Allianz Asset Management GmbH Acquires 110,647 Shares of ResMed Inc. $RMD

Allianz Asset Management GmbH raised its stake in shares of ResMed Inc. (NYSE:RMD) by 44.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 357,421 shares of the medical equipment provider’s stock after purchasing an additional 110,647 shares during the quarter. Allianz Asset Management GmbH owned 0.24% of ResMed worth $97,837,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. grew its position in ResMed by 1.4% in the second quarter. Vanguard Group Inc. now owns 18,746,925 shares of the medical equipment provider’s stock valued at $4,836,707,000 after acquiring an additional 253,223 shares during the period. State Street Corp lifted its holdings in shares of ResMed by 1.0% during the second quarter. State Street Corp now owns 6,615,852 shares of the medical equipment provider’s stock valued at $1,706,890,000 after acquiring an additional 64,448 shares during the period. Geode Capital Management LLC boosted its stake in shares of ResMed by 2.4% in the 2nd quarter. Geode Capital Management LLC now owns 4,215,145 shares of the medical equipment provider’s stock valued at $1,083,409,000 after purchasing an additional 98,717 shares in the last quarter. Norges Bank bought a new stake in shares of ResMed in the 2nd quarter worth about $306,452,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of ResMed by 2.3% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,021,001 shares of the medical equipment provider’s stock worth $263,418,000 after purchasing an additional 22,873 shares in the last quarter. 54.98% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Witte Jan De sold 2,055 shares of ResMed stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $255.00, for a total transaction of $524,025.00. Following the completion of the sale, the director owned 4,261 shares in the company, valued at $1,086,555. The trade was a 32.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael J. Farrell sold 8,011 shares of the business’s stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $249.75, for a total transaction of $2,000,747.25. Following the sale, the chief executive officer directly owned 467,866 shares of the company’s stock, valued at approximately $116,849,533.50. This trade represents a 1.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 21,594 shares of company stock valued at $5,403,495. 0.65% of the stock is currently owned by insiders.

ResMed Stock Down 1.3%

NYSE:RMD opened at $251.33 on Wednesday. The company has a market cap of $36.61 billion, a price-to-earnings ratio of 24.86, a P/E/G ratio of 1.69 and a beta of 0.87. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.32 and a current ratio of 3.06. The stock’s fifty day moving average price is $251.03 and its two-hundred day moving average price is $263.31. ResMed Inc. has a 52-week low of $199.92 and a 52-week high of $293.81.

ResMed (NYSE:RMD) last released its earnings results on Thursday, January 29th. The medical equipment provider reported $2.81 earnings per share for the quarter, topping analysts’ consensus estimates of $2.68 by $0.13. The company had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.40 billion. ResMed had a return on equity of 25.20% and a net margin of 27.53%.The firm’s quarterly revenue was up 11.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.43 earnings per share. On average, analysts anticipate that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 19th. Shareholders of record on Thursday, February 12th will be given a dividend of $0.60 per share. The ex-dividend date is Thursday, February 12th. This represents a $2.40 dividend on an annualized basis and a yield of 1.0%. ResMed’s dividend payout ratio is presently 23.74%.

Analyst Ratings Changes

A number of equities analysts have commented on RMD shares. Mizuho reduced their price target on shares of ResMed from $310.00 to $300.00 and set an “outperform” rating on the stock in a research report on Friday, October 31st. Piper Sandler lifted their target price on shares of ResMed from $270.00 to $275.00 and gave the company a “neutral” rating in a research note on Friday. Citigroup boosted their target price on ResMed from $330.00 to $345.00 and gave the stock a “buy” rating in a report on Monday. Morgan Stanley set a $305.00 price target on ResMed in a report on Friday, October 31st. Finally, Wells Fargo & Company increased their target price on ResMed from $265.00 to $270.00 and gave the stock an “equal weight” rating in a report on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $299.27.

ResMed Company Profile

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.