State of Michigan Retirement System boosted its stake in ResMed Inc. (NYSE:RMD) by 11.9% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 36,925 shares of the medical equipment provider’s stock after buying an additional 3,925 shares during the period. State of Michigan Retirement System’s holdings in ResMed were worth $7,090,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in the business. Country Trust Bank acquired a new stake in shares of ResMed in the first quarter valued at $29,000. Westside Investment Management Inc. acquired a new stake in ResMed in the 1st quarter valued at about $32,000. Globeflex Capital L P bought a new position in shares of ResMed during the 1st quarter valued at about $34,000. Balentine LLC bought a new position in shares of ResMed during the 1st quarter valued at about $34,000. Finally, Exchange Traded Concepts LLC grew its stake in shares of ResMed by 476.7% in the 1st quarter. Exchange Traded Concepts LLC now owns 346 shares of the medical equipment provider’s stock worth $51,000 after purchasing an additional 286 shares during the last quarter. 67.15% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts recently weighed in on the stock. Oppenheimer upgraded shares of ResMed from a “market perform” rating to an “outperform” rating and set a $200.00 target price for the company in a report on Thursday, April 30th. Needham & Company LLC started coverage on ResMed in a research note on Thursday, April 30th. They set a “hold” rating for the company. JPMorgan Chase & Co. lowered ResMed from a “neutral” rating to an “underweight” rating in a research report on Friday, May 1st. Finally, Morgan Stanley upgraded ResMed from an “equal weight” rating to an “overweight” rating and set a $176.00 price target for the company in a research report on Wednesday, June 17th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $183.33.
In other news, CFO Brett Sandercock sold 2,500 shares of the business’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $158.79, for a total transaction of $396,975.00. Following the transaction, the chief financial officer now directly owns 87,296 shares in the company, valued at approximately $13,861,731.84. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Robert Andrew Douglas sold 1,026 shares of the business’s stock in a transaction on Wednesday, July 15th. The shares were sold at an average price of $196.98, for a total transaction of $202,101.48. Following the transaction, the chief operating officer now owns 24,620 shares in the company, valued at $4,849,647.60. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 26,546 shares of company stock worth $4,602,855. Company insiders own 1.22% of the company’s stock.
Shares of NYSE:RMD opened at $202.51 on Friday. The company’s fifty day moving average is $188.27 and its two-hundred day moving average is $166.97. The company has a market cap of $29.30 billion, a P/E ratio of 57.37, a price-to-earnings-growth ratio of 3.17 and a beta of 0.50. ResMed Inc. has a 12-month low of $108.85 and a 12-month high of $208.99. The company has a quick ratio of 2.01, a current ratio of 2.66 and a debt-to-equity ratio of 0.65.
ResMed (NYSE:RMD) last issued its quarterly earnings results on Thursday, April 30th. The medical equipment provider reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.29. ResMed had a return on equity of 29.26% and a net margin of 17.73%. The business had revenue of $769.50 million for the quarter, compared to the consensus estimate of $717.70 million. During the same quarter in the previous year, the company posted $0.89 earnings per share. ResMed’s revenue for the quarter was up 16.2% compared to the same quarter last year. Equities research analysts anticipate that ResMed Inc. will post 4.46 earnings per share for the current year.
ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications that diagnose, treat, and manage respiratory disorders comprising sleep disordered breathing, chronic obstructive pulmonary disease, neuromuscular disease, and other chronic diseases. It offers various products and solutions for a range of respiratory disorders, including technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, portable oxygen concentrators, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.
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