California State Teachers Retirement System Increases Holdings in ResMed Inc. $RMD

California State Teachers Retirement System lifted its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 1.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 225,592 shares of the medical equipment provider's stock after purchasing an additional 2,971 shares during the period. California State Teachers Retirement System owned about 0.16% of ResMed worth $43,963,369 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also made changes to their positions in the business. Paralel Advisors LLC purchased a new position in shares of ResMed during the second quarter valued at approximately $2,006,000. Saudi Central Bank boosted its holdings in ResMed by 89.3% during the second quarter. Saudi Central Bank now owns 10,198 shares of the medical equipment provider's stock valued at $1,987,000 after purchasing an additional 4,810 shares in the last quarter. Azimuth Capital Investment Management LLC increased its position in ResMed by 0.4% in the second quarter. Azimuth Capital Investment Management LLC now owns 54,490 shares of the medical equipment provider's stock worth $10,619,000 after purchasing an additional 215 shares during the period. AlphaGrep UK Ltd acquired a new position in shares of ResMed in the second quarter valued at approximately $544,000. Finally, OceanIQ Capital LLC bought a new stake in ResMed in the second quarter valued at approximately $574,000. Hedge funds and other institutional investors own 54.98% of the company's stock.

Wall Street Analyst Weigh In

RMD has been the subject of a number of analyst reports. Weiss Ratings upgraded shares of ResMed from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 11th. Wells Fargo & Company dropped their price target on ResMed from $225.00 to $215.00 and set an "equal weight" rating for the company in a research note on Friday, August 7th. The Goldman Sachs Group reissued a "buy" rating on shares of ResMed in a research report on Wednesday, July 1st. Jefferies Financial Group decreased their target price on shares of ResMed from $240.00 to $225.00 and set a "hold" rating on the stock in a research note on Friday, July 10th. Finally, Rothschild & Co Redburn started coverage on shares of ResMed in a report on Wednesday, August 19th. They set a "neutral" rating and a $230.00 price objective on the stock. Seven investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $241.69.

ResMed Trading Up 4.7%

Shares of RMD traded up $10.43 on Tuesday, reaching $233.42. 697,625 shares of the company's stock were exchanged, compared to its average volume of 1,306,989. The company has a current ratio of 3.10, a quick ratio of 2.42 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $33.67 billion, a P/E ratio of 22.38, a price-to-earnings-growth ratio of 1.38 and a beta of 0.77. ResMed Inc. has a 12 month low of $180.26 and a 12 month high of $284.87. The business has a 50 day moving average price of $217.48 and a two-hundred day moving average price of $216.49.

ResMed (NYSE:RMD - Get Free Report) last issued its earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 EPS for the quarter, topping the consensus estimate of $2.89 by $0.06. ResMed had a return on equity of 25.58% and a net margin of 26.94%.The firm had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter in the previous year, the firm earned $2.55 earnings per share. The business's quarterly revenue was up 8.6% on a year-over-year basis. Research analysts anticipate that ResMed Inc. will post 12.02 earnings per share for the current year.

ResMed Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, August 20th will be issued a dividend of $0.66 per share. The ex-dividend date is Thursday, August 20th. This represents a $2.64 annualized dividend and a yield of 1.1%. This is a boost from ResMed's previous quarterly dividend of $0.60. ResMed's dividend payout ratio (DPR) is 25.31%.

Insider Transactions at ResMed

In other ResMed news, Director Peter C. Farrell sold 8,000 shares of the firm's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $225.00, for a total value of $1,800,000.00. Following the sale, the director directly owned 52,773 shares in the company, valued at $11,873,925. This trade represents a 13.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of the firm's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $205.69, for a total value of $1,026,598.79. Following the completion of the transaction, the chief executive officer owned 466,256 shares of the company's stock, valued at approximately $95,904,196.64. This represents a 1.06% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 23,943 shares of company stock worth $5,255,268. Company insiders own 0.65% of the company's stock.

ResMed Company Profile

ResMed Inc is a medical equipment and software company that develops products and services for the diagnosis and treatment of sleep-disordered breathing and other respiratory conditions. Its offerings include continuous positive airway pressure (CPAP) and other positive airway pressure devices, masks, ventilation systems, oxygen-related solutions, and connected health technologies.

The company also provides cloud-based software and digital health platforms that help clinicians, home medical equipment providers, and patients monitor therapy, manage equipment, and support adherence to treatment.

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