ResMed Inc. $RMD Shares Sold by Allstate Corp

Key Points

• Allstate Corp reduced its stake in ResMed Inc. by 36.6%, selling 1,575 shares and retaining a total of 2,734 shares valued at approximately $612,000 as of the latest reporting period.
• CEO Michael J. Farrell sold 8,009 shares of ResMed stock for over $2.2 million, resulting in a 1.73% decrease in his holdings.
• Recent analyst reports show a range of ratings for ResMed, with targets adjusted upwards; Mizuho set a new price objective of $290 while maintaining an "outperform" rating.

Allstate Corp lowered its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 36.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,734 shares of the medical equipment provider's stock after selling 1,575 shares during the quarter. Allstate Corp's holdings in ResMed were worth $612,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in shares of ResMed by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 18,493,702 shares of the medical equipment provider's stock valued at $4,139,815,000 after buying an additional 320,240 shares during the period. Northern Trust Corp increased its holdings in ResMed by 2.5% during the 1st quarter. Northern Trust Corp now owns 1,744,541 shares of the medical equipment provider's stock worth $390,516,000 after purchasing an additional 41,951 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of ResMed by 4.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 998,128 shares of the medical equipment provider's stock worth $223,431,000 after acquiring an additional 41,108 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of ResMed by 28.6% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 954,612 shares of the medical equipment provider's stock worth $218,310,000 after acquiring an additional 212,201 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of ResMed by 6.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 793,760 shares of the medical equipment provider's stock worth $177,652,000 after acquiring an additional 51,348 shares in the last quarter. Hedge funds and other institutional investors own 54.98% of the company's stock.

ResMed Stock Down 2.3%

NYSE:RMD traded down $6.60 during mid-day trading on Thursday, hitting $275.36. The company had a trading volume of 1,298,974 shares, compared to its average volume of 1,046,229. The business has a fifty day simple moving average of $270.40 and a 200-day simple moving average of $245.72. The company has a current ratio of 3.44, a quick ratio of 2.53 and a debt-to-equity ratio of 0.11. ResMed Inc. has a 1 year low of $199.92 and a 1 year high of $293.81. The firm has a market capitalization of $40.32 billion, a price-to-earnings ratio of 28.95, a PEG ratio of 1.88 and a beta of 0.77.

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

ResMed Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 14th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Thursday, August 14th. This is a positive change from ResMed's previous quarterly dividend of $0.53. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.9%. ResMed's dividend payout ratio is presently 25.24%.

Insider Transactions at ResMed

In related news, CEO Michael J. Farrell sold 8,009 shares of the business's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $279.48, for a total value of $2,238,355.32. Following the completion of the sale, the chief executive officer directly owned 455,503 shares of the company's stock, valued at $127,303,978.44. The trade was a 1.73% 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, Director John Hernandez sold 2,575 shares of the business'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 directly owned 4,045 shares of the company's stock, valued at approximately $1,161,319.50. This represents a 38.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 27,638 shares of company stock valued at $7,311,177. 0.71% of the stock is currently owned by insiders.

Analysts Set New Price Targets

RMD has been the subject of a number of research analyst reports. Mizuho upped their target price on ResMed from $270.00 to $290.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Morgan Stanley set a $286.00 target price on ResMed and gave the stock an "overweight" rating in a research note on Tuesday, May 20th. UBS Group increased their target price on ResMed from $285.00 to $325.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. KeyCorp raised their price objective on ResMed from $274.00 to $298.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Finally, Piper Sandler raised their price objective on ResMed from $248.00 to $270.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $274.83.

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.