Allspring Global Investments Holdings LLC Has $2.34 Million Holdings in ResMed Inc. $RMD

Key Points

• Allspring Global Investments Holdings LLC increased its stake in ResMed Inc. by 33.3%, holding 9,144 shares valued at $2.34 million at the end of the recent quarter.
• ResMed announced an increase in its quarterly dividend from $0.53 to $0.60 per share, which translates to an annualized yield of 0.9%.
• The company reported earnings per share of $2.55 for the quarter, exceeding analysts' expectations of $2.47, with revenue reaching $1.35 billion, up 10.2% year-over-year.

Allspring Global Investments Holdings LLC boosted its position in ResMed Inc. (NYSE:RMD - Free Report) by 33.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,144 shares of the medical equipment provider's stock after buying an additional 2,286 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in ResMed were worth $2,343,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Golden State Wealth Management LLC boosted its holdings in ResMed by 384.8% in the 1st quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider's stock valued at $36,000 after purchasing an additional 127 shares during the period. Zions Bancorporation National Association UT bought a new stake in ResMed in the 1st quarter valued at $45,000. Groupe la Francaise bought a new stake in ResMed in the 1st quarter valued at $45,000. Larson Financial Group LLC boosted its holdings in ResMed by 926.7% in the 1st quarter. Larson Financial Group LLC now owns 308 shares of the medical equipment provider's stock valued at $69,000 after purchasing an additional 278 shares during the period. Finally, Quarry LP boosted its holdings in ResMed by 141.1% in the 1st quarter. Quarry LP now owns 311 shares of the medical equipment provider's stock valued at $70,000 after purchasing an additional 182 shares during the period. 54.98% of the stock is owned by institutional investors.

ResMed Trading Down 1.0%

Shares of ResMed stock opened at $268.61 on Wednesday. The stock has a market capitalization of $39.20 billion, a P/E ratio of 28.24, a price-to-earnings-growth ratio of 1.81 and a beta of 0.83. The company has a quick ratio of 2.53, a current ratio of 3.44 and a debt-to-equity ratio of 0.11. The company has a 50-day simple moving average of $276.58 and a 200 day simple moving average of $258.21. ResMed Inc. has a 12-month low of $199.92 and a 12-month high of $293.81.

ResMed (NYSE:RMD - Get Free Report) last announced its earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.47 by $0.08. The business had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $1.33 billion. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The firm's revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the company posted $2.08 EPS. Research analysts expect that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Increases Dividend

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

Analysts Set New Price Targets

A number of research firms have recently commented on RMD. Wells Fargo & Company began coverage on shares of ResMed in a report on Monday, October 13th. They set an "equal weight" rating and a $280.00 price objective for the company. William Blair raised shares of ResMed to a "strong-buy" rating in a report on Friday, August 1st. KeyCorp raised their price objective on shares of ResMed from $274.00 to $298.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Mizuho raised their price objective on shares of ResMed from $270.00 to $290.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Finally, UBS Group raised shares of ResMed to a "strong-buy" rating in a report on Tuesday, September 16th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $294.55.

Insider Buying and Selling

In other ResMed news, Director John Hernandez sold 2,575 shares of the firm's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $287.10, for a total value of $739,282.50. Following the completion of the sale, the director owned 4,045 shares in the company, valued at approximately $1,161,319.50. This trade represents a 38.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Michael J. Rider sold 100 shares of the firm's stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $274.36, for a total transaction of $27,436.00. Following the completion of the sale, the general counsel owned 11,327 shares of the company's stock, valued at $3,107,675.72. The trade was a 0.88% decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,743 shares of company stock worth $5,284,514 in the last quarter. 0.65% of the stock is owned by corporate 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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