Public Employees Retirement System of Ohio Takes $9.75 Million Position in ResMed Inc. $RMD

Public Employees Retirement System of Ohio bought a new stake in shares of ResMed Inc. (NYSE:RMD) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 50,046 shares of the medical equipment provider’s stock, valued at approximately $9,753,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RMD. International Assets Investment Management LLC bought a new position in ResMed in the 4th quarter worth $25,000. Bell Investment Advisors Inc bought a new stake in shares of ResMed during the 2nd quarter valued at about $26,000. Imprint Wealth LLC purchased a new position in shares of ResMed during the third quarter valued at about $26,000. WFA of San Diego LLC purchased a new position in shares of ResMed during the second quarter valued at about $26,000. Finally, Sunbelt Securities Inc. bought a new position in ResMed in the third quarter worth about $31,000. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Insider Buying and Selling at ResMed

In other news, CEO Michael J. Farrell sold 4,991 shares of ResMed stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $205.69, for a total value of $1,026,598.79. Following the completion of the transaction, the chief executive officer owned 466,256 shares of the company’s stock, valued at $95,904,196.64. The trade was a 1.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 8,000 shares of the company’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $225.00, for a total transaction of $1,800,000.00. Following the completion of the transaction, the director owned 52,773 shares in the company, valued at approximately $11,873,925. The trade was a 13.16% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 22,973 shares of company stock worth $4,885,436 over the last three months. Corporate insiders own 0.65% of the company’s stock.

ResMed Trading Down 0.1%

NYSE:RMD opened at $240.03 on Tuesday. ResMed Inc. has a one year low of $180.26 and a one year high of $284.87. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.10 and a quick ratio of 2.42. The company’s 50-day simple moving average is $212.84 and its 200 day simple moving average is $218.62. The firm has a market capitalization of $34.62 billion, a P/E ratio of 23.01, a PEG ratio of 1.51 and a beta of 0.76.

ResMed (NYSE:RMD) last announced its earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share for the quarter, beating analysts’ consensus estimates of $2.89 by $0.06. ResMed had a net margin of 26.94% and a return on equity of 25.58%. The business had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter last year, the firm earned $2.55 earnings per share. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. As a group, analysts forecast that ResMed Inc. will post 12.03 EPS for the current fiscal year.

ResMed Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, August 20th will be paid a dividend of $0.66 per share. The ex-dividend date is Thursday, August 20th. This is a positive change from ResMed’s previous quarterly dividend of $0.60. This represents a $2.64 dividend on an annualized basis and a yield of 1.1%. ResMed’s dividend payout ratio (DPR) is presently 25.31%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on RMD. Wells Fargo & Company lowered their price objective on shares of ResMed from $225.00 to $215.00 and set an “equal weight” rating for the company in a report on Friday, August 7th. KeyCorp increased their target price on ResMed from $255.00 to $267.00 and gave the stock an “overweight” rating in a research report on Monday. Citigroup restated a “neutral” rating and issued a $235.00 target price (down from $270.00) on shares of ResMed in a research note on Sunday, July 12th. The Goldman Sachs Group restated a “buy” rating on shares of ResMed in a research report on Wednesday, July 1st. Finally, Rothschild & Co Redburn started coverage on ResMed in a research note on Wednesday, August 19th. They issued a “neutral” rating and a $230.00 price target on the stock. Seven equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $240.31.

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.