Arizona State Retirement System Trims Stock Position in ResMed Inc. $RMD

Arizona State Retirement System cut its holdings in shares of ResMed Inc. (NYSE:RMD) by 7.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 40,076 shares of the medical equipment provider’s stock after selling 3,297 shares during the quarter. Arizona State Retirement System’s holdings in ResMed were worth $9,653,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in RMD. First Trust Advisors LP raised its holdings in shares of ResMed by 285.1% in the 3rd quarter. First Trust Advisors LP now owns 445,198 shares of the medical equipment provider’s stock worth $121,864,000 after purchasing an additional 329,588 shares during the period. Marshall Wace LLP raised its holdings in shares of ResMed by 2,373.1% in the 3rd quarter. Marshall Wace LLP now owns 310,987 shares of the medical equipment provider’s stock worth $85,126,000 after purchasing an additional 298,412 shares during the period. Nordea Investment Management AB raised its holdings in shares of ResMed by 37.2% in the 4th quarter. Nordea Investment Management AB now owns 1,084,996 shares of the medical equipment provider’s stock worth $262,027,000 after purchasing an additional 294,124 shares during the period. Vanguard Group Inc. raised its holdings in shares of ResMed by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 19,040,440 shares of the medical equipment provider’s stock worth $5,211,940,000 after purchasing an additional 293,515 shares during the period. Finally, Giverny Capital Inc. purchased a new position in shares of ResMed in the 3rd quarter worth about $64,441,000. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Piper Sandler raised their price objective on ResMed from $270.00 to $275.00 and gave the stock a “neutral” rating in a report on Friday, January 30th. Evercore set a $255.00 price objective on ResMed and gave the stock an “outperform” rating in a report on Monday, April 13th. JPMorgan Chase & Co. assumed coverage on ResMed in a report on Wednesday, April 15th. They issued an “overweight” rating on the stock. Stifel Nicolaus raised their price objective on ResMed from $260.00 to $265.00 and gave the stock a “hold” rating in a report on Friday, January 30th. Finally, Robert W. Baird set a $281.00 target price on ResMed in a report on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $295.64.

ResMed Price Performance

RMD stock opened at $219.86 on Friday. The company has a quick ratio of 2.32, a current ratio of 3.06 and a debt-to-equity ratio of 0.06. ResMed Inc. has a 52-week low of $216.68 and a 52-week high of $293.81. The stock’s 50 day moving average is $236.52 and its two-hundred day moving average is $248.19. The company has a market capitalization of $32.03 billion, a PE ratio of 21.75, a P/E/G ratio of 1.45 and a beta of 0.93.

ResMed (NYSE:RMD) last posted its quarterly earnings data on Friday, January 30th. The medical equipment provider reported $2.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.68 by $0.13. The company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.40 billion. ResMed had a return on equity of 25.20% and a net margin of 27.53%.ResMed’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period in the previous year, the business earned $2.43 EPS. Analysts predict that ResMed Inc. will post 11.05 earnings per share for the current fiscal year.

ResMed Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 19th. Stockholders of record on Thursday, February 12th were given a $0.60 dividend. The ex-dividend date was Thursday, February 12th. This represents a $2.40 annualized dividend and a dividend yield of 1.1%. ResMed’s dividend payout ratio (DPR) is presently 23.74%.

Insider Activity at ResMed

In other news, CEO Michael J. Farrell sold 4,991 shares of ResMed stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $273.78, for a total value of $1,366,435.98. Following the completion of the transaction, the chief executive officer owned 466,223 shares in the company, valued at approximately $127,642,532.94. This trade represents a 1.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $225.00, for a total value of $450,000.00. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 21,023 shares of company stock valued at $5,230,857. Insiders own 0.65% of the company’s stock.

About ResMed

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.