a new position in shares of ResMed in the 4th quarter valued at $54,000. Finally, SBI Securities Co. Ltd. bought a new stake in shares of ResMed in the 4th quarter valued at $67,000. 54.98% of the stock is currently owned by institutional investors and hedge funds.

ResMed Stock Up 1.8 %

NYSE:RMD traded up $3.87 on Monday, hitting $223.81. 1,086,592 shares of the company's stock were exchanged, compared to its average volume of 1,003,438. The firm has a 50-day moving average price of $233.37 and a 200-day moving average price of $237.83. ResMed Inc. has a 52 week low of $172.19 and a 52 week high of $263.05. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.33 and a quick ratio of 2.29. The company has a market cap of $32.87 billion, a P/E ratio of 26.42, a price-to-earnings-growth ratio of 1.53 and a beta of 0.74.

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ResMed (NYSE:RMD - Get Free Report) last released its earnings results 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%. As a group, analysts expect that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Dividend Announcement

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

Insider Activity at ResMed

In other ResMed news, CEO Michael J. Farrell sold 8,009 shares of the company'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 value of $1,896,290.93. Following the sale, the chief executive officer now owns 455,472 shares in the company, valued at $107,842,105.44. This represents a 1.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $242.11, for a total value of $484,220.00. Following the transaction, the director now owns 77,218 shares of the company's stock, valued at $18,695,249.98. This represents a 2.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 38,940 shares of company stock valued at $9,164,385. 0.71% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

RMD has been the topic of several recent analyst reports. Morgan Stanley started coverage on ResMed in a report on Wednesday, March 19th. They set an "overweight" rating and a $280.00 target price on the stock. Piper Sandler lifted their price objective on ResMed from $252.00 to $260.00 and gave the company a "neutral" rating in a report on Friday, January 31st. KeyCorp increased their target price on ResMed from $266.00 to $280.00 and gave the stock an "overweight" rating in a research note on Friday, January 31st. Needham & Company LLC restated a "hold" rating on shares of ResMed in a report on Friday, January 31st. Finally, StockNews.com upgraded shares of ResMed from a "hold" rating to a "buy" rating in a report on Tuesday, March 25th. One analyst has rated the stock with a sell rating, five have issued a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently 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.