ResMed Inc. $RMD Shares Acquired by Allstate Corp

Key Points

• Allstate Corp more than doubled its stake in ResMed during the fourth quarter, increasing holdings by 101.8% to 10,701 shares valued at about $2.58 million.
• ResMed reported strong quarterly results, beating EPS and revenue estimates with $2.86 EPS on $1.43 billion in revenue, and revenue grew 10.8% year over year.
• The company declared a quarterly dividend of $0.60 per share, implying a $2.40 annualized payout and a yield of about 1.2%.

Allstate Corp increased its stake in ResMed Inc. (NYSE:RMD - Free Report) by 101.8% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 10,701 shares of the medical equipment provider's stock after acquiring an additional 5,398 shares during the quarter. Allstate Corp's holdings in ResMed were worth $2,578,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Fisher Asset Management LLC grew its holdings in shares of ResMed by 10.2% during the fourth quarter. Fisher Asset Management LLC now owns 66,972 shares of the medical equipment provider's stock valued at $16,132,000 after buying an additional 6,188 shares in the last quarter. Clearstead Advisors LLC grew its holdings in shares of ResMed by 144.3% during the fourth quarter. Clearstead Advisors LLC now owns 1,813 shares of the medical equipment provider's stock valued at $437,000 after buying an additional 1,071 shares in the last quarter. Churchill Financial Advisors LLC purchased a new position in shares of ResMed during the fourth quarter valued at $350,000. Legal & General Group Plc grew its holdings in shares of ResMed by 3.6% during the fourth quarter. Legal & General Group Plc now owns 992,527 shares of the medical equipment provider's stock valued at $239,070,000 after buying an additional 34,317 shares in the last quarter. Finally, North Star Asset Management Inc. grew its holdings in shares of ResMed by 13.3% during the fourth quarter. North Star Asset Management Inc. now owns 11,740 shares of the medical equipment provider's stock valued at $2,828,000 after buying an additional 1,378 shares in the last quarter. 54.98% of the stock is currently owned by institutional investors and hedge funds.

ResMed Price Performance

NYSE RMD opened at $206.24 on Thursday. ResMed Inc. has a twelve month low of $198.61 and a twelve month high of $293.81. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.33 and a current ratio of 3.01. The stock has a market capitalization of $29.92 billion, a PE ratio of 19.89, a P/E/G ratio of 1.33 and a beta of 0.84. The stock has a 50-day simple moving average of $218.28 and a 200 day simple moving average of $240.03.

ResMed (NYSE:RMD - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The medical equipment provider reported $2.86 earnings per share for the quarter, topping the consensus estimate of $2.79 by $0.07. ResMed had a return on equity of 25.35% and a net margin of 27.44%.The business had revenue of $1.43 billion during the quarter, compared to analysts' expectations of $1.42 billion. During the same quarter in the previous year, the firm earned $2.37 EPS. The firm's revenue was up 10.8% compared to the same quarter last year. Research analysts anticipate that ResMed Inc. will post 11.13 EPS for the current year.

ResMed Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Thursday, May 14th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Thursday, May 14th. This represents a $2.40 annualized dividend and a yield of 1.2%. ResMed's dividend payout ratio is 23.14%.

Wall Street Analyst Weigh In

RMD has been the subject of a number of research reports. Robert W. Baird set a $225.00 price objective on ResMed in a research report on Friday, May 1st. JPMorgan Chase & Co. initiated coverage on ResMed in a research report on Wednesday, April 15th. They set an "overweight" rating for the company. Wall Street Zen cut ResMed from a "buy" rating to a "hold" rating in a research report on Saturday, March 14th. KeyCorp reduced their price objective on ResMed from $302.00 to $290.00 and set an "overweight" rating for the company in a research report on Monday, April 27th. Finally, Royal Bank Of Canada lifted their price objective on ResMed from $314.00 to $321.00 and gave the company an "outperform" rating in a research report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $286.18.

Insider Activity at ResMed

In other ResMed news, CEO Michael J. Farrell sold 4,991 shares of the company's stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $251.03, for a total value of $1,252,890.73. Following the completion of the transaction, the chief executive officer owned 466,223 shares of the company's stock, valued at $117,035,959.69. This represents a 1.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Peter C. Farrell sold 2,000 shares of the company's stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $225.00, for a total value of $450,000.00. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 18,973 shares of company stock valued at $4,386,031. Insiders own 0.65% of the company's stock.

ResMed Company Profile

ResMed NYSE: RMD is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed's product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.

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