abrdn plc Increases Position in ResMed Inc. (NYSE:RMD)

abrdn plc increased its holdings in ResMed Inc. (NYSE:RMD) by 9.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 397,810 shares of the medical equipment provider’s stock after acquiring an additional 33,451 shares during the period. abrdn plc owned about 0.27% of ResMed worth $96,284,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of RMD. OFI Invest Asset Management bought a new position in ResMed in the 2nd quarter valued at $32,000. BOK Financial Private Wealth Inc. purchased a new position in shares of ResMed in the 1st quarter worth about $35,000. Versant Capital Management Inc boosted its holdings in shares of ResMed by 196.7% in the 2nd quarter. Versant Capital Management Inc now owns 181 shares of the medical equipment provider’s stock worth $35,000 after buying an additional 120 shares during the last quarter. Financial Connections Group Inc. bought a new position in ResMed during the second quarter valued at about $37,000. Finally, Blue Trust Inc. increased its holdings in ResMed by 182.7% during the second quarter. Blue Trust Inc. now owns 212 shares of the medical equipment provider’s stock worth $42,000 after buying an additional 137 shares during the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

ResMed Trading Down 1.0 %

Shares of ResMed stock opened at $244.42 on Wednesday. The company’s 50-day moving average price is $241.53 and its 200-day moving average price is $218.98. The company has a market cap of $35.87 billion, a price-to-earnings ratio of 32.37, a PEG ratio of 2.05 and a beta of 0.69. ResMed Inc. has a 12-month low of $134.12 and a 12-month high of $260.49. The company has a current ratio of 2.92, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.17. The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.19 billion. ResMed had a net margin of 23.15% and a return on equity of 25.53%. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.64 EPS. On average, equities analysts expect that ResMed Inc. will post 9.16 earnings per share for the current fiscal year.

ResMed Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 7th will be paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 0.87%. The ex-dividend date is Thursday, November 7th. ResMed’s dividend payout ratio is 28.08%.

Analyst Ratings Changes

RMD has been the topic of a number of research analyst reports. Royal Bank of Canada boosted their target price on shares of ResMed from $224.00 to $232.00 and gave the company a “sector perform” rating in a research note on Friday, October 25th. Baird R W raised ResMed to a “strong-buy” rating in a report on Tuesday, September 24th. Wolfe Research reaffirmed an “underperform” rating and set a $180.00 price target on shares of ResMed in a research report on Wednesday, September 18th. Robert W. Baird lifted their price objective on ResMed from $280.00 to $283.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Finally, StockNews.com upgraded ResMed from a “hold” rating to a “buy” rating in a research note on Tuesday, October 15th. One analyst has rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $225.70.

Insider Buying and Selling

In other ResMed news, insider Kaushik Ghoshal sold 5,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $252.56, for a total value of $1,262,800.00. Following the sale, the insider now owns 21,788 shares of the company’s stock, valued at $5,502,777.28. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CFO Brett Sandercock sold 1,000 shares of the company’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $212.16, for a total value of $212,160.00. Following the completion of the transaction, the chief financial officer now directly owns 89,056 shares in the company, valued at approximately $18,894,120.96. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kaushik Ghoshal sold 5,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $252.56, for a total value of $1,262,800.00. Following the sale, the insider now owns 21,788 shares in the company, valued at $5,502,777.28. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 123,874 shares of company stock worth $28,151,142 over the last ninety days. 0.71% of the stock is owned by corporate insiders.

About ResMed

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.