Wells Fargo & Company MN Increases Holdings in ResMed Inc. (NYSE:RMD)

Wells Fargo & Company MN boosted its holdings in shares of ResMed Inc. (NYSE:RMD - Free Report) by 2.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 151,180 shares of the medical equipment provider's stock after buying an additional 3,568 shares during the quarter. Wells Fargo & Company MN owned approximately 0.10% of ResMed worth $34,573,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank acquired a new position in ResMed in the 4th quarter valued at $118,605,000. Geode Capital Management LLC grew its position in ResMed by 10.9% in 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 acquiring an additional 380,383 shares during the last quarter. Los Angeles Capital Management LLC increased its position in ResMed by 60.0% during the 4th quarter. Los Angeles Capital Management LLC now owns 668,908 shares of the medical equipment provider's stock worth $152,973,000 after purchasing an additional 250,746 shares in the last quarter. Proficio Capital Partners LLC acquired a new position in shares of ResMed during the fourth quarter worth $50,364,000. Finally, Nordea Investment Management AB increased its holdings in ResMed by 92.7% in the 4th quarter. Nordea Investment Management AB now owns 448,151 shares of the medical equipment provider's stock worth $103,214,000 after purchasing an additional 215,561 shares in the last quarter. Institutional investors and hedge funds own 54.98% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on RMD. Piper Sandler raised their price target on shares of ResMed from $252.00 to $260.00 and gave the company a "neutral" rating in a research note on Friday, January 31st. JPMorgan Chase & Co. raised their price objective on shares of ResMed from $270.00 to $286.00 and gave the stock an "overweight" rating in a research report on Friday, January 31st. StockNews.com raised ResMed from a "hold" rating to a "buy" rating in a research report on Tuesday. The Goldman Sachs Group initiated coverage on shares of ResMed in a report on Thursday, January 16th. They set a "buy" rating on the stock. Finally, Citigroup raised shares of ResMed from a "neutral" rating to a "buy" rating in a research report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $249.73.

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Insider Activity at ResMed

In other ResMed news, CEO Michael J. Farrell sold 8,009 shares of the company's stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $209.85, for a total transaction of $1,680,688.65. Following the sale, the chief executive officer now directly owns 455,472 shares of the company's stock, valued at $95,580,799.20. This represents a 1.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Kaushik Ghoshal sold 9,113 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $235.40, for a total transaction of $2,145,200.20. Following the transaction, the insider now owns 9,725 shares of the company's stock, valued at $2,289,265. This represents a 48.38 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 49,013 shares of company stock worth $11,298,816. Insiders own 0.71% of the company's stock.

ResMed Stock Performance

ResMed stock traded up $0.52 during mid-day trading on Wednesday, reaching $214.49. 162,434 shares of the company's stock were exchanged, compared to its average volume of 1,037,188. The business's fifty day simple moving average is $224.63 and its 200 day simple moving average is $235.07. The company has a quick ratio of 2.29, a current ratio of 3.33 and a debt-to-equity ratio of 0.13. 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 $31.50 billion, a PE ratio of 25.34, a P/E/G ratio of 1.53 and a beta of 0.75.

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 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%. On average, sell-side analysts expect that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Announces Dividend

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 was Thursday, February 13th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.99%. ResMed's dividend payout ratio (DPR) is presently 25.03%.

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.