VIRGINIA RETIREMENT SYSTEMS ET Al Has $23.83 Million Position in ResMed Inc. $RMD

Key Points

• VIRGINIA RETIREMENT SYSTEMS ET Al cut its ResMed stake by 27.6% in the fourth quarter, leaving it with 98,940 shares valued at about $23.83 million.
• ResMed posted solid quarterly results, with EPS of $2.86 topping estimates and revenue of $1.43 billion, up 10.8% from a year earlier.
• The company also announced a quarterly dividend of $0.60 per share, payable June 18, while analysts currently rate the stock a Moderate Buy with an average price target of $286.18.

VIRGINIA RETIREMENT SYSTEMS ET Al reduced its stake in shares of ResMed Inc. (NYSE:RMD - Free Report) by 27.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 98,940 shares of the medical equipment provider's stock after selling 37,760 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al owned approximately 0.07% of ResMed worth $23,832,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in RMD. Imprint Wealth LLC acquired a new stake in ResMed in the third quarter valued at approximately $26,000. WFA of San Diego LLC acquired a new stake in ResMed in the second quarter valued at approximately $26,000. International Assets Investment Management LLC acquired a new stake in ResMed in the fourth quarter valued at approximately $25,000. ORG Partners LLC lifted its stake in ResMed by 181.6% in the fourth quarter. ORG Partners LLC now owns 107 shares of the medical equipment provider's stock valued at $26,000 after acquiring an additional 69 shares during the last quarter. Finally, Sunbelt Securities Inc. acquired a new stake in ResMed in the third quarter valued at approximately $31,000. 54.98% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Michael J. Farrell sold 4,991 shares of ResMed stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $251.03, for a total value of $1,252,890.73. Following the transaction, the chief executive officer owned 466,223 shares of the company's stock, valued at $117,035,959.69. This trade represents a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $225.00, for a total transaction of $450,000.00. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 18,973 shares of company stock worth $4,386,031. Insiders own 0.65% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on RMD. Royal Bank Of Canada lifted their target price on shares of ResMed from $314.00 to $321.00 and gave the company an "outperform" rating in a research note on Friday, May 1st. Wells Fargo & Company reduced their target price on shares of ResMed from $270.00 to $227.00 and set an "equal weight" rating for the company in a research note on Friday, May 1st. 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. Piper Sandler lifted their target price on shares of ResMed from $270.00 to $275.00 and gave the company a "neutral" rating in a research note on Friday, January 30th. Finally, Weiss Ratings cut shares of ResMed from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, March 19th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $286.18.

ResMed Trading Down 0.7%

NYSE:RMD opened at $202.42 on Thursday. ResMed Inc. has a 12 month low of $198.61 and a 12 month high of $293.81. The firm has a market cap of $29.49 billion, a price-to-earnings ratio of 19.52, a P/E/G ratio of 1.30 and a beta of 0.84. The company has a quick ratio of 2.33, a current ratio of 3.01 and a debt-to-equity ratio of 0.06. The company's 50 day moving average is $226.19 and its 200-day moving average is $243.21.

ResMed (NYSE:RMD - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 EPS for the quarter, beating analysts' consensus estimates of $2.79 by $0.07. ResMed had a net margin of 27.44% and a return on equity of 25.35%. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same quarter last year, the firm posted $2.37 earnings per share. The company's quarterly revenue was up 10.8% compared to the same quarter last year. Equities analysts anticipate that ResMed Inc. will post 11.13 EPS for the current year.

ResMed Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Stockholders of record on Thursday, May 14th will be given a $0.60 dividend. The ex-dividend date of this dividend is Thursday, May 14th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.2%. ResMed's dividend payout ratio (DPR) is currently 23.14%.

ResMed 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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