Maryland State Retirement & Pension System Reduces Stock Position in ResMed Inc. (NYSE:RMD)

Maryland State Retirement & Pension System reduced its holdings in shares of ResMed Inc. (NYSE:RMD) by 6.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,763 shares of the medical equipment provider’s stock after selling 544 shares during the quarter. Maryland State Retirement & Pension System’s holdings in ResMed were worth $1,775,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. State Street Corp lifted its stake in shares of ResMed by 1.9% during the 3rd quarter. State Street Corp now owns 6,261,633 shares of the medical equipment provider’s stock valued at $1,528,590,000 after buying an additional 116,918 shares in the last quarter. Geode Capital Management LLC lifted its stake in ResMed by 10.9% in the 3rd quarter. Geode Capital Management LLC now owns 3,858,814 shares of the medical equipment provider’s stock worth $939,114,000 after purchasing an additional 380,383 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in ResMed by 3.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 957,020 shares of the medical equipment provider’s stock worth $218,861,000 after purchasing an additional 32,973 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in ResMed by 0.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 742,411 shares of the medical equipment provider’s stock worth $181,237,000 after purchasing an additional 2,406 shares in the last quarter. Finally, Los Angeles Capital Management LLC lifted its stake in ResMed by 60.0% in the 4th quarter. Los Angeles Capital Management LLC now owns 668,908 shares of the medical equipment provider’s stock worth $152,973,000 after purchasing an additional 250,746 shares in the last quarter. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at ResMed

In other ResMed news, Director Peter C. Farrell sold 2,000 shares of the business’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $242.11, for a total value of $484,220.00. Following the transaction, the director now owns 77,218 shares in the company, valued at approximately $18,695,249.98. The trade was a 2.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kaushik Ghoshal sold 9,113 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $235.40, for a total transaction of $2,145,200.20. Following the transaction, the insider now owns 9,725 shares in the company, valued at $2,289,265. This represents a 48.38 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 38,940 shares of company stock worth $9,164,385. 0.71% of the stock is currently owned by company insiders.

ResMed Stock Performance

ResMed stock opened at $219.77 on Friday. The company has a quick ratio of 2.29, a current ratio of 3.33 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $32.28 billion, a PE ratio of 25.95, a P/E/G ratio of 1.53 and a beta of 0.74. The firm has a fifty day simple moving average of $234.91 and a two-hundred day simple moving average of $239.06. ResMed Inc. has a twelve month low of $172.19 and a twelve month high of $263.05.

ResMed (NYSE:RMD) last posted its quarterly earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share for the quarter, topping the consensus estimate of $2.29 by $0.14. ResMed had a net margin of 25.34% and a return on equity of 26.17%. Research analysts expect that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Thursday, February 13th were given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.96%. The ex-dividend date of this dividend was Thursday, February 13th. ResMed’s payout ratio is 25.03%.

Wall Street Analysts Forecast Growth

RMD has been the topic of several recent analyst reports. Citigroup upgraded shares of ResMed from a “neutral” rating to a “buy” rating in a research note on Wednesday, March 5th. The Goldman Sachs Group initiated coverage on shares of ResMed in a research note on Thursday, January 16th. They issued a “buy” rating on the stock. JPMorgan Chase & Co. increased their target price on shares of ResMed from $270.00 to $286.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. StockNews.com raised shares of ResMed from a “hold” rating to a “buy” rating in a report on Saturday, March 15th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of ResMed in a report on Friday, January 31st. One analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $246.83.

About ResMed

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.