ResMed Inc. (NYSE:RMD) Stake Lessened by Maryland State Retirement & Pension System

Key Points

• Maryland State Retirement & Pension System reduced its stake in ResMed Inc. by 12.4%, selling 966 shares, and now holds a total of 6,797 shares valued at approximately $1.52 million.
• Several institutional investors have significantly increased their positions in ResMed, including GAMMA Investing LLC with a 23,982.6% increase, now owning over 733,000 shares.
• ResMed recently declared a quarterly dividend of $0.60, an increase from the previous $0.53, with the ex-dividend date set for August 13th.

Maryland State Retirement & Pension System decreased its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 12.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,797 shares of the medical equipment provider's stock after selling 966 shares during the quarter. Maryland State Retirement & Pension System's holdings in ResMed were worth $1,522,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of RMD. GAMMA Investing LLC lifted its stake in shares of ResMed by 23,982.6% in the first quarter. GAMMA Investing LLC now owns 733,556 shares of the medical equipment provider's stock worth $164,207,000 after acquiring an additional 730,510 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd lifted its stake in shares of ResMed by 1,168.5% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 590,895 shares of the medical equipment provider's stock worth $132,272,000 after acquiring an additional 544,311 shares in the last quarter. Captrust Financial Advisors lifted its stake in shares of ResMed by 813.4% in the fourth quarter. Captrust Financial Advisors now owns 443,340 shares of the medical equipment provider's stock worth $101,387,000 after acquiring an additional 394,803 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of ResMed by 133.6% in the fourth quarter. AQR Capital Management LLC now owns 625,054 shares of the medical equipment provider's stock worth $142,944,000 after acquiring an additional 357,466 shares in the last quarter. Finally, Allianz Asset Management GmbH lifted its stake in shares of ResMed by 334.0% in the first quarter. Allianz Asset Management GmbH now owns 455,124 shares of the medical equipment provider's stock worth $101,880,000 after acquiring an additional 350,245 shares in the last quarter. Institutional investors and hedge funds own 54.98% of the company's stock.

Insider Activity

In other news, Director Witte Jan De sold 2,000 shares of the stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $243.47, for a total transaction of $486,940.00. Following the completion of the sale, the director owned 5,806 shares in the company, valued at approximately $1,413,586.82. This represents a 25.62% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $279.48, for a total value of $2,238,355.32. Following the sale, the chief executive officer owned 455,503 shares of the company's stock, valued at $127,303,978.44. This trade represents a 1.73% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 27,063 shares of company stock worth $7,058,835. Insiders own 0.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Royal Bank Of Canada boosted their price target on ResMed from $294.00 to $300.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. UBS Group upped their price objective on ResMed from $285.00 to $325.00 and gave the company a "buy" rating in a research note on Friday, August 1st. KeyCorp upped their price objective on ResMed from $274.00 to $298.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. William Blair upgraded ResMed to a "strong-buy" rating in a research note on Friday, August 1st. Finally, Morgan Stanley set a $286.00 price objective on ResMed and gave the company an "overweight" rating in a research note on Tuesday, May 20th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $274.83.

ResMed Stock Performance

RMD stock traded up $3.20 on Wednesday, reaching $286.49. The company's stock had a trading volume of 47,537 shares, compared to its average volume of 999,129. ResMed Inc. has a 52 week low of $199.92 and a 52 week high of $293.08. The company has a market capitalization of $41.95 billion, a P/E ratio of 30.14, a price-to-earnings-growth ratio of 1.91 and a beta of 0.77. The firm has a fifty day moving average of $262.06 and a two-hundred day moving average of $242.29. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.44 and a quick ratio of 2.53.

ResMed (NYSE:RMD - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.47 by $0.08. ResMed had a return on equity of 25.62% and a net margin of 27.22%. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.33 billion. During the same period in the prior year, the company posted $2.08 EPS. The business's revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, analysts predict that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 14th will be given a dividend of $0.60 per share. This is a boost from ResMed's previous quarterly dividend of $0.53. The ex-dividend date is Wednesday, August 13th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.8%. ResMed's payout ratio is currently 22.29%.

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.