Illinois Municipal Retirement Fund Sells 2,437 Shares of ResMed Inc. $RMD

Illinois Municipal Retirement Fund lowered its stake in shares of ResMed Inc. (NYSE:RMD) by 13.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,689 shares of the medical equipment provider’s stock after selling 2,437 shares during the period. Illinois Municipal Retirement Fund’s holdings in ResMed were worth $3,469,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. BlackRock Inc. purchased a new position in ResMed in the 2nd quarter valued at about $2,400,375,000. Bank of New York Mellon Corp acquired a new stake in ResMed in the 2nd quarter worth about $818,030,000. Deutsche Bank AG purchased a new stake in ResMed during the 2nd quarter worth approximately $257,692,000. Legal & General Group Plc purchased a new stake in ResMed during the 2nd quarter worth approximately $183,697,000. Finally, Bank of America Corp DE purchased a new stake in ResMed during the 2nd quarter worth approximately $151,115,000. Hedge funds and other institutional investors own 54.98% of the company’s stock.

ResMed Price Performance

NYSE RMD traded up $0.68 during trading hours on Friday, hitting $239.57. 853,163 shares of the company’s stock traded hands, compared to its average volume of 1,510,457. ResMed Inc. has a 52-week low of $180.26 and a 52-week high of $277.67. The company has a market capitalization of $33.70 billion, a PE ratio of 21.82, a PEG ratio of 1.45 and a beta of 0.77. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.65 and a quick ratio of 1.88. The firm’s 50-day moving average is $232.20 and its 200-day moving average is $224.41.

ResMed (NYSE:RMD) last released its earnings results on Thursday, October 29th. The medical equipment provider reported $2.91 earnings per share for the quarter, topping analysts’ consensus estimates of $2.67 by $0.24. The business had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.39 billion. ResMed had a net margin of 27.79% and a return on equity of 26.42%. The business’s revenue was up 5.9% on a year-over-year basis. During the same period last year, the company posted $2.55 EPS. Equities analysts forecast that ResMed Inc. will post 12.14 EPS for the current fiscal year.

ResMed Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 17th. Investors of record on Thursday, November 12th will be issued a $0.66 dividend. This represents a $2.64 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Thursday, November 12th. ResMed’s dividend payout ratio (DPR) is currently 24.04%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Weiss Ratings upgraded ResMed from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, October 8th. Canaccord Genuity Group lowered ResMed from a “buy” rating to a “hold” rating in a research note on Monday, November 2nd. Royal Bank Of Canada boosted their price target on ResMed from $262.00 to $288.00 and gave the stock an “outperform” rating in a research report on Friday, October 30th. Wells Fargo & Company increased their price objective on ResMed from $215.00 to $250.00 and gave the company an “equal weight” rating in a research note on Friday, October 30th. Finally, Robert W. Baird set a $213.00 price objective on ResMed in a research note on Friday, August 7th. Seven research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $253.69.

Insider Activity at ResMed

In other ResMed news, General Counsel Michael J. Rider sold 400 shares of the business’s stock in a transaction on Friday, October 23rd. The stock was sold at an average price of $255.00, for a total transaction of $102,000.00. Following the transaction, the general counsel owned 12,318 shares of the company’s stock, valued at approximately $3,141,090. The trade was a 3.15% decrease in their ownership of the stock. The transaction 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 4,993 shares of the company’s stock in a transaction on Monday, November 9th. The shares were sold at an average price of $235.35, for a total value of $1,175,102.55. Following the completion of the sale, the chief executive officer owned 479,803 shares of the company’s stock, valued at approximately $112,921,636.05. The trade was a 1.03% 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. Over the last 90 days, insiders sold 16,345 shares of company stock valued at $3,744,602. 0.58% of the stock is currently owned by insiders.

About ResMed

ResMed is a medical technology company that develops products and software for people with sleep apnea, chronic obstructive pulmonary disease and other respiratory conditions. Its devices include continuous positive airway pressure (CPAP) and bilevel machines, ventilators and related masks and accessories. The company also provides cloud-connected software for managing sleep and respiratory care, along with digital tools used by home medical equipment providers and post-acute care organizations.