ResMed Inc. (NYSE:RMD) Stake Reduced by California State Teachers Retirement System

California State Teachers Retirement System decreased its holdings in shares of ResMed Inc. (NYSE:RMD) by 1.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 230,208 shares of the medical equipment provider’s stock after selling 3,282 shares during the period. California State Teachers Retirement System’s holdings in ResMed were worth $52,646,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in RMD. Colonial Trust Co SC boosted its holdings in ResMed by 6,250.0% during the fourth quarter. Colonial Trust Co SC now owns 127 shares of the medical equipment provider’s stock worth $29,000 after buying an additional 125 shares in the last quarter. Optiver Holding B.V. acquired a new position in shares of ResMed in the 4th quarter worth $33,000. Itau Unibanco Holding S.A. raised its position in shares of ResMed by 1,000.0% during the fourth quarter. Itau Unibanco Holding S.A. now owns 165 shares of the medical equipment provider’s stock worth $38,000 after purchasing an additional 150 shares during the period. OFI Invest Asset Management acquired a new position in shares of ResMed in the 4th quarter valued at $39,000. Finally, Coppell Advisory Solutions LLC boosted its position in shares of ResMed by 1,750.0% in the 4th quarter. Coppell Advisory Solutions LLC now owns 185 shares of the medical equipment provider’s stock valued at $42,000 after purchasing an additional 175 shares during the period. Institutional investors and hedge funds own 54.98% of the company’s stock.

ResMed Trading Up 1.4%

Shares of NYSE:RMD opened at $246.26 on Wednesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.29 and a current ratio of 3.33. The stock’s 50-day moving average is $228.80 and its 200-day moving average is $234.18. The company has a market cap of $36.11 billion, a P/E ratio of 29.07, a P/E/G ratio of 1.53 and a beta of 0.78. ResMed Inc. has a 52-week low of $179.42 and a 52-week high of $263.05.

ResMed (NYSE:RMD) last issued its quarterly earnings results on Wednesday, April 23rd. The medical equipment provider reported $2.37 EPS for the quarter, topping the consensus estimate of $2.36 by $0.01. ResMed had a return on equity of 26.17% and a net margin of 25.34%. The company had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same period in the previous year, the business posted $2.13 EPS. The company’s revenue for the quarter was up 7.9% on a year-over-year basis. Equities research analysts predict that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Thursday, May 8th will be issued a $0.53 dividend. The ex-dividend date of this dividend is Thursday, May 8th. This represents a $2.12 annualized dividend and a yield of 0.86%. ResMed’s dividend payout ratio (DPR) is 23.79%.

Insider Activity

In other ResMed news, Director Witte Jan De sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $243.47, for a total transaction of $486,940.00. Following the completion of the transaction, the director now owns 5,806 shares in the company, valued at $1,413,586.82. This trade represents a 25.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Kaushik Ghoshal sold 9,745 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $239.31, for a total value of $2,332,075.95. Following the completion of the transaction, the insider now directly owns 9,725 shares of the company’s stock, valued at approximately $2,327,289.75. The trade was a 50.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 50,949 shares of company stock worth $11,822,260. Company insiders own 0.71% of the company’s stock.

Wall Street Analyst Weigh In

RMD has been the subject of a number of analyst reports. Royal Bank of Canada upped their price objective on shares of ResMed from $247.00 to $255.00 and gave the company a “sector perform” rating in a research note on Thursday, April 24th. Stifel Nicolaus lowered their price objective on shares of ResMed from $250.00 to $240.00 and set a “hold” rating on the stock in a research report on Wednesday, March 5th. Morgan Stanley set a $286.00 price objective on ResMed and gave the stock an “overweight” rating in a research note on Tuesday, May 20th. KeyCorp set a $274.00 price objective on shares of ResMed in a research report on Thursday, April 24th. Finally, JPMorgan Chase & Co. increased their price objective on ResMed from $286.00 to $290.00 and gave the stock an “overweight” rating in a report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, ResMed currently has a consensus rating of “Moderate Buy” and a consensus target price of $259.33.

ResMed 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.