California Public Employees Retirement System Decreases Stake in ResMed Inc. (NYSE:RMD)

California Public Employees Retirement System lessened its holdings in shares of ResMed Inc. (NYSE:RMD - Free Report) by 4.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 264,835 shares of the medical equipment provider's stock after selling 11,843 shares during the period. California Public Employees Retirement System owned approximately 0.18% of ResMed worth $60,565,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. First Horizon Advisors Inc. increased its stake in ResMed by 285.1% in the 4th quarter. First Horizon Advisors Inc. now owns 593 shares of the medical equipment provider's stock valued at $136,000 after purchasing an additional 439 shares in the last quarter. Peak Financial Advisors LLC acquired a new stake in ResMed in the fourth quarter valued at $2,972,000. Principal Financial Group Inc. increased its position in shares of ResMed by 2.9% in the third quarter. Principal Financial Group Inc. now owns 186,776 shares of the medical equipment provider's stock valued at $45,596,000 after buying an additional 5,284 shares in the last quarter. Spire Wealth Management raised its stake in shares of ResMed by 11.3% during the 4th quarter. Spire Wealth Management now owns 10,800 shares of the medical equipment provider's stock worth $2,470,000 after buying an additional 1,100 shares during the last quarter. Finally, Asset Management One Co. Ltd. boosted its position in shares of ResMed by 2.8% in the 4th quarter. Asset Management One Co. Ltd. now owns 60,489 shares of the medical equipment provider's stock worth $14,105,000 after buying an additional 1,629 shares in the last quarter. Hedge funds and other institutional investors own 54.98% of the company's stock.

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Insider Buying and Selling

In other news, insider Kaushik Ghoshal sold 9,745 shares of the company's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $239.31, for a total value of $2,332,075.95. Following the completion of the sale, the insider now owns 9,725 shares of the company's stock, valued at $2,327,289.75. This represents a 50.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $229.20, for a total value of $1,835,662.80. Following the completion of the sale, the chief executive officer now owns 455,472 shares of the company's stock, valued at approximately $104,394,182.40. This trade represents a 1.73 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 39,004 shares of company stock valued at $9,178,648. 0.71% of the stock is currently owned by corporate insiders.

ResMed Trading Down 4.4 %

Shares of RMD traded down $9.89 during mid-day trading on Thursday, reaching $213.11. The company had a trading volume of 1,511,659 shares, compared to its average volume of 999,180. ResMed Inc. has a fifty-two week low of $172.19 and a fifty-two week high of $263.05. The firm has a fifty day simple moving average of $232.37 and a 200-day simple moving average of $237.54. The stock has a market cap of $31.30 billion, a price-to-earnings ratio of 25.16, a price-to-earnings-growth ratio of 1.53 and a beta of 0.74. The company has a current ratio of 3.33, a quick ratio of 2.29 and a debt-to-equity ratio of 0.13.

ResMed (NYSE:RMD - Get Free Report) last issued its earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share for the quarter, beating analysts' consensus estimates of $2.29 by $0.14. ResMed had a return on equity of 26.17% and a net margin of 25.34%. On average, sell-side analysts anticipate that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Thursday, February 13th were issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date of this dividend was Thursday, February 13th. ResMed's payout ratio is currently 25.03%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. The Goldman Sachs Group started coverage on shares of ResMed in a research report on Thursday, January 16th. They set a "buy" rating for the company. UBS Group raised ResMed from a "hold" rating to a "strong-buy" rating in a research note on Friday, January 31st. KeyCorp raised their price target on ResMed from $266.00 to $280.00 and gave the stock an "overweight" rating in a research report on Friday, January 31st. Needham & Company LLC restated a "hold" rating on shares of ResMed in a research report on Friday, January 31st. Finally, JPMorgan Chase & Co. increased their price objective on ResMed from $270.00 to $286.00 and gave the company an "overweight" rating in a research note on Friday, January 31st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $249.73.

ResMed Company 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.