Vestcor Inc Decreases Position in ResMed Inc. $RMD

Vestcor Inc lowered its position in ResMed Inc. (NYSE:RMD) by 19.9% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 14,966 shares of the medical equipment provider’s stock after selling 3,724 shares during the period. Vestcor Inc’s holdings in ResMed were worth $4,097,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Entropy Technologies LP increased its stake in ResMed by 188.7% during the 2nd quarter. Entropy Technologies LP now owns 16,384 shares of the medical equipment provider’s stock valued at $4,227,000 after buying an additional 10,708 shares during the period. Quantbot Technologies LP boosted its stake in shares of ResMed by 244.8% during the 2nd quarter. Quantbot Technologies LP now owns 36,355 shares of the medical equipment provider’s stock worth $9,380,000 after acquiring an additional 25,810 shares in the last quarter. Allianz Asset Management GmbH raised its holdings in ResMed by 44.8% during the 3rd quarter. Allianz Asset Management GmbH now owns 357,421 shares of the medical equipment provider’s stock worth $97,837,000 after buying an additional 110,647 shares during the period. Nordea Investment Management AB lifted its position in shares of ResMed by 3.5% in the 3rd quarter. Nordea Investment Management AB now owns 790,872 shares of the medical equipment provider’s stock valued at $217,387,000 after acquiring an additional 26,629 shares in the last quarter. Finally, WCM Investment Management LLC acquired a new stake in shares of ResMed in the third quarter worth $3,110,000. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other ResMed news, Director Peter C. Farrell sold 2,000 shares of the business’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $260.22, for a total value of $520,440.00. Following the completion of the transaction, the director directly owned 62,773 shares of the company’s stock, valued at approximately $16,334,790.06. The trade was a 3.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael J. Farrell sold 4,991 shares of the firm’s stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $273.78, for a total value of $1,366,435.98. Following the sale, the chief executive officer directly owned 466,223 shares in the company, valued at approximately $127,642,532.94. This represents a 1.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 16,082 shares of company stock worth $4,152,307. Corporate insiders own 0.65% of the company’s stock.

ResMed Trading Down 2.3%

NYSE:RMD opened at $246.99 on Wednesday. The firm has a market capitalization of $35.98 billion, a price-to-earnings ratio of 24.43, a PEG ratio of 1.68 and a beta of 0.88. ResMed Inc. has a 1-year low of $199.92 and a 1-year high of $293.81. The business’s 50-day moving average price is $255.50 and its two-hundred day moving average price is $259.25. The company has a current ratio of 3.06, a quick ratio of 2.32 and a debt-to-equity ratio of 0.06.

ResMed (NYSE:RMD) last issued its quarterly earnings data on Thursday, January 29th. The medical equipment provider reported $2.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.68 by $0.13. ResMed had a net margin of 27.53% and a return on equity of 25.20%. The firm had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the previous year, the company earned $2.43 earnings per share. The business’s revenue for the quarter was up 11.0% on a year-over-year basis. On average, equities analysts expect that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 19th. Investors of record on Thursday, February 12th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Thursday, February 12th. ResMed’s dividend payout ratio (DPR) is presently 23.74%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on RMD. KeyCorp reaffirmed an “overweight” rating and issued a $302.00 price target on shares of ResMed in a research note on Friday, January 30th. Citigroup boosted their price objective on shares of ResMed from $330.00 to $345.00 and gave the stock a “buy” rating in a research note on Monday, February 2nd. Wall Street Zen raised ResMed from a “hold” rating to a “buy” rating in a research report on Saturday, February 7th. Wells Fargo & Company lifted their target price on ResMed from $265.00 to $270.00 and gave the stock an “equal weight” rating in a research report on Friday, January 30th. Finally, Stifel Nicolaus lifted their target price on shares of ResMed from $260.00 to $265.00 and gave the company a “hold” rating in a research report on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $299.27.

ResMed Company Profile

ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.