Allstate Corp Invests $1.45 Million in ResMed Inc. $RMD

Allstate Corp bought a new stake in ResMed Inc. (NYSE:RMD) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 5,303 shares of the medical equipment provider’s stock, valued at approximately $1,452,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank bought a new stake in ResMed in the second quarter valued at approximately $306,452,000. Vanguard Group Inc. grew its holdings in shares of ResMed by 1.4% in the second quarter. Vanguard Group Inc. now owns 18,746,925 shares of the medical equipment provider’s stock worth $4,836,707,000 after purchasing an additional 253,223 shares during the last quarter. Ilex Capital Partners UK LLP purchased a new position in shares of ResMed in the second quarter worth $39,306,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in ResMed during the 2nd quarter valued at $34,443,000. Finally, Swedbank AB boosted its position in ResMed by 25.4% during the 3rd quarter. Swedbank AB now owns 542,711 shares of the medical equipment provider’s stock valued at $148,556,000 after buying an additional 109,760 shares during the period. 54.98% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Michael J. Farrell sold 4,991 shares of the firm’s stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $248.46, for a total value of $1,240,063.86. Following the transaction, the chief executive officer directly owned 466,223 shares in the company, valued at $115,837,766.58. This trade represents a 1.06% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $248.83, for a total value of $497,660.00. Following the completion of the sale, the director directly owned 66,773 shares of the company’s stock, valued at $16,615,125.59. The trade was a 2.91% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 21,594 shares of company stock valued at $5,403,495. Company insiders own 0.65% of the company’s stock.

ResMed Price Performance

Shares of RMD opened at $253.14 on Wednesday. ResMed Inc. has a twelve month low of $199.92 and a twelve month high of $293.81. The company has a market capitalization of $36.94 billion, a P/E ratio of 25.91, a price-to-earnings-growth ratio of 1.73 and a beta of 0.88. The firm has a 50 day moving average of $249.60 and a 200 day moving average of $263.29. The company has a quick ratio of 2.13, a current ratio of 2.89 and a debt-to-equity ratio of 0.07.

ResMed (NYSE:RMD) last released its quarterly earnings data on Friday, October 31st. The medical equipment provider reported $2.55 EPS for the quarter, topping the consensus estimate of $2.49 by $0.06. The company had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.33 billion. ResMed had a return on equity of 25.45% and a net margin of 27.35%.ResMed’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same period last year, the company earned $2.20 EPS. As a group, equities research analysts anticipate that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 18th. Investors of record on Thursday, November 13th were issued a $0.60 dividend. The ex-dividend date was Thursday, November 13th. This represents a $2.40 annualized dividend and a yield of 0.9%. ResMed’s dividend payout ratio (DPR) is currently 24.56%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on RMD shares. Royal Bank Of Canada raised their price target on shares of ResMed from $300.00 to $303.00 and gave the stock an “outperform” rating in a report on Friday, October 31st. KeyCorp increased their target price on shares of ResMed from $298.00 to $299.00 and gave the stock an “overweight” rating in a report on Friday, October 31st. Mizuho reduced their price target on ResMed from $310.00 to $300.00 and set an “outperform” rating on the stock in a report on Friday, October 31st. Weiss Ratings reiterated a “hold (c+)” rating on shares of ResMed in a report on Monday, December 29th. Finally, UBS Group reiterated a “buy” rating and issued a $345.00 price objective on shares of ResMed in a research report on Friday, December 12th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, ResMed presently has an average rating of “Moderate Buy” and an average target price of $296.09.

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.