Employees Retirement System of Texas Boosts Stock Holdings in ResMed Inc. $RMD

Employees Retirement System of Texas increased its position in shares of ResMed Inc. (NYSE:RMD) by 29.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 28,780 shares of the medical equipment provider’s stock after purchasing an additional 6,480 shares during the period. Employees Retirement System of Texas’ holdings in ResMed were worth $6,932,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Flputnam Investment Management Co. raised its holdings in ResMed by 4.3% during the fourth quarter. Flputnam Investment Management Co. now owns 6,289 shares of the medical equipment provider’s stock worth $1,515,000 after purchasing an additional 258 shares in the last quarter. Allstate Corp increased its holdings in ResMed by 101.8% in the fourth quarter. Allstate Corp now owns 10,701 shares of the medical equipment provider’s stock valued at $2,578,000 after buying an additional 5,398 shares in the last quarter. Fisher Asset Management LLC increased its holdings in ResMed by 10.2% in the fourth quarter. Fisher Asset Management LLC now owns 66,972 shares of the medical equipment provider’s stock valued at $16,132,000 after buying an additional 6,188 shares in the last quarter. Clearstead Advisors LLC increased its holdings in ResMed by 144.3% in the fourth quarter. Clearstead Advisors LLC now owns 1,813 shares of the medical equipment provider’s stock valued at $437,000 after buying an additional 1,071 shares in the last quarter. Finally, Churchill Financial Advisors LLC purchased a new position in ResMed in the fourth quarter valued at about $350,000. 54.98% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Michael J. Farrell sold 4,991 shares of the firm’s stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $207.82, for a total transaction of $1,037,229.62. Following the sale, the chief executive officer owned 466,223 shares in the company, valued at approximately $96,890,463.86. This trade represents a 1.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $225.00, for a total transaction of $450,000.00. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 18,973 shares of company stock worth $4,386,031. 0.65% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RMD. KeyCorp dropped their target price on shares of ResMed from $302.00 to $290.00 and set an “overweight” rating for the company in a report on Monday, April 27th. Citigroup dropped their target price on shares of ResMed from $345.00 to $340.00 and set a “buy” rating for the company in a report on Thursday, April 9th. Robert W. Baird set a $225.00 target price on shares of ResMed in a report on Friday, May 1st. Wells Fargo & Company dropped their target price on shares of ResMed from $270.00 to $227.00 and set an “equal weight” rating for the company in a report on Friday, May 1st. Finally, Piper Sandler increased their target price on shares of ResMed from $270.00 to $275.00 and gave the company a “neutral” rating in a report on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $286.18.

ResMed Stock Down 0.8%

RMD stock opened at $206.24 on Thursday. The company’s 50 day simple moving average is $218.28 and its 200-day simple moving average is $240.03. The firm has a market capitalization of $29.92 billion, a PE ratio of 19.89, a P/E/G ratio of 1.33 and a beta of 0.84. ResMed Inc. has a 12 month low of $198.61 and a 12 month high of $293.81. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.01 and a quick ratio of 2.33.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 EPS for the quarter, beating the consensus estimate of $2.79 by $0.07. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.42 billion. ResMed had a net margin of 27.44% and a return on equity of 25.35%. The company’s quarterly revenue was up 10.8% on a year-over-year basis. During the same period in the prior year, the business earned $2.37 earnings per share. Equities analysts expect that ResMed Inc. will post 11.13 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Stockholders of record on Thursday, May 14th will be given a $0.60 dividend. The ex-dividend date is Thursday, May 14th. This represents a $2.40 annualized dividend and a dividend yield of 1.2%. ResMed’s dividend payout ratio is currently 23.14%.

ResMed Company 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.