Allstate Corp Buys 5,398 Shares of ResMed Inc. $RMD

Allstate Corp grew its stake in ResMed Inc. (NYSE:RMD) by 101.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,701 shares of the medical equipment provider’s stock after purchasing an additional 5,398 shares during the period. Allstate Corp’s holdings in ResMed were worth $2,578,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Jones Financial Companies Lllp grew its position in ResMed by 52.6% during the 1st quarter. Jones Financial Companies Lllp now owns 2,882 shares of the medical equipment provider’s stock worth $645,000 after acquiring an additional 994 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in ResMed during the 2nd quarter worth approximately $389,000. Brown Advisory Inc. grew its position in ResMed by 17.8% during the 2nd quarter. Brown Advisory Inc. now owns 1,586 shares of the medical equipment provider’s stock worth $409,000 after acquiring an additional 240 shares during the last quarter. Cresset Asset Management LLC bought a new stake in ResMed during the 2nd quarter worth approximately $206,000. Finally, Alliancebernstein L.P. grew its position in ResMed by 24.2% during the 2nd quarter. Alliancebernstein L.P. now owns 286,078 shares of the medical equipment provider’s stock worth $73,808,000 after acquiring an additional 55,790 shares during the last quarter. 54.98% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on RMD shares. Weiss Ratings lowered ResMed from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 22nd. Wells Fargo & Company decreased their price objective on ResMed from $270.00 to $227.00 and set an “equal weight” rating on the stock in a research report on Friday, May 1st. Piper Sandler increased their price objective on ResMed from $270.00 to $275.00 and gave the company a “neutral” rating in a research report on Friday, January 30th. Citigroup decreased their price objective on ResMed from $345.00 to $340.00 and set a “buy” rating on the stock in a research report on Thursday, April 9th. Finally, KeyCorp decreased their price objective on ResMed from $302.00 to $290.00 and set an “overweight” rating on the stock in a research report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, ResMed has an average rating of “Moderate Buy” and a consensus price target of $286.18.

ResMed Stock Performance

RMD stock opened at $206.24 on Thursday. The business’s fifty day moving average is $218.28 and its 200-day moving average is $240.03. The company has a quick ratio of 2.33, a current ratio of 3.01 and a debt-to-equity ratio of 0.06. The company has a market cap of $29.92 billion, a P/E ratio of 19.89, a price-to-earnings-growth ratio of 1.33 and a beta of 0.84. ResMed Inc. has a twelve month low of $198.61 and a twelve month high of $293.81.

ResMed (NYSE:RMD) last posted its quarterly earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 earnings per share for the quarter, beating analysts’ consensus estimates of $2.79 by $0.07. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.42 billion. ResMed had a return on equity of 25.35% and a net margin of 27.44%.The firm’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.37 EPS. Equities research analysts forecast that ResMed Inc. will post 11.13 EPS for the current year.

ResMed Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 18th. Investors of record on Thursday, May 14th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Thursday, May 14th. ResMed’s dividend payout ratio (DPR) is presently 23.14%.

Insider Buying and Selling at ResMed

In related news, CEO Michael J. Farrell sold 4,991 shares of the firm’s stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $207.82, for a total transaction of $1,037,229.62. Following the sale, the chief executive officer owned 466,223 shares of the company’s stock, valued at approximately $96,890,463.86. This trade represents a 1.06% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 2,000 shares of the firm’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $225.00, for a total value of $450,000.00. The SEC filing for this sale provides additional information. Insiders have sold a total of 18,973 shares of company stock worth $4,386,031 in the last ninety days. 0.65% of the stock is currently owned by company 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.