abrdn plc cut its position in shares of ResMed Inc. (NYSE:RMD - Free Report) by 7.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 368,256 shares of the medical equipment provider's stock after selling 29,554 shares during the period. abrdn plc owned approximately 0.25% of ResMed worth $84,439,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp boosted its stake in ResMed by 1.9% during the third quarter. State Street Corp now owns 6,261,633 shares of the medical equipment provider's stock valued at $1,528,590,000 after buying an additional 116,918 shares during the last quarter. Geode Capital Management LLC boosted its stake in ResMed by 10.9% during the third quarter. Geode Capital Management LLC now owns 3,858,814 shares of the medical equipment provider's stock valued at $939,114,000 after buying an additional 380,383 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in ResMed by 1.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 924,047 shares of the medical equipment provider's stock valued at $225,578,000 after buying an additional 13,985 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in ResMed by 0.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 742,411 shares of the medical equipment provider's stock valued at $181,237,000 after buying an additional 2,406 shares during the last quarter. Finally, Nordea Investment Management AB raised its position in ResMed by 92.7% during the fourth quarter. Nordea Investment Management AB now owns 448,151 shares of the medical equipment provider's stock valued at $103,214,000 after purchasing an additional 215,561 shares during the period. 54.98% of the stock is owned by institutional investors.
Analyst Ratings Changes
RMD has been the topic of a number of recent research reports. Royal Bank of Canada upped their price objective on ResMed from $224.00 to $232.00 and gave the company a "sector perform" rating in a research report on Friday, October 25th. Needham & Company LLC restated a "hold" rating on shares of ResMed in a research report on Friday, January 31st. Stifel Nicolaus initiated coverage on ResMed in a research report on Friday, December 13th. They set a "hold" rating and a $250.00 price objective on the stock. StockNews.com upgraded ResMed from a "hold" rating to a "buy" rating in a research report on Tuesday, October 15th. Finally, KeyCorp increased their price target on ResMed from $266.00 to $280.00 and gave the stock an "overweight" rating in a report on Friday, January 31st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $244.73.
Read Our Latest Research Report on ResMed
Insider Transactions at ResMed
In related news, insider Justin Leong sold 6,160 shares of the firm's stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $243.09, for a total value of $1,497,434.40. Following the completion of the transaction, the insider now owns 21,718 shares in the company, valued at $5,279,428.62. This trade represents a 22.10 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Peter C. Farrell sold 2,000 shares of the firm's stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $245.65, for a total value of $491,300.00. Following the completion of the transaction, the director now owns 81,218 shares of the company's stock, valued at $19,951,201.70. This trade represents a 2.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,094 shares of company stock valued at $2,704,941 in the last quarter. 0.71% of the stock is currently owned by corporate insiders.
ResMed Stock Down 0.1 %
NYSE RMD traded down $0.34 during midday trading on Friday, hitting $236.84. 830,561 shares of the company traded hands, compared to its average volume of 1,059,213. 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 $34.78 billion, a PE ratio of 27.96, a price-to-earnings-growth ratio of 1.57 and a beta of 0.70. The company's 50-day simple moving average is $239.18 and its 200-day simple moving average is $237.39. ResMed Inc. has a 52 week low of $170.56 and a 52 week high of $263.05.
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 return on equity of 26.17% and a net margin of 25.34%. As a group, equities research analysts forecast that ResMed Inc. will post 9.44 earnings per share for the current year.
ResMed Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 20th. Stockholders of record on Thursday, February 13th will be given a $0.53 dividend. The ex-dividend date of this dividend is Thursday, February 13th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.90%. ResMed's payout ratio is 25.03%.
ResMed Company Profile
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Free Report)
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.
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