State Board of Administration of Florida Retirement System Cuts Stake in ResMed Inc. (NYSE:RMD)

State Board of Administration of Florida Retirement System reduced its position in shares of ResMed Inc. (NYSE:RMDFree Report) by 5.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 157,760 shares of the medical equipment provider’s stock after selling 8,570 shares during the period. State Board of Administration of Florida Retirement System owned 0.11% of ResMed worth $23,328,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of ResMed during the 3rd quarter worth about $26,000. Compass Wealth Management LLC acquired a new stake in shares of ResMed in the fourth quarter worth approximately $26,000. International Assets Investment Management LLC acquired a new stake in shares of ResMed in the third quarter worth approximately $27,000. EverSource Wealth Advisors LLC boosted its position in shares of ResMed by 224.6% in the third quarter. EverSource Wealth Advisors LLC now owns 185 shares of the medical equipment provider’s stock worth $27,000 after acquiring an additional 128 shares during the last quarter. Finally, WFA of San Diego LLC acquired a new stake in shares of ResMed in the second quarter worth approximately $44,000. 63.79% of the stock is owned by institutional investors and hedge funds.

ResMed Stock Up 0.5 %

Shares of NYSE:RMD opened at $184.63 on Friday. The company has a current ratio of 3.11, a quick ratio of 1.89 and a debt-to-equity ratio of 0.27. The company has a fifty day simple moving average of $175.25 and a 200 day simple moving average of $163.93. The firm has a market cap of $27.16 billion, a PE ratio of 30.52, a price-to-earnings-growth ratio of 2.31 and a beta of 0.69. ResMed Inc. has a 12-month low of $132.24 and a 12-month high of $243.52.

ResMed (NYSE:RMDGet Free Report) last issued its quarterly earnings results on Wednesday, January 24th. The medical equipment provider reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.81 by $0.07. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. ResMed had a net margin of 19.77% and a return on equity of 23.86%. The business’s revenue was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.66 earnings per share. On average, equities research analysts anticipate that ResMed Inc. will post 7.39 EPS for the current fiscal year.

ResMed Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 14th. Shareholders of record on Thursday, February 8th will be issued a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 1.04%. The ex-dividend date of this dividend is Wednesday, February 7th. ResMed’s dividend payout ratio is presently 31.74%.

Analyst Ratings Changes

Several research firms recently issued reports on RMD. JPMorgan Chase & Co. raised their target price on shares of ResMed from $160.00 to $195.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 9th. Mizuho lifted their price target on shares of ResMed from $180.00 to $195.00 and gave the company a “buy” rating in a research report on Friday, January 26th. Needham & Company LLC lifted their price target on shares of ResMed from $180.00 to $215.00 and gave the company a “buy” rating in a research report on Thursday, January 25th. Royal Bank of Canada lifted their price target on shares of ResMed from $181.00 to $182.00 and gave the company a “sector perform” rating in a research report on Thursday, January 25th. Finally, Morgan Stanley raised shares of ResMed from an “equal weight” rating to an “overweight” rating and reduced their price target for the company from $180.00 to $169.00 in a research report on Friday, October 27th. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, ResMed has a consensus rating of “Moderate Buy” and an average price target of $196.30.

Read Our Latest Research Report on RMD

Insiders Place Their Bets

In other news, CFO Brett Sandercock sold 3,000 shares of the business’s stock in a transaction on Monday, November 27th. The shares were sold at an average price of $152.62, for a total transaction of $457,860.00. Following the completion of the transaction, the chief financial officer now owns 92,962 shares of the company’s stock, valued at $14,187,860.44. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other ResMed news, CEO Michael J. Farrell sold 5,678 shares of the business’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $152.04, for a total value of $863,283.12. Following the sale, the chief executive officer now directly owns 440,986 shares in the company, valued at $67,047,511.44. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Brett Sandercock sold 3,000 shares of the business’s stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $152.62, for a total transaction of $457,860.00. Following the completion of the sale, the chief financial officer now owns 92,962 shares in the company, valued at $14,187,860.44. The disclosure for this sale can be found here. 1.21% of the stock is currently owned by corporate insiders.

About ResMed

(Free Report)

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. It 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 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, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.

Further Reading

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Institutional Ownership by Quarter for ResMed (NYSE:RMD)

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