Corebridge Financial Inc. Raises Position in ResMed Inc. (NYSE:RMD)

Corebridge Financial Inc. lifted its stake in shares of ResMed Inc. (NYSE:RMD) by 9.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 42,292 shares of the medical equipment provider’s stock after buying an additional 3,673 shares during the quarter. Corebridge Financial Inc.’s holdings in ResMed were worth $9,672,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RMD. True Wealth Design LLC raised its stake in shares of ResMed by 2,200.0% during the third quarter. True Wealth Design LLC now owns 115 shares of the medical equipment provider’s stock valued at $28,000 after purchasing an additional 110 shares during the period. OFI Invest Asset Management purchased a new stake in ResMed during the 4th quarter worth $39,000. BankPlus Trust Department acquired a new position in ResMed in the 4th quarter worth $44,000. Rosenberg Matthew Hamilton purchased a new position in ResMed in the 4th quarter valued at about $54,000. Finally, SBI Securities Co. Ltd. acquired a new stake in shares of ResMed during the fourth quarter valued at about $67,000. 54.98% of the stock is owned by institutional investors and hedge funds.

ResMed Trading Up 0.3 %

NYSE:RMD opened at $221.90 on Thursday. ResMed Inc. has a 12-month low of $172.19 and a 12-month high of $263.05. 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 business has a 50 day simple moving average of $234.39 and a 200 day simple moving average of $238.55. The firm has a market capitalization of $32.59 billion, a P/E ratio of 26.20, a P/E/G ratio of 1.53 and a beta of 0.74.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.29 by $0.14. ResMed had a net margin of 25.34% and a return on equity of 26.17%. Equities research analysts predict that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Thursday, February 13th were paid a $0.53 dividend. The ex-dividend date was Thursday, February 13th. This represents a $2.12 annualized dividend and a dividend yield of 0.96%. ResMed’s payout ratio is currently 25.03%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on RMD shares. Citigroup raised ResMed from a “neutral” rating to a “buy” rating in a report on Wednesday, March 5th. KeyCorp raised their price target on shares of ResMed from $266.00 to $280.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Stifel Nicolaus cut their price target on shares of ResMed from $250.00 to $240.00 and set a “hold” rating on the stock in a report on Wednesday, March 5th. UBS Group upgraded shares of ResMed from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 31st. Finally, Needham & Company LLC reissued a “hold” rating on shares of ResMed in a research report on Friday, January 31st. One investment analyst has rated the stock with a sell rating, five have given a hold rating, nine have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, ResMed presently has a consensus rating of “Moderate Buy” and a consensus price target of $246.83.

Insider Activity

In other ResMed news, Director Peter C. Farrell sold 2,000 shares of the business’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $242.11, for a total transaction of $484,220.00. Following the completion of the transaction, the director now owns 77,218 shares in the company, valued at approximately $18,695,249.98. The trade was a 2.52 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Kaushik Ghoshal sold 9,745 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $239.31, for a total value of $2,332,075.95. Following the transaction, the insider now directly owns 9,725 shares in the company, valued at $2,327,289.75. This trade represents a 50.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 38,940 shares of company stock valued at $9,164,385. Insiders own 0.71% of the company’s stock.

ResMed Company 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.