ResMed Inc. $RMD Shares Sold by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D has reduced its holdings in ResMed Inc. by 8.0%, now owning 49,608 shares valued at approximately $11.1 million.
• Analysts provided positive outlooks for ResMed, with ratings upgraded to "strong-buy" by William Blair and target prices increased by UBS Group from $285 to $325.
• ResMed announced an increase in its quarterly dividend from $0.53 to $0.60, reflecting a commitment to shareholder returns with a current yield of 0.8%.

State of New Jersey Common Pension Fund D cut its position in shares of ResMed Inc. (NYSE:RMD - Free Report) by 8.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 49,608 shares of the medical equipment provider's stock after selling 4,285 shares during the period. State of New Jersey Common Pension Fund D's holdings in ResMed were worth $11,105,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Global X Japan Co. Ltd. boosted its holdings in ResMed by 121.4% during the 1st quarter. Global X Japan Co. Ltd. now owns 124 shares of the medical equipment provider's stock valued at $28,000 after acquiring an additional 68 shares during the period. Colonial Trust Co SC increased its position in shares of ResMed by 6,250.0% during the fourth quarter. Colonial Trust Co SC now owns 127 shares of the medical equipment provider's stock worth $29,000 after acquiring an additional 125 shares during the period. Optiver Holding B.V. purchased a new position in shares of ResMed during the fourth quarter worth approximately $33,000. Golden State Wealth Management LLC raised its stake in shares of ResMed by 384.8% during the first quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider's stock valued at $36,000 after acquiring an additional 127 shares in the last quarter. Finally, Itau Unibanco Holding S.A. boosted its holdings in shares of ResMed by 1,000.0% in 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. 54.98% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at ResMed

In related news, Director John Hernandez sold 2,575 shares of the business's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $287.10, for a total transaction of $739,282.50. Following the transaction, the director directly owned 4,045 shares in the company, valued at $1,161,319.50. The trade was a 38.90% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Peter C. Farrell sold 945 shares of the stock in a transaction dated 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 sale, the director owned 68,273 shares of the company's stock, valued at approximately $17,443,068.77. This trade represents a 1.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,638 shares of company stock valued at $7,311,177. Corporate insiders own 0.71% of the company's stock.

ResMed Stock Up 1.0%

ResMed stock traded up $2.9890 during trading hours on Wednesday, reaching $289.0290. The stock had a trading volume of 812,492 shares, compared to its average volume of 1,000,042. The company has a market cap of $42.32 billion, a price-to-earnings ratio of 30.39, a PEG ratio of 1.92 and a beta of 0.77. The business's 50 day moving average price is $265.54 and its 200-day moving average price is $243.52. ResMed Inc. has a 52 week low of $199.92 and a 52 week high of $293.08. 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 released 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. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The business had revenue of $1.35 billion for the quarter, compared to analysts' expectations of $1.33 billion. During the same period last year, the business earned $2.08 EPS. The company's revenue was up 10.2% compared to the same quarter last year. Sell-side analysts anticipate that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th will be issued a $0.60 dividend. This is an increase from ResMed's previous quarterly dividend of $0.53. This represents a $2.40 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Wednesday, August 13th. ResMed's dividend payout ratio is presently 25.24%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on RMD shares. Royal Bank Of Canada raised their price objective on ResMed from $294.00 to $300.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. JPMorgan Chase & Co. lifted their price objective on ResMed from $286.00 to $290.00 and gave the company an "overweight" rating in a report on Thursday, April 24th. Stifel Nicolaus upped their price objective on shares of ResMed from $240.00 to $270.00 and gave the stock a "hold" rating in a research note on Friday, August 1st. Wall Street Zen downgraded shares of ResMed from a "buy" rating to a "hold" rating in a research report on Sunday, August 10th. Finally, UBS Group boosted their price target on shares of ResMed from $285.00 to $325.00 and gave the company a "buy" rating in a report on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $274.83.

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.