ResMed Inc. (NYSE:RMD) Shares Purchased by Westpac Banking Corp

Westpac Banking Corp raised its stake in shares of ResMed Inc. (NYSE:RMD) by 89.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 22,725 shares of the medical equipment provider’s stock after acquiring an additional 10,754 shares during the quarter. Westpac Banking Corp’s holdings in ResMed were worth $5,197,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in RMD. Bryce Point Capital LLC acquired a new position in ResMed in the fourth quarter worth about $1,819,000. Huntington National Bank lifted its holdings in ResMed by 9.3% during the 4th quarter. Huntington National Bank now owns 2,042 shares of the medical equipment provider’s stock worth $467,000 after buying an additional 174 shares during the last quarter. Geode Capital Management LLC lifted its holdings in ResMed by 2.2% during the 4th quarter. Geode Capital Management LLC now owns 3,944,084 shares of the medical equipment provider’s stock worth $899,860,000 after buying an additional 85,270 shares during the last quarter. HighPoint Advisor Group LLC increased its holdings in shares of ResMed by 2.6% in the 4th quarter. HighPoint Advisor Group LLC now owns 2,570 shares of the medical equipment provider’s stock valued at $610,000 after acquiring an additional 64 shares during the last quarter. Finally, Franklin Resources Inc. increased its holdings in shares of ResMed by 13.9% in the 4th quarter. Franklin Resources Inc. now owns 198,372 shares of the medical equipment provider’s stock valued at $45,366,000 after acquiring an additional 24,259 shares during the last quarter. 54.98% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other ResMed news, CEO Michael J. Farrell sold 8,009 shares of the business’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $236.77, for a total value of $1,896,290.93. Following the sale, the chief executive officer now directly owns 455,472 shares in the company, valued at approximately $107,842,105.44. The trade was a 1.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kaushik Ghoshal sold 9,113 shares of the company’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 sale, the insider now directly owns 9,725 shares of the company’s stock, valued at $2,289,265. The trade was a 48.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 38,940 shares of company stock worth $9,164,385 over the last three months. Corporate insiders own 0.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Piper Sandler lifted their price objective on shares of ResMed from $252.00 to $260.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. UBS Group raised shares of ResMed from a “hold” rating to a “strong-buy” rating in a report on Friday, January 31st. Morgan Stanley assumed coverage on shares of ResMed in a research note on Wednesday, March 19th. They set an “overweight” rating and a $280.00 price objective on the stock. KeyCorp upped their target price on ResMed from $266.00 to $280.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Finally, Stifel Nicolaus cut their price target on ResMed from $250.00 to $240.00 and set a “hold” rating on the stock in a report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $249.73.

ResMed Trading Up 0.2 %

Shares of RMD stock opened at $222.78 on Thursday. ResMed Inc. has a 1 year low of $172.19 and a 1 year high of $263.05. The firm has a market capitalization of $32.72 billion, a PE ratio of 26.30, a price-to-earnings-growth ratio of 1.53 and a beta of 0.74. The stock has a fifty day moving average of $232.37 and a two-hundred day moving average of $237.54. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.29 and a current ratio of 3.33.

ResMed (NYSE:RMD) last posted its quarterly earnings data on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share for the quarter, topping the consensus estimate of $2.29 by $0.14. ResMed had a net margin of 25.34% and a return on equity of 26.17%. As a group, research analysts expect that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Thursday, February 13th were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 0.95%. The ex-dividend date was Thursday, February 13th. ResMed’s dividend payout ratio (DPR) is presently 25.03%.

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.