State of Michigan Retirement System lifted its stake in ResMed Inc. (NYSE:RMD) by 11.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 36,925 shares of the medical equipment provider’s stock after buying an additional 3,925 shares during the period. State of Michigan Retirement System’s holdings in ResMed were worth $7,090,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of RMD. Wellington Management Group LLP grew its stake in shares of ResMed by 3.8% during the 1st quarter. Wellington Management Group LLP now owns 1,790 shares of the medical equipment provider’s stock worth $264,000 after acquiring an additional 66 shares in the last quarter. Cornerstone Advisors Inc. lifted its position in shares of ResMed by 3.0% during the 2nd quarter. Cornerstone Advisors Inc. now owns 2,371 shares of the medical equipment provider’s stock valued at $455,000 after acquiring an additional 70 shares during the period. Harbor Investment Advisory LLC lifted its position in shares of ResMed by 30.0% during the 2nd quarter. Harbor Investment Advisory LLC now owns 390 shares of the medical equipment provider’s stock valued at $75,000 after acquiring an additional 90 shares during the period. Checchi Capital Advisers LLC grew its holdings in shares of ResMed by 6.7% during the 1st quarter. Checchi Capital Advisers LLC now owns 1,465 shares of the medical equipment provider’s stock worth $216,000 after purchasing an additional 92 shares in the last quarter. Finally, Mutual of America Capital Management LLC increased its position in shares of ResMed by 0.5% in the first quarter. Mutual of America Capital Management LLC now owns 19,601 shares of the medical equipment provider’s stock worth $2,887,000 after purchasing an additional 98 shares during the period. Institutional investors and hedge funds own 67.15% of the company’s stock.
A number of brokerages have issued reports on RMD. Oppenheimer upgraded shares of ResMed from a “market perform” rating to an “outperform” rating and set a $200.00 price objective on the stock in a research note on Thursday, April 30th. Morgan Stanley upgraded shares of ResMed from an “equal weight” rating to an “overweight” rating and set a $176.00 price target on the stock in a research report on Wednesday, June 17th. JPMorgan Chase & Co. cut shares of ResMed from a “neutral” rating to an “underweight” rating in a research note on Friday, May 1st. Finally, Needham & Company LLC began coverage on ResMed in a research note on Thursday, April 30th. They set a “hold” rating for the company. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. ResMed currently has a consensus rating of “Hold” and an average target price of $183.33.
ResMed (NYSE:RMD) last posted its earnings results on Thursday, April 30th. The medical equipment provider reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.29. The firm had revenue of $769.50 million for the quarter, compared to analysts’ expectations of $717.70 million. ResMed had a net margin of 17.73% and a return on equity of 29.26%. The company’s revenue was up 16.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.89 earnings per share. On average, equities research analysts anticipate that ResMed Inc. will post 4.46 EPS for the current fiscal year.
In related news, COO Robert Andrew Douglas sold 1,026 shares of ResMed stock in a transaction that occurred on Wednesday, July 15th. The shares were sold at an average price of $196.98, for a total transaction of $202,101.48. Following the sale, the chief operating officer now directly owns 24,620 shares in the company, valued at approximately $4,849,647.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider David Pendarvis sold 5,919 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $160.61, for a total transaction of $950,650.59. Following the sale, the insider now directly owns 136,322 shares in the company, valued at $21,894,676.42. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,546 shares of company stock worth $4,602,855. 1.22% of the stock is currently owned by company insiders.
ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications that diagnose, treat, and manage respiratory disorders comprising sleep disordered breathing, chronic obstructive pulmonary disease, neuromuscular disease, and other chronic diseases. 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, portable oxygen concentrators, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.
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