Canada Pension Plan Investment Board Grows Stake in ResMed Inc. (NYSE:RMD)

Canada Pension Plan Investment Board increased its position in shares of ResMed Inc. (NYSE:RMD - Free Report) by 1,020.9% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 13,328 shares of the medical equipment provider's stock after purchasing an additional 12,139 shares during the quarter. Canada Pension Plan Investment Board's holdings in ResMed were worth $3,048,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the company. Howard Capital Management Inc. increased its position in shares of ResMed by 5.3% during the fourth quarter. Howard Capital Management Inc. now owns 900 shares of the medical equipment provider's stock worth $206,000 after purchasing an additional 45 shares in the last quarter. SkyView Investment Advisors LLC increased its position in shares of ResMed by 2.0% during the third quarter. SkyView Investment Advisors LLC now owns 2,610 shares of the medical equipment provider's stock worth $637,000 after purchasing an additional 51 shares in the last quarter. Wedmont Private Capital increased its position in shares of ResMed by 2.6% during the fourth quarter. Wedmont Private Capital now owns 2,032 shares of the medical equipment provider's stock worth $475,000 after purchasing an additional 52 shares in the last quarter. Faithward Advisors LLC increased its position in shares of ResMed by 4.3% during the fourth quarter. Faithward Advisors LLC now owns 1,279 shares of the medical equipment provider's stock worth $292,000 after purchasing an additional 53 shares in the last quarter. Finally, HighPoint Advisor Group LLC increased its position in shares of ResMed by 2.6% during the fourth quarter. HighPoint Advisor Group LLC now owns 2,570 shares of the medical equipment provider's stock worth $610,000 after purchasing an additional 64 shares in the last quarter. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

ResMed Trading Down 0.8 %

Shares of ResMed stock traded down $1.82 during trading hours on Monday, hitting $234.06. The company's stock had a trading volume of 1,117,896 shares, compared to its average volume of 1,017,721. The firm has a fifty day moving average of $221.91 and a 200-day moving average of $233.96. ResMed Inc. has a twelve month low of $179.42 and a twelve month high of $263.05. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.29 and a current ratio of 3.33. The stock has a market cap of $34.38 billion, a price-to-earnings ratio of 27.63, a P/E/G ratio of 1.53 and a beta of 0.75.

ResMed (NYSE:RMD - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The medical equipment provider reported $2.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.01. ResMed had a return on equity of 26.17% and a net margin of 25.34%. The firm had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same quarter in the prior year, the company earned $2.13 EPS. ResMed's revenue was up 7.9% on a year-over-year basis. Research analysts forecast that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Thursday, May 8th will be paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 0.91%. The ex-dividend date of this dividend is Thursday, May 8th. ResMed's payout ratio is 23.79%.

Wall Street Analyst Weigh In

Several brokerages recently commented on RMD. Piper Sandler dropped their price target on ResMed from $260.00 to $248.00 and set a "neutral" rating for the company in a research report on Thursday. Needham & Company LLC restated a "hold" rating on shares of ResMed in a report on Friday, January 31st. UBS Group dropped their target price on ResMed from $290.00 to $285.00 and set a "buy" rating for the company in a report on Thursday. Morgan Stanley began coverage on ResMed in a report on Wednesday, March 19th. They issued an "overweight" rating and a $280.00 target price for the company. Finally, KeyCorp set a $274.00 target price on ResMed in a report on Thursday. One analyst has rated the stock with a sell rating, six have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, ResMed presently has an average rating of "Moderate Buy" and an average price target of $258.83.

Insider Buying and Selling

In other ResMed news, Director Peter C. Farrell sold 2,000 shares of the stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $242.11, for a total value of $484,220.00. Following the sale, the director now owns 77,218 shares of the company's stock, valued at $18,695,249.98. This trade represents a 2.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $236.77, for a total value of $1,896,290.93. Following the completion of the sale, the chief executive officer now directly owns 455,472 shares in the company, valued at $107,842,105.44. This represents a 1.73 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 49,013 shares of company stock valued at $11,298,816. Corporate insiders own 0.71% of the company's stock.

ResMed Profile

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.