ResMed Inc. $RMD Shares Sold by Strs Ohio

Key Points

• Strs Ohio cut its ResMed stake by 89.7% in Q4, selling 30,494 shares and leaving 3,497 shares valued at $842,000.
• Company insiders have been net sellers — including CEO Michael J. Farrell and Director Peter C. Farrell — with 18,973 insider shares sold (~$4.72M) over the past 90 days, leaving insiders owning 0.65% of the stock.
• ResMed beat quarterly estimates (EPS $2.86 vs. $2.79; revenue $1.43B) and declared a $0.60 quarterly dividend (annualized $2.40, ~1.2% yield), while analysts maintain a consensus "Moderate Buy" with an average target of $286.18.

Strs Ohio trimmed its holdings in shares of ResMed Inc. (NYSE:RMD - Free Report) by 89.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,497 shares of the medical equipment provider's stock after selling 30,494 shares during the period. Strs Ohio's holdings in ResMed were worth $842,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of RMD. Jones Financial Companies Lllp increased its holdings in shares of ResMed by 52.6% during the 1st quarter. Jones Financial Companies Lllp now owns 2,882 shares of the medical equipment provider's stock valued at $645,000 after purchasing an additional 994 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of ResMed in the 2nd quarter valued at $389,000. Brown Advisory Inc. lifted its stake in shares of ResMed by 17.8% in the 2nd quarter. Brown Advisory Inc. now owns 1,586 shares of the medical equipment provider's stock valued at $409,000 after purchasing an additional 240 shares during the period. Cresset Asset Management LLC acquired a new position in shares of ResMed in the 2nd quarter valued at $206,000. Finally, Alliancebernstein L.P. lifted its stake in shares of ResMed by 24.2% in the 2nd quarter. Alliancebernstein L.P. now owns 286,078 shares of the medical equipment provider's stock valued at $73,808,000 after purchasing an additional 55,790 shares during the period. Hedge funds and other institutional investors own 54.98% of the company's stock.

Insiders Place Their Bets

In other ResMed news, Director Peter C. Farrell sold 2,000 shares of the company's stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $225.00, for a total transaction of $450,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael J. Farrell sold 4,991 shares of the company's stock in a transaction on Monday, February 9th. The stock was sold at an average price of $273.78, for a total transaction of $1,366,435.98. Following the transaction, the chief executive officer owned 466,223 shares of the company's stock, valued at $127,642,532.94. This represents a 1.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 18,973 shares of company stock valued at $4,715,237 over the last 90 days. 0.65% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Citigroup decreased their target price on shares of ResMed from $345.00 to $340.00 and set a "buy" rating for the company in a research note on Thursday, April 9th. KeyCorp decreased their target price on shares of ResMed from $302.00 to $290.00 and set an "overweight" rating for the company in a research note on Monday, April 27th. Evercore set a $255.00 target price on shares of ResMed and gave the company an "outperform" rating in a research note on Monday, April 13th. JPMorgan Chase & Co. assumed coverage on shares of ResMed in a research note on Wednesday, April 15th. They issued an "overweight" rating for the company. Finally, Wall Street Zen cut shares of ResMed from a "buy" rating to a "hold" rating in a research note on Saturday, March 14th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $286.18.

ResMed Stock Performance

NYSE:RMD opened at $206.83 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.33 and a current ratio of 3.01. The company has a fifty day moving average of $230.41 and a two-hundred day moving average of $245.04. The stock has a market capitalization of $30.13 billion, a PE ratio of 19.94, a P/E/G ratio of 1.34 and a beta of 0.84. ResMed Inc. has a fifty-two week low of $198.64 and a fifty-two week high of $293.81.

ResMed (NYSE:RMD - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The medical equipment provider reported $2.86 earnings per share for the quarter, topping analysts' consensus estimates of $2.79 by $0.07. The company had revenue of $1.43 billion during the quarter, compared to analysts' expectations of $1.42 billion. ResMed had a net margin of 27.44% and a return on equity of 25.35%. The firm's revenue for the quarter was up 10.8% on a year-over-year basis. During the same period in the prior year, the business posted $2.37 earnings per share. As a group, research analysts forecast that ResMed Inc. will post 11.13 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Thursday, May 14th will be given a dividend of $0.60 per share. The ex-dividend date is Thursday, May 14th. This represents a $2.40 dividend on an annualized basis and a yield of 1.2%. ResMed's dividend payout ratio is currently 23.14%.

ResMed Company Profile

ResMed NYSE: RMD is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed's product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.

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