Maryland State Retirement & Pension System Sells 966 Shares of ResMed Inc. (NYSE:RMD)

Maryland State Retirement & Pension System cut its position in ResMed Inc. (NYSE:RMD) by 12.4% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 6,797 shares of the medical equipment provider’s stock after selling 966 shares during the period. Maryland State Retirement & Pension System’s holdings in ResMed were worth $1,522,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC lifted its position in ResMed by 23,982.6% in the 1st quarter. GAMMA Investing LLC now owns 733,556 shares of the medical equipment provider’s stock valued at $164,207,000 after acquiring an additional 730,510 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in shares of ResMed by 1,168.5% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 590,895 shares of the medical equipment provider’s stock valued at $132,272,000 after purchasing an additional 544,311 shares in the last quarter. Captrust Financial Advisors boosted its position in shares of ResMed by 813.4% during the fourth quarter. Captrust Financial Advisors now owns 443,340 shares of the medical equipment provider’s stock valued at $101,387,000 after buying an additional 394,803 shares during the last quarter. AQR Capital Management LLC increased its holdings in ResMed by 133.6% in the 4th quarter. AQR Capital Management LLC now owns 625,054 shares of the medical equipment provider’s stock worth $142,944,000 after buying an additional 357,466 shares in the last quarter. Finally, Allianz Asset Management GmbH raised its position in ResMed by 334.0% in the 1st quarter. Allianz Asset Management GmbH now owns 455,124 shares of the medical equipment provider’s stock worth $101,880,000 after buying an additional 350,245 shares during the last quarter. Institutional investors own 54.98% of the company’s stock.

Insider Activity at ResMed

In related news, Director Peter C. Farrell sold 945 shares of ResMed stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $255.49, for a total value of $241,438.05. Following the completion of the transaction, the director owned 68,273 shares in the company, valued at approximately $17,443,068.77. This trade represents a 1.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Witte Jan De sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $243.47, for a total value of $486,940.00. Following the sale, the director directly owned 5,806 shares in the company, valued at $1,413,586.82. The trade was a 25.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,054 shares of company stock valued at $4,820,479 over the last 90 days. 0.71% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on RMD shares. Morgan Stanley set a $286.00 price objective on shares of ResMed and gave the company an “overweight” rating in a report on Tuesday, May 20th. Stifel Nicolaus upped their price objective on ResMed from $240.00 to $270.00 and gave the company a “hold” rating in a research report on Friday, August 1st. Wall Street Zen cut ResMed from a “buy” rating to a “hold” rating in a research report on Sunday. William Blair upgraded shares of ResMed to a “strong-buy” rating in a research note on Friday, August 1st. Finally, Mizuho boosted their target price on shares of ResMed from $270.00 to $290.00 and gave the company an “outperform” rating in a research report on Friday, August 1st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $274.83.

ResMed Stock Performance

RMD opened at $284.23 on Friday. The stock has a market capitalization of $41.68 billion, a price-to-earnings ratio of 29.89, a PEG ratio of 1.91 and a beta of 0.77. ResMed Inc. has a fifty-two week low of $199.92 and a fifty-two week high of $293.08. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.53 and a current ratio of 3.44. The company has a fifty day moving average of $260.52 and a 200 day moving average of $241.82.

ResMed (NYSE:RMD) last issued its earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.08. The firm had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.33 billion. ResMed had a return on equity of 25.62% and a net margin of 27.22%. The business’s revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.08 earnings per share. As a group, sell-side analysts forecast that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, August 14th will be given a $0.60 dividend. This is a boost from ResMed’s previous quarterly dividend of $0.53. This represents a $2.40 annualized dividend and a yield of 0.8%. The ex-dividend date is Wednesday, August 13th. ResMed’s dividend payout ratio (DPR) is presently 22.29%.

ResMed Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. The company operates in two segments, Sleep and Respiratory Care, and Software as a Service. It offers various products and solutions for a range of respiratory disorders, including ApneaLink Air, a portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow, and snoring; and NightOwl, a portable, cloud-connected, and disposable diagnostic device that measures AHI based on derived peripheral arterial tone, actigraphy, and oximetry over several nights.