Retirement Systems of Alabama Sells 396 Shares of ResMed Inc. (NYSE:RMD)

Retirement Systems of Alabama lessened its holdings in shares of ResMed Inc. (NYSE:RMD) by 1.2% during the third quarter, HoldingsChannel.com reports. The firm owned 32,011 shares of the medical equipment provider’s stock after selling 396 shares during the quarter. Retirement Systems of Alabama’s holdings in ResMed were worth $7,815,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. American Trust bought a new stake in shares of ResMed in the third quarter valued at approximately $690,000. Franklin Resources Inc. raised its holdings in ResMed by 56.5% in the 3rd quarter. Franklin Resources Inc. now owns 174,113 shares of the medical equipment provider’s stock valued at $41,909,000 after acquiring an additional 62,882 shares in the last quarter. Tidal Investments LLC lifted its position in shares of ResMed by 738.4% during the 3rd quarter. Tidal Investments LLC now owns 104,938 shares of the medical equipment provider’s stock valued at $25,617,000 after acquiring an additional 92,422 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of ResMed during the 3rd quarter worth $193,000. Finally, World Investment Advisors LLC bought a new position in shares of ResMed in the third quarter worth $541,000. 54.98% of the stock is owned by institutional investors.

Insider Buying and Selling at ResMed

In other ResMed news, CEO Michael J. Farrell sold 14,683 shares of the company’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $231.91, for a total value of $3,405,134.53. Following the sale, the chief executive officer now owns 464,169 shares in the company, valued at approximately $107,645,432.79. The trade was a 3.07 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Peter C. Farrell sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $237.20, for a total value of $474,400.00. Following the transaction, the director now owns 85,204 shares of the company’s stock, valued at $20,210,388.80. This trade represents a 2.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 47,725 shares of company stock worth $11,253,448. 0.71% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Robert W. Baird upped their price objective on shares of ResMed from $280.00 to $283.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Royal Bank of Canada upped their price target on shares of ResMed from $224.00 to $232.00 and gave the stock a “sector perform” rating in a report on Friday, October 25th. Stifel Nicolaus assumed coverage on shares of ResMed in a research note on Friday, December 13th. They issued a “hold” rating and a $250.00 price objective on the stock. Bank of America upped their target price on ResMed from $240.00 to $270.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of ResMed in a research note on Friday, October 25th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $227.91.

ResMed Trading Up 0.7 %

NYSE RMD opened at $242.62 on Wednesday. The company has a market cap of $35.62 billion, a price-to-earnings ratio of 32.14, a price-to-earnings-growth ratio of 1.73 and a beta of 0.68. ResMed Inc. has a twelve month low of $164.12 and a twelve month high of $260.49. The company has a quick ratio of 1.91, a current ratio of 2.92 and a debt-to-equity ratio of 0.13. The business’s fifty day moving average is $243.05 and its 200 day moving average is $228.22.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 EPS for the quarter, beating analysts’ consensus estimates of $2.03 by $0.17. ResMed had a return on equity of 25.53% and a net margin of 23.15%. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same period last year, the firm posted $1.64 earnings per share. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, sell-side analysts expect that ResMed Inc. will post 9.34 EPS for the current fiscal year.

ResMed Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Thursday, November 7th were issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 0.87%. The ex-dividend date of this dividend was Thursday, November 7th. ResMed’s payout ratio is 28.08%.

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.