Corebridge Financial Inc. Has $9.08 Million Stake in ResMed Inc. $RMD

Corebridge Financial Inc. trimmed its stake in shares of ResMed Inc. (NYSE:RMD) by 4.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 40,551 shares of the medical equipment provider’s stock after selling 1,741 shares during the period. Corebridge Financial Inc.’s holdings in ResMed were worth $9,077,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in RMD. Vanguard Group Inc. increased its stake in ResMed by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 18,493,702 shares of the medical equipment provider’s stock valued at $4,139,815,000 after buying an additional 320,240 shares during the last quarter. Northern Trust Corp increased its stake in ResMed by 2.5% in the 1st quarter. Northern Trust Corp now owns 1,744,541 shares of the medical equipment provider’s stock valued at $390,516,000 after buying an additional 41,951 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in ResMed by 4.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 998,128 shares of the medical equipment provider’s stock valued at $223,431,000 after buying an additional 41,108 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in ResMed by 28.6% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 954,612 shares of the medical equipment provider’s stock valued at $218,310,000 after buying an additional 212,201 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in ResMed by 6.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 793,760 shares of the medical equipment provider’s stock valued at $177,652,000 after buying an additional 51,348 shares during the last quarter. 54.98% of the stock is currently owned by institutional investors and hedge funds.

ResMed Stock Performance

Shares of NYSE RMD opened at $281.82 on Thursday. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.44 and a quick ratio of 2.53. The stock’s fifty day moving average price is $269.91 and its two-hundred day moving average price is $245.47. ResMed Inc. has a one year low of $199.92 and a one year high of $293.81. The firm has a market cap of $41.26 billion, a price-to-earnings ratio of 29.63, a P/E/G ratio of 1.91 and a beta of 0.77.

ResMed (NYSE:RMD) last issued its quarterly earnings data on Thursday, July 31st. The medical equipment provider reported $2.55 EPS for the quarter, beating analysts’ consensus estimates of $2.47 by $0.08. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.33 billion. ResMed had a return on equity of 25.62% and a net margin of 27.22%.The company’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the prior year, the firm posted $2.08 EPS. On average, equities analysts forecast that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.9%. This is a boost from ResMed’s previous quarterly dividend of $0.53. ResMed’s dividend payout ratio (DPR) is 25.24%.

Insider Transactions at ResMed

In other ResMed news, Director John Hernandez sold 2,575 shares of ResMed stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $287.10, for a total transaction of $739,282.50. Following the transaction, the director directly owned 4,045 shares of the company’s stock, valued at approximately $1,161,319.50. The trade was a 38.90% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Peter C. Farrell sold 945 shares of the stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $255.49, for a total transaction of $241,438.05. Following the sale, the director owned 68,273 shares of the company’s stock, valued at approximately $17,443,068.77. This trade represents a 1.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,638 shares of company stock worth $7,311,177. Corporate insiders own 0.71% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on RMD shares. Wall Street Zen downgraded shares of ResMed from a “buy” rating to a “hold” rating in a report on Sunday, August 10th. Royal Bank Of Canada boosted their target price on shares of ResMed from $294.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, August 1st. Piper Sandler boosted their target price on shares of ResMed from $248.00 to $270.00 and gave the stock a “neutral” rating in a report on Friday, August 1st. Stifel Nicolaus boosted their target price on shares of ResMed from $240.00 to $270.00 and gave the stock a “hold” rating in a report on Friday, August 1st. Finally, UBS Group boosted their target price on shares of ResMed from $285.00 to $325.00 and gave the stock a “buy” rating in a report on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $274.83.

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.