ResMed Inc. $RMD Shares Purchased by California State Teachers Retirement System

California State Teachers Retirement System increased its stake in ResMed Inc. (NYSE:RMD) by 19,648.1% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 43,963,369 shares of the medical equipment provider’s stock after acquiring an additional 43,740,748 shares during the quarter. California State Teachers Retirement System owned approximately 30.48% of ResMed worth $8,567,581,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the stock. International Assets Investment Management LLC acquired a new stake in shares of ResMed in the fourth quarter valued at about $25,000. Bell Investment Advisors Inc acquired a new position in shares of ResMed during the 2nd quarter worth about $26,000. Imprint Wealth LLC acquired a new position in shares of ResMed during the 3rd quarter worth about $26,000. WFA of San Diego LLC purchased a new position in ResMed in the 2nd quarter valued at about $26,000. Finally, Sunbelt Securities Inc. purchased a new stake in ResMed during the 3rd quarter worth approximately $31,000. 54.98% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

RMD has been the subject of a number of research analyst reports. Jefferies Financial Group reduced their target price on ResMed from $240.00 to $225.00 and set a “hold” rating for the company in a report on Friday, July 10th. KeyCorp boosted their price target on ResMed from $255.00 to $267.00 and gave the stock an “overweight” rating in a research report on Monday, August 31st. Robert W. Baird set a $213.00 price objective on ResMed in a research note on Friday, August 7th. Weiss Ratings upgraded ResMed from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. Finally, Wells Fargo & Company lowered their target price on shares of ResMed from $225.00 to $215.00 and set an “equal weight” rating on the stock in a research note on Friday, August 7th. Six investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $240.31.

Insider Buying and Selling at ResMed

In other news, Director Peter C. Farrell sold 970 shares of the company’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $234.73, for a total value of $227,688.10. Following the transaction, the director owned 51,803 shares of the company’s stock, valued at $12,159,718.19. This represents a 1.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $205.69, for a total value of $1,026,598.79. Following the transaction, the chief executive officer owned 466,256 shares of the company’s stock, valued at approximately $95,904,196.64. This represents a 1.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 18,952 shares of company stock valued at $4,145,070. 0.65% of the stock is owned by insiders.

ResMed Price Performance

Shares of RMD stock opened at $221.20 on Wednesday. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.10 and a quick ratio of 2.42. The firm’s 50-day moving average is $216.62 and its two-hundred day moving average is $217.52. ResMed Inc. has a 12 month low of $180.26 and a 12 month high of $284.87. The company has a market capitalization of $31.91 billion, a PE ratio of 21.21, a price-to-earnings-growth ratio of 1.44 and a beta of 0.77.

ResMed (NYSE:RMD) last posted its quarterly earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share for the quarter, beating the consensus estimate of $2.89 by $0.06. The business had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.46 billion. ResMed had a net margin of 26.94% and a return on equity of 25.58%. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.55 EPS. Analysts predict that ResMed Inc. will post 12.02 earnings per share for the current year.

ResMed Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, August 20th will be given a $0.66 dividend. The ex-dividend date is Thursday, August 20th. This is a positive change from ResMed’s previous quarterly dividend of $0.60. This represents a $2.64 annualized dividend and a yield of 1.2%. ResMed’s dividend payout ratio (DPR) is currently 25.31%.

ResMed Company 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.