Cullen Frost Bankers Inc. Makes New $98,000 Investment in ResMed Inc. (NYSE:RMD)

Cullen Frost Bankers Inc. purchased a new stake in ResMed Inc. (NYSE:RMD) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 428 shares of the medical equipment provider’s stock, valued at approximately $98,000.

Several other institutional investors have also modified their holdings of the business. First Horizon Advisors Inc. boosted its holdings in ResMed by 285.1% in the fourth quarter. First Horizon Advisors Inc. now owns 593 shares of the medical equipment provider’s stock valued at $136,000 after purchasing an additional 439 shares during the period. Peak Financial Advisors LLC purchased a new position in shares of ResMed in the 4th quarter valued at about $2,972,000. Principal Financial Group Inc. boosted its stake in shares of ResMed by 2.9% in the 3rd quarter. Principal Financial Group Inc. now owns 186,776 shares of the medical equipment provider’s stock valued at $45,596,000 after buying an additional 5,284 shares during the period. Spire Wealth Management grew its position in shares of ResMed by 11.3% during the fourth quarter. Spire Wealth Management now owns 10,800 shares of the medical equipment provider’s stock worth $2,470,000 after buying an additional 1,100 shares in the last quarter. Finally, Asset Management One Co. Ltd. increased its stake in shares of ResMed by 2.8% during the fourth quarter. Asset Management One Co. Ltd. now owns 60,489 shares of the medical equipment provider’s stock worth $14,105,000 after buying an additional 1,629 shares during the period. Institutional investors and hedge funds own 54.98% of the company’s stock.

Insider Activity at ResMed

In related news, CEO Michael J. Farrell sold 8,009 shares of ResMed stock in a transaction on Friday, February 7th. The shares were sold at an average price of $236.77, for a total value of $1,896,290.93. Following the transaction, the chief executive officer now directly owns 455,472 shares in the company, valued at $107,842,105.44. This trade represents a 1.73 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Peter C. Farrell sold 2,000 shares of the business’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $242.11, for a total transaction of $484,220.00. Following the completion of the transaction, the director now directly owns 77,218 shares in the company, valued at $18,695,249.98. This represents a 2.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 21,186 shares of company stock worth $4,996,646 in the last quarter. Company insiders own 0.71% of the company’s stock.

ResMed Price Performance

RMD stock opened at $232.40 on Monday. The business has a 50 day simple moving average of $236.70 and a 200-day simple moving average of $240.04. The company has a market capitalization of $34.13 billion, a P/E ratio of 27.44, a PEG ratio of 1.53 and a beta of 0.74. ResMed Inc. has a twelve month low of $172.19 and a twelve month high of $263.05. The company has a current ratio of 3.33, a quick ratio of 2.29 and a debt-to-equity ratio of 0.13.

ResMed (NYSE:RMD) last issued its quarterly earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share for the quarter, topping analysts’ consensus estimates of $2.29 by $0.14. ResMed had a net margin of 25.34% and a return on equity of 26.17%. As a group, equities analysts anticipate that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Thursday, February 13th will be given a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 0.91%. The ex-dividend date is Thursday, February 13th. ResMed’s dividend payout ratio (DPR) is presently 25.03%.

Analysts Set New Price Targets

RMD has been the subject of several analyst reports. UBS Group upgraded shares of ResMed from a “hold” rating to a “strong-buy” rating in a report on Friday, January 31st. JPMorgan Chase & Co. boosted their target price on shares of ResMed from $270.00 to $286.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Citigroup upgraded ResMed from a “neutral” rating to a “buy” rating in a research note on Wednesday, March 5th. KeyCorp upped their price objective on ResMed from $266.00 to $280.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Finally, Piper Sandler raised their target price on ResMed from $252.00 to $260.00 and gave the stock a “neutral” rating in a research report on Friday, January 31st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $243.82.

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.