Corebridge Financial Inc. Has $9.08 Million Stock Position in ResMed Inc. $RMD

Key Points

• Corebridge Financial Inc. reduced its stake in ResMed Inc. by 4.1%, now owning 40,551 shares valued at approximately $9.08 million.
• ResMed announced a quarterly dividend of $0.60 per share, increasing from the previous $0.53, with an ex-dividend date set for August 13th.
• Analysts have provided mixed ratings for ResMed, with targets ranging from $270 to $325, indicating an average target price of $274.83.

Corebridge Financial Inc. lowered its position in ResMed Inc. (NYSE:RMD - Free Report) by 4.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 40,551 shares of the medical equipment provider's stock after selling 1,741 shares during the quarter. Corebridge Financial Inc.'s holdings in ResMed were worth $9,077,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Ballentine Partners LLC lifted its position in ResMed by 6.3% in the first quarter. Ballentine Partners LLC now owns 1,782 shares of the medical equipment provider's stock valued at $399,000 after buying an additional 105 shares during the last quarter. Golden State Wealth Management LLC increased its stake in ResMed by 384.8% in the first 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 last quarter. Exchange Traded Concepts LLC grew its position in shares of ResMed by 393.0% during the first quarter. Exchange Traded Concepts LLC now owns 2,529 shares of the medical equipment provider's stock worth $566,000 after acquiring an additional 2,016 shares during the last quarter. Private Advisor Group LLC grew its position in shares of ResMed by 18.3% during the first quarter. Private Advisor Group LLC now owns 3,244 shares of the medical equipment provider's stock worth $726,000 after acquiring an additional 501 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its position in ResMed by 61.4% in the 4th quarter. BNP Paribas Financial Markets now owns 274,417 shares of the medical equipment provider's stock valued at $62,756,000 after buying an additional 104,377 shares during the last quarter. Institutional investors and hedge funds own 54.98% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on RMD shares. Piper Sandler lifted their price target on ResMed from $248.00 to $270.00 and gave the stock a "neutral" rating in a research note on Friday, August 1st. UBS Group boosted their target price on ResMed from $285.00 to $325.00 and gave the stock a "buy" rating in a report on Friday, August 1st. William Blair raised ResMed to a "strong-buy" rating in a research report on Friday, August 1st. Royal Bank Of Canada upped their target price on ResMed from $294.00 to $300.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Finally, Morgan Stanley set a $286.00 price target on ResMed and gave the company an "overweight" rating in a research report on Tuesday, May 20th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, ResMed has a consensus rating of "Moderate Buy" and a consensus target price of $274.83.

Insider Buying and Selling

In other ResMed news, CEO Michael J. Farrell sold 8,009 shares of the 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 in the company, valued at $127,303,978.44. This represents a 1.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John Hernandez sold 2,575 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $287.10, for a total value of $739,282.50. Following the transaction, the director directly owned 4,045 shares of the company's stock, valued at $1,161,319.50. This trade represents a 38.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 27,597 shares of company stock valued at $7,301,182 over the last three months. Company insiders own 0.71% of the company's stock.

ResMed Stock Down 0.2%

Shares of NYSE RMD traded down $0.61 during mid-day trading on Monday, reaching $274.78. 1,325,206 shares of the company traded hands, compared to its average volume of 1,015,375. 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 stock has a market cap of $40.23 billion, a PE ratio of 28.89, a price-to-earnings-growth ratio of 1.83 and a beta of 0.85. The company's fifty day moving average is $270.83 and its two-hundred day moving average is $246.09. ResMed Inc. has a fifty-two week low of $199.92 and a fifty-two week 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 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 firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter in the prior year, the company earned $2.08 EPS. The firm's revenue for the quarter was up 10.2% compared to the same quarter last year. On average, analysts expect that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Increases Dividend

The company 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 is Thursday, August 14th. This is an increase 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%.

About ResMed

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.