Public Employees Retirement System of Ohio Makes New Investment in ResMed Inc. $RMD

Public Employees Retirement System of Ohio purchased a new position in ResMed Inc. (NYSE:RMD) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 50,046 shares of the medical equipment provider’s stock, valued at approximately $9,753,000.

Several other institutional investors also recently modified their holdings of the business. Jones Financial Companies Lllp raised its holdings in shares of ResMed by 52.6% during the first quarter. Jones Financial Companies Lllp now owns 2,882 shares of the medical equipment provider’s stock valued at $645,000 after purchasing an additional 994 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in ResMed during the 2nd quarter valued at $389,000. Brown Advisory Inc. raised its stake in ResMed by 17.8% during the 2nd quarter. Brown Advisory Inc. now owns 1,586 shares of the medical equipment provider’s stock valued at $409,000 after buying an additional 240 shares during the last quarter. Cresset Asset Management LLC bought a new position in shares of ResMed during the 2nd quarter valued at $206,000. Finally, Alliancebernstein L.P. boosted its stake in shares of ResMed by 24.2% in the 2nd quarter. Alliancebernstein L.P. now owns 286,078 shares of the medical equipment provider’s stock worth $73,808,000 after buying an additional 55,790 shares during the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

ResMed Stock Performance

Shares of RMD opened at $240.03 on Tuesday. The business has a 50-day simple moving average of $212.84 and a two-hundred day simple moving average of $218.62. The company has a quick ratio of 2.42, a current ratio of 3.10 and a debt-to-equity ratio of 0.06. ResMed Inc. has a 52 week low of $180.26 and a 52 week high of $284.87. The stock has a market cap of $34.62 billion, a price-to-earnings ratio of 23.01, a PEG ratio of 1.51 and a beta of 0.76.

ResMed (NYSE:RMD) last released its earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 EPS for the quarter, topping 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 company had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter last year, the business earned $2.55 EPS. The firm’s revenue was up 8.6% compared to the same quarter last year. On average, analysts expect that ResMed Inc. will post 12.03 EPS for the current year.

ResMed Increases Dividend

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

Insiders Place Their Bets

In other ResMed news, Director Peter C. Farrell sold 8,000 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $225.00, for a total value of $1,800,000.00. Following the completion of the sale, the director owned 52,773 shares in the company, valued at approximately $11,873,925. This represents a 13.16% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of the firm’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $205.69, for a total value of $1,026,598.79. Following the sale, the chief executive officer directly owned 466,256 shares in the company, valued at approximately $95,904,196.64. This represents a 1.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 22,973 shares of company stock worth $4,885,436. 0.65% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

RMD has been the subject of a number of research reports. Robert W. Baird set a $213.00 price objective on ResMed in a research report on Friday, August 7th. Rothschild & Co Redburn initiated coverage on shares of ResMed in a research report on Wednesday, August 19th. They set a “neutral” rating and a $230.00 price target for the company. Weiss Ratings raised shares of ResMed from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. Royal Bank Of Canada boosted their target price on shares of ResMed from $234.00 to $244.00 and gave the company a “sector perform” rating in a research report on Friday, August 7th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of ResMed in a report on Wednesday, July 1st. Seven research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, ResMed has an average rating of “Hold” and a consensus target price of $240.31.

About ResMed

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.