Allspring Global Investments Holdings LLC Sells 1,996 Shares of ResMed Inc. (NYSE:RMD)

Allspring Global Investments Holdings LLC lowered its holdings in ResMed Inc. (NYSE:RMD) by 7.2% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 25,716 shares of the medical equipment provider’s stock after selling 1,996 shares during the period. Allspring Global Investments Holdings LLC’s holdings in ResMed were worth $4,424,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in RMD. Morgan Stanley increased its stake in ResMed by 102.4% during the 3rd quarter. Morgan Stanley now owns 2,329,618 shares of the medical equipment provider’s stock worth $344,481,000 after acquiring an additional 1,178,547 shares during the period. Norges Bank bought a new position in shares of ResMed in the fourth quarter worth $244,477,000. LGT Capital Partners LTD. acquired a new position in ResMed in the fourth quarter valued at about $117,621,000. abrdn plc lifted its position in ResMed by 79.2% during the third quarter. abrdn plc now owns 901,485 shares of the medical equipment provider’s stock worth $133,303,000 after purchasing an additional 398,302 shares during the period. Finally, Hsbc Holdings PLC grew its stake in ResMed by 109.9% during the third quarter. Hsbc Holdings PLC now owns 490,214 shares of the medical equipment provider’s stock worth $72,785,000 after buying an additional 256,624 shares in the last quarter. Institutional investors and hedge funds own 54.98% of the company’s stock.

Wall Street Analysts Forecast Growth

RMD has been the topic of several analyst reports. Oppenheimer increased their price target on shares of ResMed from $185.00 to $205.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 30th. Royal Bank of Canada upped their price objective on ResMed from $181.00 to $182.00 and gave the stock a “sector perform” rating in a research report on Thursday, January 25th. Needham & Company LLC lifted their target price on ResMed from $215.00 to $224.00 and gave the company a “buy” rating in a research report on Monday, April 1st. KeyCorp assumed coverage on ResMed in a research note on Tuesday, February 6th. They set an “overweight” rating and a $227.00 target price for the company. Finally, UBS Group raised their price target on shares of ResMed from $175.00 to $180.00 and gave the company a “neutral” rating in a research note on Thursday, January 25th. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, ResMed currently has an average rating of “Moderate Buy” and a consensus target price of $199.20.

Insider Buying and Selling at ResMed

In other news, General Counsel Michael J. Rider sold 200 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $173.25, for a total value of $34,650.00. Following the transaction, the general counsel now owns 6,688 shares in the company, valued at approximately $1,158,696. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Peter C. Farrell sold 10,935 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $182.66, for a total transaction of $1,997,387.10. Following the completion of the sale, the director now owns 157,404 shares of the company’s stock, valued at $28,751,414.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Michael J. Rider sold 200 shares of ResMed stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $173.25, for a total value of $34,650.00. Following the completion of the sale, the general counsel now owns 6,688 shares of the company’s stock, valued at $1,158,696. The disclosure for this sale can be found here. In the last 90 days, insiders sold 11,216 shares of company stock valued at $2,046,617. 1.21% of the stock is currently owned by company insiders.

ResMed Price Performance

RMD stock opened at $178.85 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.89 and a current ratio of 3.11. ResMed Inc. has a 52-week low of $132.24 and a 52-week high of $243.52. The company has a market capitalization of $26.31 billion, a P/E ratio of 29.56, a PEG ratio of 2.18 and a beta of 0.67. The company has a fifty day moving average price of $186.18 and a 200-day moving average price of $170.45.

ResMed (NYSE:RMD) last announced its earnings results on Wednesday, January 24th. The medical equipment provider reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.81 by $0.07. ResMed had a return on equity of 23.86% and a net margin of 19.77%. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period last year, the company earned $1.66 EPS. ResMed’s revenue for the quarter was up 12.5% compared to the same quarter last year. As a group, equities analysts expect that ResMed Inc. will post 7.47 EPS for the current year.

ResMed Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 14th. Investors of record on Thursday, February 8th were issued a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 1.07%. The ex-dividend date was Wednesday, February 7th. ResMed’s payout ratio is presently 31.74%.

About ResMed

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. It 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 technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.