Caisse de depot et placement du Quebec Acquires Shares of 409,697 ResMed Inc. $RMD

Caisse de depot et placement du Quebec acquired a new stake in shares of 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 acquired 409,697 shares of the medical equipment provider’s stock, valued at approximately $79,842,000. Caisse de depot et placement du Quebec owned approximately 0.28% of ResMed as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. BlackRock Inc. acquired a new position in ResMed during the second quarter worth $2,400,375,000. State Street Corp grew its holdings in shares of ResMed by 1.2% during the fourth quarter. State Street Corp now owns 6,625,408 shares of the medical equipment provider’s stock valued at $1,595,862,000 after buying an additional 76,244 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of ResMed by 0.7% during the first quarter. Bank of New York Mellon Corp now owns 4,925,386 shares of the medical equipment provider’s stock valued at $1,105,651,000 after buying an additional 34,732 shares during the last quarter. Geode Capital Management LLC increased its position in shares of ResMed by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 4,302,906 shares of the medical equipment provider’s stock worth $1,032,877,000 after acquiring an additional 51,218 shares in the last quarter. Finally, Morgan Stanley increased its position in shares of ResMed by 25.0% during the fourth quarter. Morgan Stanley now owns 2,891,697 shares of the medical equipment provider’s stock worth $696,523,000 after acquiring an additional 578,559 shares in the last quarter. 54.98% of the stock is owned by institutional investors and hedge funds.

ResMed Stock Down 0.0%

RMD opened at $235.64 on Friday. ResMed Inc. has a fifty-two week low of $180.26 and a fifty-two week high of $284.87. The firm has a market capitalization of $33.99 billion, a P/E ratio of 22.59, a PEG ratio of 1.48 and a beta of 0.76. The company’s 50-day moving average is $210.78 and its 200 day moving average is $219.03. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.10 and a quick ratio of 2.42.

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

ResMed Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, August 20th will be paid 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 dividend payout ratio is currently 25.31%.

Insider Activity

In other ResMed news, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $205.69, for a total transaction of $1,026,598.79. Following the completion of the transaction, the chief executive officer owned 466,256 shares in the company, valued at $95,904,196.64. This trade represents a 1.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 8,000 shares of ResMed 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 of the company’s stock, valued at $11,873,925. The trade was a 13.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 22,973 shares of company stock valued at $4,885,436. 0.65% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. The Goldman Sachs Group reaffirmed a “buy” rating on shares of ResMed in a research report on Wednesday, July 1st. Weiss Ratings raised ResMed from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. Mizuho lowered their price objective on ResMed from $235.00 to $220.00 and set an “outperform” rating for the company in a research note on Wednesday, July 15th. Robert W. Baird set a $213.00 target price on ResMed in a report on Friday, August 7th. Finally, Piper Sandler cut their target price on ResMed from $233.00 to $225.00 and set a “neutral” rating on the stock in a research report on Friday, August 7th. Seven investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat, ResMed has a consensus rating of “Hold” and a consensus target price of $239.38.

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.