State Board of Administration of Florida Retirement System Boosts Stock Position in ResMed Inc. $RMD

State Board of Administration of Florida Retirement System raised its holdings in ResMed Inc. (NYSE:RMD) by 1.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 143,241 shares of the medical equipment provider’s stock after purchasing an additional 1,490 shares during the period. State Board of Administration of Florida Retirement System owned about 0.10% of ResMed worth $36,956,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. boosted its stake in ResMed by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 18,746,925 shares of the medical equipment provider’s stock valued at $4,836,707,000 after acquiring an additional 253,223 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of ResMed by 2.4% during the second quarter. Geode Capital Management LLC now owns 4,215,145 shares of the medical equipment provider’s stock worth $1,083,409,000 after purchasing an additional 98,717 shares during the last quarter. Northern Trust Corp grew its stake in ResMed by 2.5% in the first quarter. Northern Trust Corp now owns 1,744,541 shares of the medical equipment provider’s stock worth $390,516,000 after purchasing an additional 41,951 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in ResMed by 2.3% in the second quarter. Charles Schwab Investment Management Inc. now owns 1,021,001 shares of the medical equipment provider’s stock valued at $263,418,000 after buying an additional 22,873 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in ResMed by 2.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 977,401 shares of the medical equipment provider’s stock valued at $218,791,000 after buying an additional 22,789 shares in the last quarter. Institutional investors and hedge funds own 54.98% of the company’s stock.

Insider Activity at ResMed

In other news, Director Witte Jan De sold 2,055 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $255.00, for a total value of $524,025.00. Following the completion of the sale, the director directly owned 4,261 shares of the company’s stock, valued at approximately $1,086,555. This represents a 32.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Michael J. Rider sold 100 shares of the stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $274.36, for a total transaction of $27,436.00. Following the completion of the transaction, the general counsel owned 11,327 shares of the company’s stock, valued at $3,107,675.72. This trade represents a 0.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 20,662 shares of company stock valued at $5,443,526 over the last quarter. Corporate insiders own 0.65% of the company’s stock.

ResMed Stock Down 0.7%

RMD opened at $253.30 on Friday. The stock’s 50 day moving average price is $261.55 and its 200 day moving average price is $263.52. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.44 and a quick ratio of 2.53. The stock has a market cap of $36.97 billion, a P/E ratio of 26.64, a P/E/G ratio of 1.75 and a beta of 0.87. ResMed Inc. has a 12 month low of $199.92 and a 12 month high of $293.81.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Friday, October 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.49 by $0.06. The company had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.33 billion. ResMed had a return on equity of 25.62% and a net margin of 27.22%.The firm’s quarterly revenue was up 9.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.20 EPS. As a group, research analysts predict that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 18th. Shareholders of record on Thursday, November 13th will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Thursday, November 13th. This represents a $2.40 annualized dividend and a yield of 0.9%. ResMed’s dividend payout ratio (DPR) is presently 24.56%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on RMD. Robert W. Baird lowered their price target on ResMed from $320.00 to $300.00 and set an “outperform” rating for the company in a report on Monday, November 3rd. Mizuho lowered their target price on shares of ResMed from $310.00 to $300.00 and set an “outperform” rating for the company in a research note on Friday, October 31st. Morgan Stanley set a $305.00 price target on shares of ResMed in a research report on Friday, October 31st. Royal Bank Of Canada boosted their price objective on shares of ResMed from $300.00 to $303.00 and gave the company an “outperform” rating in a research report on Friday, October 31st. Finally, Wall Street Zen cut shares of ResMed from a “buy” rating to a “hold” rating in a report on Sunday, August 10th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $297.45.

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.