Westpac Banking Corp Increases Stock Holdings in ResMed Inc. (NYSE:RMD)

Westpac Banking Corp grew its holdings in shares of ResMed Inc. (NYSE:RMD - Free Report) by 89.8% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 22,725 shares of the medical equipment provider's stock after purchasing an additional 10,754 shares during the quarter. Westpac Banking Corp's holdings in ResMed were worth $5,197,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Howard Capital Management Inc. grew its stake in ResMed by 5.3% in the 4th quarter. Howard Capital Management Inc. now owns 900 shares of the medical equipment provider's stock valued at $206,000 after buying an additional 45 shares in the last quarter. Ascent Group LLC grew its position in shares of ResMed by 1.7% in the third quarter. Ascent Group LLC now owns 2,924 shares of the medical equipment provider's stock valued at $714,000 after purchasing an additional 48 shares in the last quarter. SkyView Investment Advisors LLC grew its position in shares of ResMed by 2.0% in the third quarter. SkyView Investment Advisors LLC now owns 2,610 shares of the medical equipment provider's stock valued at $637,000 after purchasing an additional 51 shares in the last quarter. Wedmont Private Capital raised its stake in shares of ResMed by 2.6% during the 4th quarter. Wedmont Private Capital now owns 2,032 shares of the medical equipment provider's stock valued at $475,000 after purchasing an additional 52 shares during the period. Finally, HighPoint Advisor Group LLC lifted its holdings in ResMed by 2.6% during the 4th quarter. HighPoint Advisor Group LLC now owns 2,570 shares of the medical equipment provider's stock worth $610,000 after purchasing an additional 64 shares in the last quarter. Institutional investors own 54.98% of the company's stock.

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Analysts Set New Price Targets

Several equities research analysts have recently weighed in on RMD shares. Piper Sandler upped their price target on ResMed from $252.00 to $260.00 and gave the company a "neutral" rating in a research report on Friday, January 31st. Stifel Nicolaus cut their price target on shares of ResMed from $250.00 to $240.00 and set a "hold" rating for the company in a report on Wednesday, March 5th. Citigroup raised shares of ResMed from a "neutral" rating to a "buy" rating in a report on Wednesday, March 5th. Morgan Stanley started coverage on ResMed in a research report on Wednesday, March 19th. They issued an "overweight" rating and a $280.00 price objective on the stock. Finally, The Goldman Sachs Group initiated coverage on ResMed in a research report on Thursday, January 16th. They set a "buy" rating for the company. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $249.73.

ResMed Price Performance

RMD traded down $2.02 during midday trading on Tuesday, hitting $210.98. The stock had a trading volume of 529,909 shares, compared to its average volume of 1,007,857. The company has a market cap of $30.99 billion, a P/E ratio of 24.85, a price-to-earnings-growth ratio of 1.53 and a beta of 0.75. ResMed Inc. has a 1 year low of $172.19 and a 1 year high of $263.05. The business has a fifty day moving average of $229.90 and a 200 day moving average of $236.73. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.29 and a current ratio of 3.33.

ResMed (NYSE:RMD - Get Free Report) last announced its quarterly earnings data 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 net margin of 25.34% and a return on equity of 26.17%. As a group, equities analysts forecast that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Announces Dividend

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. The ex-dividend date of this dividend was Thursday, February 13th. This represents a $2.12 annualized dividend and a dividend yield of 1.00%. ResMed's dividend payout ratio is currently 25.03%.

Insider Activity

In other ResMed news, insider Kaushik Ghoshal sold 9,745 shares of the business's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $239.31, for a total value of $2,332,075.95. Following the transaction, the insider now owns 9,725 shares in the company, valued at approximately $2,327,289.75. The trade was a 50.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Peter C. Farrell sold 2,000 shares of the stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $219.74, for a total transaction of $439,480.00. Following the sale, the director now owns 73,218 shares of the company's stock, valued at approximately $16,088,923.32. This represents a 2.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 41,004 shares of company stock valued at $9,618,128. Insiders own 0.71% of the company's stock.

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.