Allspring Global Investments Holdings LLC Cuts Holdings in ResMed Inc. (NYSE:RMD)

Allspring Global Investments Holdings LLC decreased its stake in ResMed Inc. (NYSE:RMD) by 7.2% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 25,716 shares of the medical equipment provider’s stock after selling 1,996 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in ResMed were worth $4,424,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in ResMed during the third quarter valued at about $26,000. Compass Wealth Management LLC purchased a new position in shares of ResMed during the 4th quarter valued at about $26,000. International Assets Investment Management LLC purchased a new position in shares of ResMed during the 3rd quarter valued at about $27,000. EverSource Wealth Advisors LLC lifted its position in ResMed by 224.6% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 185 shares of the medical equipment provider’s stock worth $27,000 after buying an additional 128 shares during the last quarter. Finally, Riverview Trust Co raised its stake in shares of ResMed by 255.9% during the third quarter. Riverview Trust Co now owns 210 shares of the medical equipment provider’s stock worth $31,000 after acquiring an additional 151 shares in the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

ResMed Stock Performance

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

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

ResMed Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 14th. Shareholders of record on Thursday, February 8th were issued a dividend of $0.48 per share. The ex-dividend date was Wednesday, February 7th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.07%. ResMed’s dividend payout ratio (DPR) is 31.74%.

Insider Transactions at ResMed

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Royal Bank of Canada upped their price objective on shares of ResMed from $181.00 to $182.00 and gave the company a “sector perform” rating in a research note on Thursday, January 25th. Needham & Company LLC upped their price target on shares of ResMed from $215.00 to $224.00 and gave the company a “buy” rating in a research report on Monday, April 1st. KeyCorp initiated coverage on ResMed in a report on Tuesday, February 6th. They issued an “overweight” rating and a $227.00 price objective on the stock. Mizuho restated a “buy” rating and set a $215.00 target price on shares of ResMed in a report on Wednesday, March 27th. Finally, Oppenheimer lifted their price target on ResMed from $185.00 to $205.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 30th. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, ResMed presently has an average rating of “Moderate Buy” and an average target price of $199.20.

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.