Maryland State Retirement & Pension System Trims Stake in ResMed Inc. (NYSE:RMD)

Maryland State Retirement & Pension System lowered its stake in shares of ResMed Inc. (NYSE:RMD) by 6.5% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 7,763 shares of the medical equipment provider’s stock after selling 544 shares during the period. Maryland State Retirement & Pension System’s holdings in ResMed were worth $1,775,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of RMD. Geode Capital Management LLC boosted its stake in ResMed by 10.9% during the third quarter. Geode Capital Management LLC now owns 3,858,814 shares of the medical equipment provider’s stock worth $939,114,000 after acquiring an additional 380,383 shares in the last quarter. Los Angeles Capital Management LLC boosted its stake in ResMed by 60.0% during the fourth quarter. Los Angeles Capital Management LLC now owns 668,908 shares of the medical equipment provider’s stock worth $152,973,000 after acquiring an additional 250,746 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its stake in ResMed by 726.3% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 283,801 shares of the medical equipment provider’s stock worth $69,281,000 after acquiring an additional 249,454 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in ResMed during the fourth quarter worth about $50,364,000. Finally, Nordea Investment Management AB boosted its stake in ResMed by 92.7% during the fourth quarter. Nordea Investment Management AB now owns 448,151 shares of the medical equipment provider’s stock worth $103,214,000 after acquiring an additional 215,561 shares in the last quarter. Institutional investors own 54.98% of the company’s stock.

ResMed Stock Down 0.6 %

Shares of RMD stock opened at $219.77 on Friday. ResMed Inc. has a 12 month low of $172.19 and a 12 month high of $263.05. The stock has a market cap of $32.28 billion, a P/E ratio of 25.95, a P/E/G 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. The company has a 50 day simple moving average of $234.91 and a two-hundred day simple moving average of $239.06.

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

ResMed Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Thursday, February 13th were issued a dividend of $0.53 per share. The ex-dividend date was Thursday, February 13th. This represents a $2.12 dividend on an annualized basis and a yield of 0.96%. ResMed’s dividend payout ratio is currently 25.03%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on RMD. Piper Sandler upped their target price on shares of ResMed from $252.00 to $260.00 and gave the stock a “neutral” rating in a research note on Friday, January 31st. JPMorgan Chase & Co. upped their target price on shares of ResMed from $270.00 to $286.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. UBS Group upgraded shares of ResMed from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 31st. Citigroup upgraded shares of ResMed from a “neutral” rating to a “buy” rating in a research note on Wednesday, March 5th. Finally, Stifel Nicolaus dropped their target price on shares of ResMed from $250.00 to $240.00 and set a “hold” rating on the stock in a research note on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, ResMed currently has a consensus rating of “Moderate Buy” and an average target price of $246.83.

Insider Buying and Selling at ResMed

In other news, Director Peter C. Farrell sold 2,000 shares of the stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $242.11, for a total value of $484,220.00. Following the completion of the sale, the director now directly owns 77,218 shares of the company’s stock, valued at $18,695,249.98. This represents a 2.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Kaushik Ghoshal sold 9,745 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $239.31, for a total transaction of $2,332,075.95. Following the completion of the sale, the insider now directly owns 9,725 shares of the company’s stock, valued at approximately $2,327,289.75. This trade represents a 50.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 38,940 shares of company stock valued at $9,164,385. Insiders own 0.71% of the company’s stock.

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.