California State Teachers Retirement System Lowers Stake in ResMed Inc. (NYSE:RMD)

California State Teachers Retirement System cut its stake in shares of ResMed Inc. (NYSE:RMD - Free Report) by 1.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 230,208 shares of the medical equipment provider's stock after selling 3,282 shares during the quarter. California State Teachers Retirement System owned about 0.16% of ResMed worth $52,646,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Colonial Trust Co SC lifted its position in ResMed by 6,250.0% during the fourth quarter. Colonial Trust Co SC now owns 127 shares of the medical equipment provider's stock valued at $29,000 after purchasing an additional 125 shares during the period. Optiver Holding B.V. acquired a new position in ResMed during the fourth quarter valued at $33,000. Itau Unibanco Holding S.A. lifted its position in ResMed by 1,000.0% during the fourth quarter. Itau Unibanco Holding S.A. now owns 165 shares of the medical equipment provider's stock valued at $38,000 after purchasing an additional 150 shares during the period. OFI Invest Asset Management acquired a new position in ResMed during the fourth quarter valued at $39,000. Finally, Coppell Advisory Solutions LLC lifted its position in ResMed by 1,750.0% during the fourth quarter. Coppell Advisory Solutions LLC now owns 185 shares of the medical equipment provider's stock valued at $42,000 after purchasing an additional 175 shares during the period. 54.98% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at ResMed

In related news, insider Kaushik Ghoshal sold 9,113 shares of the company's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $235.40, for a total transaction of $2,145,200.20. Following the completion of the sale, the insider now owns 9,725 shares of the company's stock, valued at approximately $2,289,265. This represents a 48.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Peter C. Farrell sold 2,000 shares of the company's stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $227.71, for a total transaction of $455,420.00. Following the sale, the director now directly owns 75,218 shares of the company's stock, valued at approximately $17,127,890.78. This represents a 2.59% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 50,949 shares of company stock valued at $11,822,260. Corporate insiders own 0.71% of the company's stock.

ResMed Price Performance

Shares of RMD traded up $0.31 during mid-day trading on Thursday, hitting $245.07. 562,834 shares of the company were exchanged, compared to its average volume of 1,022,763. ResMed Inc. has a 1-year low of $179.42 and a 1-year high of $263.05. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.29 and a current ratio of 3.33. The company has a 50 day moving average of $229.74 and a 200-day moving average of $234.23. The stock has a market cap of $35.93 billion, a price-to-earnings ratio of 28.93, a price-to-earnings-growth ratio of 1.53 and a beta of 0.78.

ResMed (NYSE:RMD - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The medical equipment provider reported $2.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.01. ResMed had a net margin of 25.34% and a return on equity of 26.17%. The company had revenue of $1.29 billion during the quarter, compared to analysts' expectations of $1.28 billion. During the same quarter in the prior year, the company earned $2.13 EPS. ResMed's revenue was up 7.9% compared to the same quarter last year. Analysts expect that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Thursday, May 8th will be paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Thursday, May 8th. This represents a $2.12 annualized dividend and a yield of 0.87%. ResMed's dividend payout ratio is presently 23.79%.

Wall Street Analysts Forecast Growth

RMD has been the subject of a number of analyst reports. UBS Group decreased their price objective on shares of ResMed from $290.00 to $285.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. Piper Sandler decreased their price objective on shares of ResMed from $260.00 to $248.00 and set a "neutral" rating for the company in a research report on Thursday, April 24th. JPMorgan Chase & Co. upped their price objective on shares of ResMed from $286.00 to $290.00 and gave the stock an "overweight" rating in a research report on Thursday, April 24th. Stifel Nicolaus decreased their price objective on shares of ResMed from $250.00 to $240.00 and set a "hold" rating for the company in a research report on Wednesday, March 5th. Finally, Wall Street Zen downgraded shares of ResMed from a "buy" rating to a "hold" rating in a research report on Saturday, May 24th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $259.33.

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.