Vestcor Inc Buys 422 Shares of ResMed Inc. (NYSE:RMD)

Vestcor Inc boosted its stake in ResMed Inc. (NYSE:RMD) by 15.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,182 shares of the medical equipment provider’s stock after purchasing an additional 422 shares during the quarter. Vestcor Inc’s holdings in ResMed were worth $777,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp raised its holdings in ResMed by 1.9% in the third quarter. State Street Corp now owns 6,261,633 shares of the medical equipment provider’s stock worth $1,528,590,000 after purchasing an additional 116,918 shares during the period. Bank of New York Mellon Corp raised its stake in ResMed by 51.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,772,761 shares of the medical equipment provider’s stock worth $1,105,022,000 after buying an additional 1,959,642 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in ResMed by 1.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 924,047 shares of the medical equipment provider’s stock worth $225,578,000 after acquiring an additional 13,985 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in ResMed by 0.3% in the third 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 valued at $181,237,000 after acquiring an additional 2,406 shares during the period. Finally, Los Angeles Capital Management LLC increased its holdings in shares of ResMed by 48.3% in the second quarter. Los Angeles Capital Management LLC now owns 740,226 shares of the medical equipment provider’s stock worth $141,694,000 after acquiring an additional 241,195 shares in the last quarter. Institutional investors and hedge funds own 54.98% of the company’s stock.

Analyst Ratings Changes

RMD has been the topic of several recent analyst reports. Bank of America lifted their price objective on ResMed from $240.00 to $270.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Robert W. Baird lifted their price target on shares of ResMed from $280.00 to $283.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Wolfe Research reissued an “underperform” rating and set a $180.00 price objective on shares of ResMed in a research report on Wednesday, September 18th. Needham & Company LLC reaffirmed a “hold” rating on shares of ResMed in a research report on Friday, October 25th. Finally, Royal Bank of Canada increased their target price on ResMed from $224.00 to $232.00 and gave the stock a “sector perform” rating in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $225.70.

ResMed Stock Performance

RMD opened at $242.51 on Friday. The business’s 50-day simple moving average is $242.57 and its 200 day simple moving average is $227.16. ResMed Inc. has a 52-week low of $164.12 and a 52-week high of $260.49. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.92. The firm has a market capitalization of $35.60 billion, a PE ratio of 32.12, a PEG ratio of 1.78 and a beta of 0.68.

ResMed (NYSE:RMD) last announced its quarterly earnings data on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.19 billion. During the same quarter in the prior year, the business posted $1.64 EPS. The business’s revenue was up 11.1% compared to the same quarter last year. As a group, sell-side analysts expect that ResMed Inc. will post 9.34 earnings per share for the current fiscal year.

ResMed Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Investors 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 currently 28.08%.

Insider Transactions at ResMed

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

ResMed 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.