VIRGINIA RETIREMENT SYSTEMS ET Al Invests $34.44 Million in ResMed Inc. $RMD

Key Points

• The Virginia Retirement Systems invested approximately $34.44 million in ResMed Inc., purchasing 133,500 shares, which represents about 0.09% of the company's stock.
• ResMed recently increased its quarterly dividend to $0.60 per share, reflecting a commitment to return value to shareholders.
• The company reported a 10.2% year-over-year revenue growth with quarterly earnings of $1.35 billion, surpassing analyst expectations.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in ResMed Inc. (NYSE:RMD - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 133,500 shares of the medical equipment provider's stock, valued at approximately $34,443,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned approximately 0.09% of ResMed as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in RMD. Chevy Chase Trust Holdings LLC increased its holdings in ResMed by 0.6% in the 2nd quarter. Chevy Chase Trust Holdings LLC now owns 77,518 shares of the medical equipment provider's stock worth $20,000,000 after acquiring an additional 456 shares in the last quarter. Stratos Wealth Partners LTD. bought a new position in shares of ResMed in the second quarter worth approximately $317,000. Angeles Wealth Management LLC increased its stake in shares of ResMed by 10.8% in the second quarter. Angeles Wealth Management LLC now owns 1,310 shares of the medical equipment provider's stock worth $338,000 after purchasing an additional 128 shares in the last quarter. Oxbow Advisors LLC raised its position in shares of ResMed by 116.8% during the 2nd quarter. Oxbow Advisors LLC now owns 27,286 shares of the medical equipment provider's stock valued at $7,040,000 after purchasing an additional 14,701 shares during the period. Finally, Nordea Investment Management AB lifted its stake in shares of ResMed by 4.4% during the 2nd quarter. Nordea Investment Management AB now owns 764,243 shares of the medical equipment provider's stock valued at $195,883,000 after buying an additional 32,025 shares in the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at ResMed

In related news, General Counsel Michael J. Rider sold 100 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $274.36, for a total transaction of $27,436.00. Following the sale, the general counsel owned 11,327 shares in the company, valued at approximately $3,107,675.72. This represents a 0.88% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Michael J. Farrell sold 8,009 shares of ResMed stock in a transaction on Tuesday, October 7th. The stock was sold at an average price of $282.85, for a total transaction of $2,265,345.65. Following the transaction, the chief executive officer directly owned 467,792 shares of the company's stock, valued at $132,314,967.20. The trade was a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,743 shares of company stock worth $5,284,514 over the last ninety days. Company insiders own 0.65% of the company's stock.

ResMed Trading Down 0.8%

Shares of RMD opened at $267.96 on Friday. The stock has a market capitalization of $39.11 billion, a PE ratio of 28.18, a P/E/G ratio of 1.79 and a beta of 0.83. The company's fifty day moving average is $277.13 and its 200 day moving average is $257.36. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.53 and a current ratio of 3.44. ResMed Inc. has a fifty-two week low of $199.92 and a fifty-two week high of $293.81.

ResMed (NYSE:RMD - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The medical equipment provider reported $2.55 EPS for the quarter, topping 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 during the quarter, compared to analysts' expectations of $1.33 billion. During the same period last year, the company posted $2.08 EPS. The business's revenue was up 10.2% on a year-over-year basis. Sell-side analysts expect that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, August 14th were paid a dividend of $0.60 per share. The ex-dividend date of this dividend was Thursday, August 14th. This is an increase from ResMed's previous quarterly dividend of $0.53. This represents a $2.40 annualized dividend and a yield of 0.9%. ResMed's payout ratio is presently 25.24%.

Analyst Ratings Changes

A number of research firms have commented on RMD. CLSA raised ResMed from a "hold" rating to an "outperform" rating in a report on Tuesday, September 2nd. Wells Fargo & Company initiated coverage on ResMed in a research note on Monday, October 13th. They set an "equal weight" rating and a $280.00 target price on the stock. Weiss Ratings restated a "buy (b-)" rating on shares of ResMed in a research note on Wednesday, October 8th. Wall Street Zen cut shares of ResMed from a "buy" rating to a "hold" rating in a research report on Sunday, August 10th. Finally, UBS Group raised shares of ResMed to a "strong-buy" rating in a report on Tuesday, September 16th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $292.91.

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.

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