Pinebridge Investments L.P. Has $28.26 Million Stake in ResMed Inc. (NYSE:RMD)

Pinebridge Investments L.P. lifted its position in ResMed Inc. (NYSE:RMD - Free Report) by 151.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 123,593 shares of the medical equipment provider's stock after buying an additional 74,408 shares during the period. Pinebridge Investments L.P. owned about 0.08% of ResMed worth $28,264,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in RMD. Price T Rowe Associates Inc. MD lifted its holdings in shares of ResMed by 0.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 310,971 shares of the medical equipment provider's stock valued at $71,117,000 after purchasing an additional 2,406 shares in the last quarter. Dark Forest Capital Management LP boosted its holdings in shares of ResMed by 122.3% in the fourth quarter. Dark Forest Capital Management LP now owns 2,285 shares of the medical equipment provider's stock valued at $523,000 after buying an additional 1,257 shares during the period. Stifel Financial Corp increased its position in shares of ResMed by 24.7% during the fourth quarter. Stifel Financial Corp now owns 71,508 shares of the medical equipment provider's stock worth $16,356,000 after acquiring an additional 14,149 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of ResMed by 147.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 8,445 shares of the medical equipment provider's stock worth $1,931,000 after acquiring an additional 5,032 shares during the period. Finally, MML Investors Services LLC lifted its position in ResMed by 31.9% in the 4th quarter. MML Investors Services LLC now owns 11,468 shares of the medical equipment provider's stock valued at $2,623,000 after acquiring an additional 2,771 shares in the last quarter. 54.98% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on RMD. Piper Sandler dropped their price target on ResMed from $260.00 to $248.00 and set a "neutral" rating on the stock in a research note on Thursday. KeyCorp set a $274.00 price target on shares of ResMed in a research note on Thursday. UBS Group reduced their target price on shares of ResMed from $290.00 to $285.00 and set a "buy" rating for the company in a report on Thursday. JPMorgan Chase & Co. boosted their price target on shares of ResMed from $286.00 to $290.00 and gave the stock an "overweight" rating in a research report on Thursday. Finally, The Goldman Sachs Group started coverage on ResMed in a research note on Thursday, January 16th. They issued a "buy" rating for the company. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $254.31.

Insider Activity at ResMed

In other news, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $242.11, for a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael J. Farrell sold 8,009 shares of the business's stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $209.85, for a total value of $1,680,688.65. Following the completion of the sale, the chief executive officer now owns 455,472 shares of the company's stock, valued at approximately $95,580,799.20. This trade represents a 1.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 49,013 shares of company stock worth $11,298,816. Corporate insiders own 0.71% of the company's stock.

ResMed Stock Performance

ResMed stock traded down $0.31 during trading hours on Friday, hitting $235.79. The company had a trading volume of 1,193,608 shares, compared to its average volume of 1,030,573. ResMed Inc. has a one year low of $179.42 and a one year high of $263.05. The firm has a market cap of $34.63 billion, a PE ratio of 27.84, a PEG ratio of 1.53 and a beta of 0.75. The firm has a 50-day moving average of $221.92 and a 200 day moving average of $234.05. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.33 and a quick ratio of 2.29.

ResMed (NYSE:RMD - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The medical equipment provider reported $2.37 earnings per share for the quarter, hitting the consensus estimate of $2.37. ResMed had a return on equity of 26.17% and a net margin of 25.34%. The business had revenue of $1.29 billion during the quarter, compared to analysts' expectations of $1.28 billion. On average, sell-side analysts expect that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Thursday, May 8th will be given a $0.53 dividend. The ex-dividend date is Thursday, May 8th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.90%. ResMed's payout ratio is presently 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.