Allianz Asset Management GmbH Has $63.67 Million Stock Holdings in ResMed Inc. $RMD

Key Points

• Allianz Asset Management GmbH has significantly reduced its stake in ResMed Inc. by 45.8%, now holding 246,774 shares valued at approximately $63.67 million.
• Several hedge funds have increased their positions in ResMed, with mutual funds owning 54.98% of the company's stock.
• ResMed recently raised its quarterly dividend from $0.53 to $0.60 per share, showing a strong commitment to returning value to shareholders.

Allianz Asset Management GmbH decreased its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 45.8% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 246,774 shares of the medical equipment provider's stock after selling 208,350 shares during the quarter. Allianz Asset Management GmbH owned 0.17% of ResMed worth $63,668,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the business. Mutual Advisors LLC raised its stake in shares of ResMed by 5.6% in the 2nd quarter. Mutual Advisors LLC now owns 2,741 shares of the medical equipment provider's stock valued at $754,000 after buying an additional 146 shares in the last quarter. Harbour Investments Inc. raised its stake in shares of ResMed by 264.2% in the 2nd quarter. Harbour Investments Inc. now owns 244 shares of the medical equipment provider's stock valued at $63,000 after buying an additional 177 shares in the last quarter. JGP Wealth Management LLC raised its stake in shares of ResMed by 1.8% in the 2nd quarter. JGP Wealth Management LLC now owns 4,169 shares of the medical equipment provider's stock valued at $1,076,000 after buying an additional 74 shares in the last quarter. Bayforest Capital Ltd raised its stake in shares of ResMed by 366.6% in the 2nd quarter. Bayforest Capital Ltd now owns 2,459 shares of the medical equipment provider's stock valued at $634,000 after buying an additional 1,932 shares in the last quarter. Finally, Sagespring Wealth Partners LLC raised its stake in shares of ResMed by 26.3% in the 2nd quarter. Sagespring Wealth Partners LLC now owns 1,957 shares of the medical equipment provider's stock valued at $505,000 after buying an additional 407 shares in the last quarter. Institutional investors and hedge funds own 54.98% of the company's stock.

Wall Street Analyst Weigh In

RMD has been the subject of a number of recent research reports. William Blair upgraded shares of ResMed to a "strong-buy" rating in a research note on Friday, August 1st. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of ResMed in a report on Wednesday, October 8th. Piper Sandler upped their target price on shares of ResMed from $248.00 to $270.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. CLSA raised shares of ResMed from a "hold" rating to an "outperform" rating in a report on Tuesday, September 2nd. Finally, Stifel Nicolaus upped their target price on shares of ResMed from $240.00 to $270.00 and gave the stock a "hold" rating in a report on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $292.91.

ResMed Stock Down 0.8%

RMD opened at $267.96 on Friday. ResMed Inc. has a twelve month low of $199.92 and a twelve month high of $293.81. The firm's 50-day simple moving average is $277.13 and its 200-day simple moving average is $257.12. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.53 and a current ratio of 3.44. The firm has a market cap of $39.11 billion, a price-to-earnings ratio of 28.18, a PEG ratio of 1.80 and a beta of 0.83.

ResMed (NYSE:RMD - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The medical equipment provider reported $2.55 EPS for the quarter, topping analysts' consensus estimates of $2.47 by $0.08. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same quarter in the prior year, the firm earned $2.08 EPS. The company's revenue was up 10.2% on a year-over-year basis. Equities research analysts anticipate that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $2.40 dividend on an annualized basis and a yield of 0.9%. This is an increase from ResMed's previous quarterly dividend of $0.53. ResMed's payout ratio is currently 25.24%.

Insiders Place Their Bets

In other ResMed news, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction dated Tuesday, October 7th. The shares were sold at an average price of $282.85, for a total transaction of $2,265,345.65. Following the sale, the chief executive officer owned 467,792 shares of the company's stock, valued at $132,314,967.20. This represents a 1.68% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John Hernandez sold 2,575 shares of the stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $287.10, for a total transaction of $739,282.50. Following the sale, the director directly owned 4,045 shares in the company, valued at approximately $1,161,319.50. This represents a 38.90% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,743 shares of company stock valued at $5,284,514 in the last 90 days. 0.65% of the stock is currently owned by insiders.

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.

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