California State Teachers Retirement System Cuts Stake in ResMed Inc. $RMD

California State Teachers Retirement System cut its stake in shares of ResMed Inc. (NYSE:RMD) by 2.6% in the 1st quarter, Holdings Channel.com reports. The fund owned 222,621 shares of the medical equipment provider’s stock after selling 5,931 shares during the period. California State Teachers Retirement System’s holdings in ResMed were worth $49,974,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of RMD. International Assets Investment Management LLC purchased a new stake in ResMed during the 4th quarter valued at about $25,000. ORG Partners LLC raised its holdings in ResMed by 181.6% in the fourth quarter. ORG Partners LLC now owns 107 shares of the medical equipment provider’s stock worth $26,000 after buying an additional 69 shares during the last quarter. Imprint Wealth LLC purchased a new position in ResMed in the third quarter worth about $26,000. WFA of San Diego LLC bought a new position in shares of ResMed in the second quarter worth approximately $26,000. Finally, Sunbelt Securities Inc. bought a new position in shares of ResMed in the third quarter worth approximately $31,000. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Insider Buying and Selling

In other ResMed news, CEO Michael J. Farrell sold 4,991 shares of the company’s stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $218.55, for a total transaction of $1,090,783.05. Following the completion of the sale, the chief executive officer directly owned 466,223 shares of the company’s stock, valued at approximately $101,893,036.65. This represents a 1.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 14,973 shares of company stock worth $3,096,067 over the last three months. 0.65% of the stock is currently owned by corporate insiders.

ResMed Price Performance

NYSE RMD opened at $208.64 on Friday. ResMed Inc. has a 52 week low of $180.26 and a 52 week high of $293.81. The firm has a market capitalization of $30.27 billion, a P/E ratio of 20.12, a PEG ratio of 1.30 and a beta of 0.78. 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 has a 50-day moving average price of $198.79 and a 200-day moving average price of $223.67.

ResMed (NYSE:RMD) last issued its quarterly earnings data on Thursday, April 30th. The medical equipment provider reported $2.86 earnings per share for the quarter, topping the consensus estimate of $2.79 by $0.07. The firm had revenue of $1.43 billion for 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 business’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.37 EPS. Equities research analysts anticipate that ResMed Inc. will post 11.14 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Citigroup reiterated a “neutral” rating and set a $235.00 price target (down from $270.00) on shares of ResMed in a report on Sunday, July 12th. Robert W. Baird set a $225.00 target price on ResMed in a report on Friday, May 1st. The Goldman Sachs Group restated a “buy” rating on shares of ResMed in a research note on Wednesday, July 1st. Wells Fargo & Company dropped their price objective on ResMed from $227.00 to $225.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 8th. Finally, UBS Group reiterated a “buy” rating and issued a $300.00 price objective on shares of ResMed in a report on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat.com, ResMed has a consensus rating of “Moderate Buy” and a consensus target price of $246.25.

About ResMed

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.