Geode Capital Management LLC Has $1.03 Billion Stock Position in ResMed Inc. $RMD

Geode Capital Management LLC lifted its stake in ResMed Inc. (NYSE:RMD) by 1.2% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 4,302,906 shares of the medical equipment provider’s stock after buying an additional 51,218 shares during the quarter. Geode Capital Management LLC’s holdings in ResMed were worth $1,032,877,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Employees Retirement System of Texas raised its holdings in shares of ResMed by 29.1% in the 4th quarter. Employees Retirement System of Texas now owns 28,780 shares of the medical equipment provider’s stock worth $6,932,000 after buying an additional 6,480 shares in the last quarter. Flputnam Investment Management Co. raised its holdings in shares of ResMed by 4.3% in the 4th quarter. Flputnam Investment Management Co. now owns 6,289 shares of the medical equipment provider’s stock worth $1,515,000 after buying an additional 258 shares in the last quarter. Allstate Corp raised its holdings in shares of ResMed by 101.8% in the 4th quarter. Allstate Corp now owns 10,701 shares of the medical equipment provider’s stock worth $2,578,000 after buying an additional 5,398 shares in the last quarter. Fisher Asset Management LLC raised its holdings in shares of ResMed by 10.2% in the 4th quarter. Fisher Asset Management LLC now owns 66,972 shares of the medical equipment provider’s stock worth $16,132,000 after buying an additional 6,188 shares in the last quarter. Finally, Clearstead Advisors LLC grew its position in ResMed by 144.3% during the 4th quarter. Clearstead Advisors LLC now owns 1,813 shares of the medical equipment provider’s stock worth $437,000 after acquiring an additional 1,071 shares during the last quarter. 54.98% of the stock is owned by institutional investors and hedge funds.

ResMed Stock Performance

Shares of ResMed stock opened at $190.58 on Friday. The company has a market capitalization of $27.64 billion, a PE ratio of 18.38, a PEG ratio of 1.30 and a beta of 0.84. ResMed Inc. has a 12 month low of $190.38 and a 12 month high of $293.81. The company has a current ratio of 3.01, a quick ratio of 2.33 and a debt-to-equity ratio of 0.06. The stock’s fifty day simple moving average is $216.93 and its 200 day simple moving average is $239.34.

ResMed (NYSE:RMD) last issued its quarterly earnings data on Thursday, April 30th. The medical equipment provider reported $2.86 EPS for the quarter, topping the consensus estimate of $2.79 by $0.07. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.42 billion. ResMed had a return on equity of 25.35% and a net margin of 27.44%.The firm’s revenue was up 10.8% compared to the same quarter last year. During the same quarter last year, the business posted $2.37 EPS. On average, research analysts predict that ResMed Inc. will post 11.13 EPS for the current year.

ResMed Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 18th. Investors of record on Thursday, May 14th will be given a $0.60 dividend. The ex-dividend date of this dividend is Thursday, May 14th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.3%. ResMed’s payout ratio is currently 23.14%.

Analysts Set New Price Targets

A number of research firms recently commented on RMD. Robert W. Baird set a $225.00 price target on ResMed in a research report on Friday, May 1st. Royal Bank Of Canada increased their price target on ResMed from $314.00 to $321.00 and gave the stock an “outperform” rating in a research report on Friday, May 1st. Weiss Ratings lowered ResMed from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 22nd. Evercore set a $255.00 price objective on ResMed and gave the company an “outperform” rating in a research report on Monday, April 13th. Finally, JPMorgan Chase & Co. started coverage on ResMed in a research report on Wednesday, April 15th. They issued an “overweight” rating on the stock. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $286.18.

Insider Transactions at ResMed

In other news, CEO Michael J. Farrell sold 4,991 shares of ResMed stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $207.82, for a total value of $1,037,229.62. Following the completion of the sale, the chief executive officer directly owned 466,223 shares in the company, valued at approximately $96,890,463.86. The trade was a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $225.00, for a total transaction of $450,000.00. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 18,973 shares of company stock worth $4,386,031. 0.65% of the stock is owned by company insiders.

ResMed Profile

ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.