Ameriprise Financial Inc. Grows Position in ResMed Inc. (NYSE:RMD)

Ameriprise Financial Inc. raised its holdings in ResMed Inc. (NYSE:RMD) by 25.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 305,237 shares of the medical equipment provider’s stock after acquiring an additional 62,010 shares during the quarter. Ameriprise Financial Inc.’s holdings in ResMed were worth $69,801,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. First Horizon Advisors Inc. boosted its holdings in ResMed by 285.1% during the fourth quarter. First Horizon Advisors Inc. now owns 593 shares of the medical equipment provider’s stock worth $136,000 after buying an additional 439 shares in the last quarter. Peak Financial Advisors LLC acquired a new stake in shares of ResMed during the 4th quarter valued at approximately $2,972,000. Principal Financial Group Inc. boosted its stake in shares of ResMed by 2.9% during the 3rd quarter. Principal Financial Group Inc. now owns 186,776 shares of the medical equipment provider’s stock worth $45,596,000 after acquiring an additional 5,284 shares in the last quarter. Spire Wealth Management grew its holdings in shares of ResMed by 11.3% in the 4th quarter. Spire Wealth Management now owns 10,800 shares of the medical equipment provider’s stock worth $2,470,000 after acquiring an additional 1,100 shares during the period. Finally, Asset Management One Co. Ltd. increased its stake in ResMed by 2.8% in the 4th quarter. Asset Management One Co. Ltd. now owns 60,489 shares of the medical equipment provider’s stock valued at $14,105,000 after purchasing an additional 1,629 shares in the last quarter. 54.98% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on RMD shares. KeyCorp set a $274.00 target price on ResMed in a report on Thursday, April 24th. The Goldman Sachs Group started coverage on shares of ResMed in a research note on Thursday, January 16th. They issued a “buy” rating on the stock. Piper Sandler cut their target price on shares of ResMed from $260.00 to $248.00 and set a “neutral” rating for the company in a research report on Thursday, April 24th. JPMorgan Chase & Co. increased their price target on shares of ResMed from $286.00 to $290.00 and gave the company an “overweight” rating in a research report on Thursday, April 24th. Finally, Stifel Nicolaus cut their price objective on ResMed from $250.00 to $240.00 and set a “hold” rating for the company in a research report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $258.83.

Insider Activity at ResMed

In other news, insider Kaushik Ghoshal sold 9,113 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $235.40, for a total value of $2,145,200.20. Following the transaction, the insider now owns 9,725 shares of the company’s stock, valued at approximately $2,289,265. This trade represents a 48.38 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael J. Farrell sold 8,009 shares of the company’s stock in a transaction on Monday, April 7th. The stock was 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 of the company’s stock, valued at approximately $95,580,799.20. This trade represents a 1.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 48,949 shares of company stock worth $11,335,320. 0.71% of the stock is owned by insiders.

ResMed Stock Up 0.8 %

Shares of NYSE:RMD opened at $245.12 on Friday. The company has a current ratio of 3.33, a quick ratio of 2.29 and a debt-to-equity ratio of 0.13. The firm has a market cap of $35.94 billion, a price-to-earnings ratio of 28.94, a PEG ratio of 1.53 and a beta of 0.78. The stock’s 50-day moving average price is $223.37 and its two-hundred day moving average price is $234.09. ResMed Inc. has a 12-month low of $179.42 and a 12-month high of $263.05.

ResMed (NYSE:RMD) last released its earnings results on Wednesday, April 23rd. The medical equipment provider reported $2.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.01. ResMed had a net margin of 25.34% and a return on equity of 26.17%. The business had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.28 billion. During the same period last year, the company earned $2.13 earnings per share. The company’s quarterly revenue was up 7.9% on a year-over-year basis. On average, research analysts forecast that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Thursday, May 8th will be issued 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 0.86%. 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.