Prudential Financial Inc. Has $24.07 Million Stock Holdings in ResMed Inc. $RMD

Prudential Financial Inc. lifted its position in shares of ResMed Inc. (NYSE:RMD) by 7.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 93,305 shares of the medical equipment provider’s stock after purchasing an additional 6,432 shares during the period. Prudential Financial Inc.’s holdings in ResMed were worth $24,073,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in RMD. ICW Investment Advisors LLC boosted its position in ResMed by 0.4% during the 1st quarter. ICW Investment Advisors LLC now owns 11,394 shares of the medical equipment provider’s stock worth $2,551,000 after buying an additional 41 shares during the period. Johnson Investment Counsel Inc. raised its stake in shares of ResMed by 2.8% during the second quarter. Johnson Investment Counsel Inc. now owns 1,665 shares of the medical equipment provider’s stock valued at $430,000 after acquiring an additional 45 shares during the last quarter. Smartleaf Asset Management LLC raised its stake in shares of ResMed by 3.9% during the first quarter. Smartleaf Asset Management LLC now owns 1,222 shares of the medical equipment provider’s stock valued at $269,000 after acquiring an additional 46 shares during the last quarter. E Fund Management Co. Ltd. lifted its holdings in shares of ResMed by 2.8% during the first quarter. E Fund Management Co. Ltd. now owns 1,719 shares of the medical equipment provider’s stock worth $385,000 after purchasing an additional 47 shares during the period. Finally, V Square Quantitative Management LLC lifted its holdings in shares of ResMed by 3.0% during the second quarter. V Square Quantitative Management LLC now owns 1,747 shares of the medical equipment provider’s stock worth $451,000 after purchasing an additional 51 shares during the period. Institutional investors own 54.98% of the company’s stock.

Insiders Place Their Bets

In related news, Director Witte Jan De sold 487 shares of the stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $250.25, for a total transaction of $121,871.75. Following the transaction, the director directly owned 5,319 shares of the company’s stock, valued at $1,331,079.75. This represents a 8.39% 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 the SEC website. Also, CEO Michael J. Farrell sold 8,011 shares of the firm’s stock in a transaction on Friday, November 7th. The stock was sold at an average price of $249.75, for a total transaction of $2,000,747.25. Following the completion of the sale, the chief executive officer owned 467,866 shares of the company’s stock, valued at $116,849,533.50. The trade was a 1.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 18,607 shares of company stock valued at $4,919,501 over the last 90 days. 0.65% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. Mizuho decreased their price objective on ResMed from $310.00 to $300.00 and set an “outperform” rating for the company in a report on Friday, October 31st. Piper Sandler upped their price target on ResMed from $248.00 to $270.00 and gave the company a “neutral” rating in a research report on Friday, August 1st. Stifel Nicolaus increased their price target on ResMed from $240.00 to $270.00 and gave the company a “hold” rating in a research note on Friday, August 1st. Wells Fargo & Company initiated coverage on ResMed in a research report on Monday, October 13th. They set an “equal weight” rating and a $280.00 price objective for the company. Finally, William Blair upgraded ResMed to a “strong-buy” rating in a report on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $297.45.

ResMed Stock Performance

Shares of ResMed stock opened at $255.98 on Wednesday. The business has a 50-day moving average price of $262.64 and a two-hundred day moving average price of $263.49. ResMed Inc. has a 1-year low of $199.92 and a 1-year high of $293.81. The company has a current ratio of 3.44, a quick ratio of 2.53 and a debt-to-equity ratio of 0.11. The company has a market cap of $37.36 billion, a P/E ratio of 26.92, a PEG ratio of 1.75 and a beta of 0.87.

ResMed (NYSE:RMD) last announced its quarterly earnings data on Friday, October 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.49 by $0.06. ResMed had a return on equity of 25.62% and a net margin of 27.22%.The company had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same period in the previous year, the business earned $2.20 EPS. The firm’s revenue was up 9.1% compared to the same quarter last year. As a group, analysts anticipate that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 18th. Shareholders of record on Thursday, November 13th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Thursday, November 13th. ResMed’s dividend payout ratio is presently 24.56%.

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.