ResMed Inc. (NYSE:RMD) Shares Sold by Legal & General Group Plc

Legal & General Group Plc decreased its holdings in shares of ResMed Inc. (NYSE:RMD - Free Report) by 14.7% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 952,101 shares of the medical equipment provider's stock after selling 163,856 shares during the period. Legal & General Group Plc owned approximately 0.65% of ResMed worth $217,736,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of RMD. Invesco Ltd. boosted its stake in shares of ResMed by 32.2% in the fourth quarter. Invesco Ltd. now owns 2,325,009 shares of the medical equipment provider's stock worth $531,706,000 after buying an additional 566,046 shares during the last quarter. Norges Bank acquired a new stake in shares of ResMed during the 4th quarter worth approximately $118,605,000. Geode Capital Management LLC increased its holdings in shares of ResMed by 10.9% during the 3rd quarter. Geode Capital Management LLC now owns 3,858,814 shares of the medical equipment provider's stock valued at $939,114,000 after purchasing an additional 380,383 shares in the last quarter. Los Angeles Capital Management LLC lifted its stake in shares of ResMed by 60.0% in the 4th quarter. Los Angeles Capital Management LLC now owns 668,908 shares of the medical equipment provider's stock valued at $152,973,000 after purchasing an additional 250,746 shares during the period. Finally, Proficio Capital Partners LLC acquired a new position in shares of ResMed in the 4th quarter valued at $50,364,000. Institutional investors and hedge funds own 54.98% of the company's stock.

ResMed Price Performance

Shares of NYSE RMD traded down $0.93 on Tuesday, hitting $213.60. The company's stock had a trading volume of 251,931 shares, compared to its average volume of 1,024,121. The stock has a 50 day moving average of $225.09 and a 200-day moving average of $235.22. The company has a market capitalization of $31.37 billion, a price-to-earnings ratio of 25.22, a price-to-earnings-growth ratio of 1.53 and a beta of 0.75. ResMed Inc. has a 12-month low of $172.19 and a 12-month 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.

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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 EPS for the quarter, topping 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%. As a group, research analysts predict that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Thursday, February 13th were issued a $0.53 dividend. The ex-dividend date of this dividend was Thursday, February 13th. This represents a $2.12 annualized dividend and a yield of 0.99%. ResMed's dividend payout ratio is currently 25.03%.

Analysts Set New Price Targets

RMD has been the subject of several recent analyst reports. Piper Sandler lifted their price target on ResMed from $252.00 to $260.00 and gave the company a "neutral" rating in a research note on Friday, January 31st. UBS Group upgraded ResMed from a "hold" rating to a "strong-buy" rating in a research report on Friday, January 31st. Morgan Stanley started coverage on shares of ResMed in a research note on Wednesday, March 19th. They issued an "overweight" rating and a $280.00 price target on the stock. KeyCorp upped their price objective on shares of ResMed from $266.00 to $280.00 and gave the stock an "overweight" rating in a research report on Friday, January 31st. Finally, Citigroup raised shares of ResMed from a "neutral" rating to a "buy" rating in a research note on Wednesday, March 5th. One analyst has rated the stock with a sell rating, six have given a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, ResMed currently has an average rating of "Moderate Buy" and a consensus target price of $249.73.

Insider Activity at ResMed

In related news, Director Peter C. Farrell sold 2,000 shares of the business's stock in a transaction dated Wednesday, February 5th. The stock was 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 of the company's stock, valued at $18,695,249.98. The trade was a 2.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Kaushik Ghoshal sold 9,113 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $235.40, for a total value of $2,145,200.20. Following the sale, the insider now directly owns 9,725 shares in the company, valued at approximately $2,289,265. This represents a 48.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 49,013 shares of company stock worth $11,298,816. Corporate insiders own 0.71% of the company's stock.

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.