ResMed Inc. (NYSE:RMD) Stake Raised by Mackenzie Financial Corp

Mackenzie Financial Corp raised its position in shares of ResMed Inc. (NYSE:RMD) by 10.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 167,765 shares of the medical equipment provider’s stock after purchasing an additional 16,260 shares during the period. Mackenzie Financial Corp owned 0.11% of ResMed worth $28,859,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Geode Capital Management LLC raised its stake in shares of ResMed by 3.3% during the 1st quarter. Geode Capital Management LLC now owns 3,231,885 shares of the medical equipment provider’s stock worth $706,314,000 after purchasing an additional 103,438 shares in the last quarter. Morgan Stanley raised its stake in shares of ResMed by 102.4% during the 3rd quarter. Morgan Stanley now owns 2,329,618 shares of the medical equipment provider’s stock worth $344,481,000 after purchasing an additional 1,178,547 shares in the last quarter. Norges Bank purchased a new stake in shares of ResMed during the 4th quarter worth about $244,477,000. abrdn plc raised its stake in shares of ResMed by 79.2% during the 3rd quarter. abrdn plc now owns 901,485 shares of the medical equipment provider’s stock worth $133,303,000 after purchasing an additional 398,302 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of ResMed by 12.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 849,576 shares of the medical equipment provider’s stock worth $176,822,000 after purchasing an additional 92,261 shares in the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on RMD. Mizuho reissued a “buy” rating and issued a $215.00 price objective on shares of ResMed in a research note on Wednesday, March 27th. UBS Group raised their price objective on ResMed from $175.00 to $180.00 and gave the company a “neutral” rating in a research note on Thursday, January 25th. JPMorgan Chase & Co. raised their price objective on ResMed from $160.00 to $195.00 and gave the company an “overweight” rating in a research note on Tuesday, January 9th. Oppenheimer raised their price objective on ResMed from $185.00 to $205.00 and gave the company an “outperform” rating in a research note on Tuesday, January 30th. Finally, KeyCorp began coverage on ResMed in a report on Tuesday, February 6th. They issued an “overweight” rating and a $227.00 target price on the stock. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $199.20.

Insider Buying and Selling

In other ResMed news, Director Peter C. Farrell sold 10,935 shares of ResMed stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $182.66, for a total value of $1,997,387.10. Following the completion of the transaction, the director now owns 157,404 shares in the company, valued at approximately $28,751,414.64. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other ResMed news, General Counsel Michael J. Rider sold 200 shares of ResMed stock in a transaction on Friday, March 1st. The stock was sold at an average price of $173.25, for a total value of $34,650.00. Following the completion of the transaction, the general counsel now owns 6,688 shares in the company, valued at approximately $1,158,696. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Peter C. Farrell sold 10,935 shares of ResMed stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $182.66, for a total value of $1,997,387.10. Following the completion of the transaction, the director now owns 157,404 shares of the company’s stock, valued at approximately $28,751,414.64. The disclosure for this sale can be found here. Insiders sold 11,216 shares of company stock worth $2,046,617 in the last 90 days. 1.21% of the stock is owned by company insiders.

ResMed Price Performance

Shares of NYSE:RMD opened at $173.86 on Thursday. ResMed Inc. has a 1-year low of $132.24 and a 1-year high of $243.52. The firm has a market capitalization of $25.57 billion, a PE ratio of 28.74, a PEG ratio of 2.29 and a beta of 0.67. The business’s 50 day moving average is $186.42 and its 200-day moving average is $170.17. The company has a current ratio of 3.11, a quick ratio of 1.89 and a debt-to-equity ratio of 0.27.

ResMed (NYSE:RMD) last posted its earnings results 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 the consensus estimate of $1.15 billion. ResMed had a return on equity of 23.86% and a net margin of 19.77%. ResMed’s revenue was up 12.5% on a year-over-year basis. During the same quarter last year, the company earned $1.66 EPS. Sell-side analysts predict that ResMed Inc. will post 7.46 earnings per share for the current year.

ResMed Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 14th. Investors of record on Thursday, February 8th were given a dividend of $0.48 per share. The ex-dividend date was Wednesday, February 7th. This represents a $1.92 annualized dividend and a dividend yield of 1.10%. ResMed’s dividend payout ratio (DPR) is presently 31.74%.

ResMed Profile

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.