State of Alaska Department of Revenue Reduces Position in ResMed Inc. (NYSE:RMD)

State of Alaska Department of Revenue reduced its position in ResMed Inc. (NYSE:RMD - Free Report) by 20.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,650 shares of the medical equipment provider's stock after selling 8,430 shares during the period. State of Alaska Department of Revenue's holdings in ResMed were worth $5,616,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in RMD. State Street Corp raised its position in ResMed by 1.6% during the second quarter. State Street Corp now owns 6,388,113 shares of the medical equipment provider's stock valued at $1,395,803,000 after purchasing an additional 99,617 shares during the period. Geode Capital Management LLC raised its position in ResMed by 3.3% during the first quarter. Geode Capital Management LLC now owns 3,231,885 shares of the medical equipment provider's stock valued at $706,314,000 after purchasing an additional 103,438 shares during the period. Morgan Stanley raised its holdings in shares of ResMed by 102.4% in the third quarter. Morgan Stanley now owns 2,329,618 shares of the medical equipment provider's stock worth $344,481,000 after buying an additional 1,178,547 shares during the period. Norges Bank purchased a new stake in shares of ResMed in the fourth quarter worth approximately $244,477,000. Finally, abrdn plc raised its holdings in shares of ResMed by 79.2% in the third quarter. abrdn plc now owns 901,485 shares of the medical equipment provider's stock worth $133,303,000 after buying an additional 398,302 shares during the period. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at ResMed

In other news, Director Peter C. Farrell sold 10,935 shares of the firm's stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $182.66, for a total value of $1,997,387.10. Following the completion of the sale, the director now owns 157,404 shares of the company's stock, valued at approximately $28,751,414.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other ResMed news, General Counsel Michael J. Rider sold 200 shares of ResMed stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $173.25, for a total transaction of $34,650.00. Following the completion of the transaction, the general counsel now owns 6,688 shares in the company, valued at approximately $1,158,696. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Peter C. Farrell sold 10,935 shares of the firm's stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $182.66, for a total value of $1,997,387.10. Following the sale, the director now owns 157,404 shares in the company, valued at $28,751,414.64. The disclosure for this sale can be found here. Insiders sold 11,216 shares of company stock valued at $2,046,617 in the last quarter. 1.21% of the stock is currently owned by corporate insiders.

ResMed Stock Down 2.6 %

NYSE RMD traded down $4.95 during midday trading on Tuesday, hitting $184.37. 984,516 shares of the company traded hands, compared to its average volume of 994,967. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.11 and a quick ratio of 1.89. The company has a market cap of $27.12 billion, a PE ratio of 30.47, a price-to-earnings-growth ratio of 2.45 and a beta of 0.67. The company's 50-day simple moving average is $186.61 and its 200-day simple moving average is $166.71. ResMed Inc. has a 52 week low of $132.24 and a 52 week high of $243.52.

ResMed (NYSE:RMD - Get Free Report) last announced its earnings results on Wednesday, January 24th. The medical equipment provider reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.81 by $0.07. The business had revenue of $1.16 billion for the quarter, compared to analysts' expectations of $1.15 billion. ResMed had a return on equity of 23.86% and a net margin of 19.77%. The business's revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter last year, the firm earned $1.66 EPS. As a group, equities research analysts forecast that ResMed Inc. will post 7.45 earnings per share for the current year.

ResMed Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 14th. Stockholders of record on Thursday, February 8th were given a $0.48 dividend. The ex-dividend date of this dividend was Wednesday, February 7th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.04%. ResMed's payout ratio is 31.74%.

Wall Street Analysts Forecast Growth

RMD has been the topic of several recent analyst reports. Royal Bank of Canada increased their price target on ResMed from $181.00 to $182.00 and gave the stock a "sector perform" rating in a report on Thursday, January 25th. JPMorgan Chase & Co. increased their price target on ResMed from $160.00 to $195.00 and gave the stock an "overweight" rating in a report on Tuesday, January 9th. KeyCorp started coverage on ResMed in a research note on Tuesday, February 6th. They issued an "overweight" rating and a $227.00 price objective on the stock. Oppenheimer increased their price objective on ResMed from $185.00 to $205.00 and gave the stock an "outperform" rating in a research note on Tuesday, January 30th. Finally, Needham & Company LLC increased their price objective on ResMed from $215.00 to $224.00 and gave the stock a "buy" rating in a research note on Monday. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, ResMed presently has a consensus rating of "Moderate Buy" and a consensus price target of $199.20.

ResMed Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. It 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 technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.