Louisiana State Employees Retirement System Buys New Stake in ResMed Inc. $RMD

Louisiana State Employees Retirement System purchased a new stake in ResMed Inc. (NYSE:RMD) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 7,400 shares of the medical equipment provider’s stock, valued at approximately $1,661,000.

Other institutional investors also recently bought and sold shares of the company. Terra Nova Asset Management LLC raised its position in shares of ResMed by 0.6% during the 3rd quarter. Terra Nova Asset Management LLC now owns 7,805 shares of the medical equipment provider’s stock worth $2,136,000 after acquiring an additional 46 shares in the last quarter. Occidental Asset Management LLC increased its stake in ResMed by 3.0% in the fourth quarter. Occidental Asset Management LLC now owns 1,699 shares of the medical equipment provider’s stock valued at $409,000 after purchasing an additional 49 shares during the last quarter. Kera Capital Partners Inc. increased its stake in ResMed by 6.6% in the fourth quarter. Kera Capital Partners Inc. now owns 841 shares of the medical equipment provider’s stock valued at $217,000 after purchasing an additional 52 shares during the last quarter. Andina Capital Management LLC raised its holdings in ResMed by 2.9% during the fourth quarter. Andina Capital Management LLC now owns 1,988 shares of the medical equipment provider’s stock worth $479,000 after purchasing an additional 56 shares in the last quarter. Finally, Wedmont Private Capital raised its holdings in ResMed by 2.7% during the fourth quarter. Wedmont Private Capital now owns 2,183 shares of the medical equipment provider’s stock worth $542,000 after purchasing an additional 57 shares in the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on RMD. Weiss Ratings cut shares of ResMed from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 22nd. Royal Bank Of Canada lifted their price target on shares of ResMed from $314.00 to $321.00 and gave the stock an “outperform” rating in a research note on Friday, May 1st. Citigroup reduced their price target on shares of ResMed from $340.00 to $270.00 and set a “buy” rating for the company in a research report on Monday, June 15th. Evercore set a $255.00 price objective on shares of ResMed and gave the company an “outperform” rating in a research note on Monday, April 13th. Finally, Wall Street Zen lowered ResMed from a “buy” rating to a “hold” rating in a report on Saturday, March 14th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $270.82.

ResMed Stock Up 3.1%

RMD stock opened at $201.01 on Thursday. The company has a market cap of $29.16 billion, a price-to-earnings ratio of 19.38, a price-to-earnings-growth ratio of 1.24 and a beta of 0.78. The company has a fifty day moving average price of $201.64 and a 200 day moving average price of $229.95. 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 Inc. has a 12 month low of $180.26 and a 12 month high of $293.81.

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

ResMed Dividend Announcement

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

Insider Buying and Selling

In other ResMed news, CEO Michael J. Farrell sold 4,991 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $193.96, for a total transaction of $968,054.36. Following the completion of the sale, the chief executive officer directly owned 466,256 shares of the company’s stock, valued at $90,435,013.76. This represents a 1.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 14,973 shares of company stock worth $3,130,754. 0.65% of the stock is owned by corporate insiders.

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.