Vestcor Inc Has $4.44 Million Holdings in ResMed Inc. (NYSE:RMD)

Key Points

• Vestcor Inc significantly increased its stake in ResMed Inc., acquiring an additional 16,658 shares for a total ownership of 19,849 shares, valued at approximately $4.4 million.
• Several institutional investors, including GAMMA Investing LLC and Oversea Chinese Banking Corp Ltd, made substantial increases to their positions in ResMed, indicating strong institutional interest in the company.
• Analysts provided mixed ratings and price targets for ResMed, with estimates ranging from $248.00 to $290.00, reflecting varied confidence among analysts regarding the stock's future performance.

Vestcor Inc boosted its holdings in shares of ResMed Inc. (NYSE:RMD - Free Report) by 522.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 19,849 shares of the medical equipment provider's stock after buying an additional 16,658 shares during the quarter. Vestcor Inc's holdings in ResMed were worth $4,443,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of RMD. Geode Capital Management LLC boosted its holdings in ResMed by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 3,944,084 shares of the medical equipment provider's stock valued at $899,860,000 after acquiring an additional 85,270 shares during the period. Invesco Ltd. boosted its holdings in ResMed by 32.2% during the fourth quarter. Invesco Ltd. now owns 2,325,009 shares of the medical equipment provider's stock valued at $531,706,000 after acquiring an additional 566,046 shares during the period. Northern Trust Corp boosted its holdings in ResMed by 20.6% during the fourth quarter. Northern Trust Corp now owns 1,702,590 shares of the medical equipment provider's stock valued at $389,365,000 after acquiring an additional 290,664 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in ResMed by 28.6% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 954,612 shares of the medical equipment provider's stock valued at $218,310,000 after acquiring an additional 212,201 shares during the period. Finally, Los Angeles Capital Management LLC boosted its holdings in ResMed by 15.6% during the first quarter. Los Angeles Capital Management LLC now owns 773,159 shares of the medical equipment provider's stock valued at $173,072,000 after acquiring an additional 104,251 shares during the period. 54.98% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Peter C. Farrell sold 945 shares of the business's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $255.49, for a total value of $241,438.05. Following the completion of the transaction, the director owned 68,273 shares of the company's stock, valued at $17,443,068.77. The trade was a 1.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Witte Jan De sold 2,000 shares of the business's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $243.47, for a total transaction of $486,940.00. Following the completion of the transaction, the director directly owned 5,806 shares of the company's stock, valued at $1,413,586.82. This trade represents a 25.62% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 29,013 shares of company stock valued at $7,238,913. Company insiders own 0.71% of the company's stock.

Analysts Set New Price Targets

A number of research firms have issued reports on RMD. Wall Street Zen upgraded shares of ResMed from a "hold" rating to a "buy" rating in a report on Saturday. UBS Group increased their target price on shares of ResMed from $285.00 to $325.00 and gave the company a "buy" rating in a research note on Friday. JPMorgan Chase & Co. increased their target price on shares of ResMed from $286.00 to $290.00 and gave the company an "overweight" rating in a research note on Thursday, April 24th. KeyCorp increased their target price on shares of ResMed from $274.00 to $298.00 and gave the company an "overweight" rating in a research note on Friday. Finally, Stifel Nicolaus increased their target price on shares of ResMed from $240.00 to $270.00 and gave the company a "hold" rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $274.83.

ResMed Price Performance

Shares of NYSE RMD traded up $6.84 during mid-day trading on Friday, hitting $278.78. 1,796,962 shares of the stock were exchanged, compared to its average volume of 944,770. The company has a market cap of $40.88 billion, a P/E ratio of 29.31, a PEG ratio of 1.69 and a beta of 0.77. The stock's fifty day simple moving average is $256.59 and its two-hundred day simple moving average is $240.32. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.49 and a current ratio of 3.41. ResMed Inc. has a twelve month low of $199.92 and a twelve month high of $281.90.

ResMed (NYSE:RMD - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share for the quarter, beating analysts' consensus estimates of $2.47 by $0.08. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.33 billion. ResMed had a net margin of 27.22% and a return on equity of 26.39%. ResMed's revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter last year, the business posted $2.08 earnings per share. As a group, analysts forecast that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $2.40 dividend on an annualized basis and a yield of 0.9%. This is a boost from ResMed's previous quarterly dividend of $0.53. ResMed's dividend payout ratio (DPR) is presently 22.29%.

ResMed Profile

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.