Zurich Insurance Group Ltd FI Has $77.30 Million Stock Holdings in ResMed Inc. (NYSE:RMD)

Zurich Insurance Group Ltd FI lowered its position in shares of ResMed Inc. (NYSE:RMD) by 11.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 338,029 shares of the medical equipment provider’s stock after selling 44,043 shares during the quarter. Zurich Insurance Group Ltd FI owned 0.23% of ResMed worth $77,304,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Howard Capital Management Inc. boosted its position in ResMed by 5.3% during the 4th quarter. Howard Capital Management Inc. now owns 900 shares of the medical equipment provider’s stock worth $206,000 after acquiring an additional 45 shares during the last quarter. Faithward Advisors LLC boosted its position in ResMed by 4.3% during the 4th quarter. Faithward Advisors LLC now owns 1,279 shares of the medical equipment provider’s stock worth $292,000 after acquiring an additional 53 shares during the last quarter. Meiji Yasuda Life Insurance Co boosted its position in ResMed by 4.6% during the 4th quarter. Meiji Yasuda Life Insurance Co now owns 1,356 shares of the medical equipment provider’s stock worth $310,000 after acquiring an additional 60 shares during the last quarter. HighPoint Advisor Group LLC boosted its position in ResMed by 2.6% during the 4th quarter. HighPoint Advisor Group LLC now owns 2,570 shares of the medical equipment provider’s stock worth $610,000 after acquiring an additional 64 shares during the last quarter. Finally, Commerce Bank boosted its position in ResMed by 1.1% during the 4th quarter. Commerce Bank now owns 6,448 shares of the medical equipment provider’s stock worth $1,475,000 after acquiring an additional 73 shares during the last quarter. Institutional investors and hedge funds own 54.98% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on RMD shares. Piper Sandler reduced their price target on ResMed from $260.00 to $248.00 and set a “neutral” rating for the company in a research report on Thursday, April 24th. Citigroup upgraded ResMed from a “neutral” rating to a “buy” rating in a research note on Wednesday, March 5th. JPMorgan Chase & Co. increased their price objective on ResMed from $286.00 to $290.00 and gave the stock an “overweight” rating in a research report on Thursday, April 24th. UBS Group dropped their target price on shares of ResMed from $290.00 to $285.00 and set a “buy” rating for the company in a research report on Thursday, April 24th. Finally, KeyCorp set a $274.00 price target on shares of ResMed in a report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, ResMed currently has a consensus rating of “Moderate Buy” and an average price target of $258.83.

ResMed Stock Up 0.5%

RMD opened at $252.96 on Tuesday. 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’s 50-day moving average is $226.00 and its 200 day moving average is $234.17. ResMed Inc. has a fifty-two week low of $179.42 and a fifty-two week high of $263.05. The firm has a market capitalization of $37.09 billion, a P/E ratio of 29.87, a PEG ratio of 1.53 and a beta of 0.78.

ResMed (NYSE:RMD) 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. ResMed had a net margin of 25.34% and a return on equity of 26.17%. The company had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same period last year, the firm earned $2.13 earnings per share. The firm’s revenue was up 7.9% on a year-over-year basis. Research analysts expect that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Thursday, May 8th will be given a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 0.84%. The ex-dividend date of this dividend is Thursday, May 8th. ResMed’s dividend payout ratio is 23.79%.

Insiders Place Their Bets

In other ResMed news, CEO Michael J. Farrell sold 8,009 shares of ResMed stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $209.85, for a total value of $1,680,688.65. Following the sale, the chief executive officer now owns 455,472 shares of the company’s stock, valued at approximately $95,580,799.20. The trade was a 1.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $227.71, for a total transaction of $455,420.00. Following the completion of the sale, the director now directly owns 75,218 shares in the company, valued at approximately $17,127,890.78. This represents a 2.59% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 48,949 shares of company stock valued at $11,335,320. Company insiders own 0.71% of the company’s stock.

ResMed Profile

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.