Northwestern Mutual Wealth Management Co. purchased a new position in ResMed Inc. (NYSE:RMD – Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 4,856 shares of the medical equipment provider’s stock, valued at approximately $946,000.
Other large investors also recently bought and sold shares of the company. Hsbc Holdings PLC grew its stake in shares of ResMed by 17.6% in the 4th quarter. Hsbc Holdings PLC now owns 328,785 shares of the medical equipment provider’s stock worth $79,321,000 after buying an additional 49,253 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in ResMed by 13.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 979,087 shares of the medical equipment provider’s stock valued at $235,833,000 after buying an additional 118,296 shares during the last quarter. BlackRock Inc. bought a new stake in ResMed in the second quarter worth $2,400,375,000. Fideuram Asset Management Ireland dac bought a new stake in ResMed in the fourth quarter worth $4,712,000. Finally, Legal & General Group Plc grew its stake in shares of ResMed by 3.6% in the fourth quarter. Legal & General Group Plc now owns 992,527 shares of the medical equipment provider’s stock worth $239,070,000 after acquiring an additional 34,317 shares during the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.
ResMed Trading Up 1.7%
Shares of RMD stock opened at $236.36 on Wednesday. ResMed Inc. has a 12-month low of $180.26 and a 12-month high of $286.91. The company has a current ratio of 3.10, a quick ratio of 2.42 and a debt-to-equity ratio of 0.06. The firm’s 50 day moving average is $208.86 and its 200 day moving average is $219.51. The stock has a market capitalization of $34.09 billion, a P/E ratio of 22.66, a P/E/G ratio of 1.46 and a beta of 0.76.
ResMed Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, August 20th will be issued a $0.66 dividend. The ex-dividend date of this dividend is Thursday, August 20th. This is an increase from ResMed’s previous quarterly dividend of $0.60. This represents a $2.64 annualized dividend and a dividend yield of 1.1%. ResMed’s dividend payout ratio is presently 25.31%.
Analyst Ratings Changes
Several equities analysts have recently weighed in on RMD shares. Robert W. Baird set a $213.00 price target on ResMed in a report on Friday, August 7th. Weiss Ratings upgraded shares of ResMed from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 11th. Royal Bank Of Canada increased their price objective on shares of ResMed from $234.00 to $244.00 and gave the company a “sector perform” rating in a research report on Friday, August 7th. Morgan Stanley restated an “equal weight” rating and set a $230.00 price objective (down from $286.00) on shares of ResMed in a research note on Wednesday, June 17th. Finally, KeyCorp decreased their target price on shares of ResMed from $260.00 to $255.00 and set an “overweight” rating for the company in a report on Friday, August 7th. Seven equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat, ResMed currently has a consensus rating of “Hold” and an average target price of $239.38.
View Our Latest Report on ResMed
Insider Buying and Selling at ResMed
In other ResMed news, CEO Michael J. Farrell sold 4,991 shares of the firm’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $205.69, for a total value of $1,026,598.79. Following the transaction, the chief executive officer directly owned 466,256 shares of the company’s stock, valued at approximately $95,904,196.64. This trade represents a 1.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 8,000 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $225.00, for a total value of $1,800,000.00. Following the completion of the transaction, the director directly owned 52,773 shares in the company, valued at $11,873,925. The trade was a 13.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 22,973 shares of company stock valued at $4,885,436 in the last ninety days. 0.65% of the stock is currently owned by corporate insiders.
About ResMed
ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.
ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.
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