Pinebridge Investments L.P. Acquires 74,408 Shares of ResMed Inc. (NYSE:RMD)

Pinebridge Investments L.P. increased its stake in ResMed Inc. (NYSE:RMD - Free Report) by 151.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 123,593 shares of the medical equipment provider's stock after purchasing an additional 74,408 shares during the period. Pinebridge Investments L.P. owned approximately 0.08% of ResMed worth $28,264,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the company. Invesco Ltd. lifted its position in ResMed by 32.2% during the 4th quarter. Invesco Ltd. now owns 2,325,009 shares of the medical equipment provider's stock worth $531,706,000 after buying an additional 566,046 shares in the last quarter. Norges Bank bought a new stake in ResMed during the fourth quarter worth about $118,605,000. Los Angeles Capital Management LLC raised its holdings in ResMed by 60.0% during the fourth quarter. Los Angeles Capital Management LLC now owns 668,908 shares of the medical equipment provider's stock worth $152,973,000 after acquiring an additional 250,746 shares in the last quarter. Proficio Capital Partners LLC acquired a new position in ResMed during the fourth quarter valued at approximately $50,364,000. Finally, Nordea Investment Management AB grew its stake in ResMed by 92.7% in the fourth quarter. Nordea Investment Management AB now owns 448,151 shares of the medical equipment provider's stock valued at $103,214,000 after purchasing an additional 215,561 shares in the last quarter. Institutional investors own 54.98% of the company's stock.

Wall Street Analysts Forecast Growth

RMD has been the subject of several recent analyst reports. Morgan Stanley began coverage on shares of ResMed in a research note on Wednesday, March 19th. They issued an "overweight" rating and a $280.00 target price for the company. Royal Bank of Canada raised their price objective on ResMed from $247.00 to $255.00 and gave the company a "sector perform" rating in a research report on Thursday. Citigroup raised ResMed from a "neutral" rating to a "buy" rating in a report on Wednesday, March 5th. Needham & Company LLC restated a "hold" rating on shares of ResMed in a research note on Friday, January 31st. Finally, UBS Group decreased their price objective on shares of ResMed from $290.00 to $285.00 and set a "buy" rating on the stock in a report on Thursday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, ResMed currently has a consensus rating of "Moderate Buy" and a consensus target price of $258.83.

Insider Transactions at ResMed

In other ResMed news, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $209.85, for a total transaction of $1,680,688.65. Following the sale, the chief executive officer now directly owns 455,472 shares in the company, valued at $95,580,799.20. This represents a 1.73 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Kaushik Ghoshal sold 9,113 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $235.40, for a total transaction of $2,145,200.20. Following the completion of the transaction, the insider now directly owns 9,725 shares in the company, valued at approximately $2,289,265. This represents a 48.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,013 shares of company stock valued at $11,298,816. 0.71% of the stock is owned by corporate insiders.

ResMed Stock Performance

ResMed stock traded down $1.92 during midday trading on Monday, hitting $233.96. The company's stock had a trading volume of 471,716 shares, compared to its average volume of 1,015,251. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.33 and a quick ratio of 2.29. The company has a market cap of $34.36 billion, a price-to-earnings ratio of 27.56, a PEG ratio of 1.53 and a beta of 0.75. ResMed Inc. has a 1-year low of $179.42 and a 1-year high of $263.05. The company has a 50-day moving average price of $221.92 and a two-hundred day moving average price of $234.00.

ResMed (NYSE:RMD - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The medical equipment provider reported $2.37 earnings per share for the quarter, beating analysts' consensus estimates of $2.36 by $0.01. The company had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.28 billion. ResMed had a net margin of 25.34% and a return on equity of 26.17%. The firm's quarterly revenue was up 7.9% on a year-over-year basis. During the same period in the previous year, the business earned $2.13 earnings per share. As a group, sell-side analysts predict that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Thursday, May 8th will be given a dividend of $0.53 per share. The ex-dividend date is Thursday, May 8th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.91%. ResMed's payout ratio is 23.79%.

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.