ResMed Inc. $RMD Stake Cut by Vestcor Inc

Vestcor Inc reduced its holdings in ResMed Inc. (NYSE:RMD) by 30.5% in the 4th quarter, Holdings Channel reports. The fund owned 10,395 shares of the medical equipment provider’s stock after selling 4,571 shares during the period. Vestcor Inc’s holdings in ResMed were worth $2,504,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the business. Terra Nova Asset Management LLC lifted its stake in ResMed by 0.6% in the 3rd quarter. Terra Nova Asset Management LLC now owns 7,805 shares of the medical equipment provider’s stock worth $2,136,000 after acquiring an additional 46 shares in the last quarter. IMA Advisory Services Inc. lifted its stake in ResMed by 52.7% in the 3rd quarter. IMA Advisory Services Inc. now owns 139 shares of the medical equipment provider’s stock worth $38,000 after acquiring an additional 48 shares in the last quarter. Occidental Asset Management LLC lifted its stake in ResMed by 3.0% in the 4th quarter. Occidental Asset Management LLC now owns 1,699 shares of the medical equipment provider’s stock worth $409,000 after acquiring an additional 49 shares in the last quarter. Wedmont Private Capital lifted its stake in ResMed by 2.7% in the 4th quarter. Wedmont Private Capital now owns 2,183 shares of the medical equipment provider’s stock worth $542,000 after acquiring an additional 57 shares in the last quarter. Finally, New Wave Wealth Advisors LLC lifted its stake in ResMed by 3.0% in the 4th quarter. New Wave Wealth Advisors LLC now owns 1,956 shares of the medical equipment provider’s stock worth $471,000 after acquiring an additional 57 shares in the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

ResMed Stock Down 0.0%

RMD opened at $195.95 on Monday. ResMed Inc. has a fifty-two week low of $180.26 and a fifty-two week high of $293.81. The business has a 50-day moving average of $213.11 and a 200-day moving average of $237.15. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.01 and a quick ratio of 2.33. The company has a market capitalization of $28.42 billion, a PE ratio of 18.90, a price-to-earnings-growth ratio of 1.25 and a beta of 0.80.

ResMed (NYSE:RMD) last posted its quarterly earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 earnings per share for the quarter, topping analysts’ consensus estimates of $2.79 by $0.07. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. ResMed had a return on equity of 25.35% and a net margin of 27.44%.The business’s quarterly revenue was up 10.8% on a year-over-year basis. During the same period last year, the business earned $2.37 EPS. Equities research analysts forecast that ResMed Inc. will post 11.13 EPS for the current fiscal year.

ResMed Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 18th. Stockholders of record on Thursday, May 14th will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Thursday, May 14th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.2%. ResMed’s dividend payout ratio is currently 23.14%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on RMD shares. Evercore set a $255.00 price objective on ResMed and gave the stock an “outperform” rating in a research note on Monday, April 13th. Royal Bank Of Canada raised their price target on ResMed from $314.00 to $321.00 and gave the stock an “outperform” rating in a research note on Friday, May 1st. Robert W. Baird set a $225.00 price target on ResMed in a research note on Friday, May 1st. Weiss Ratings downgraded ResMed from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 22nd. Finally, JPMorgan Chase & Co. began coverage on ResMed in a research note on Wednesday, April 15th. They set an “overweight” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $286.18.

Insider Transactions at ResMed

In other news, Director Peter C. Farrell sold 2,000 shares of the stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $225.00, for a total transaction of $450,000.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $207.82, for a total value of $1,037,229.62. Following the transaction, the chief executive officer directly owned 466,223 shares in the company, valued at approximately $96,890,463.86. This represents a 1.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 11,982 shares of company stock worth $2,612,700. 0.65% of the stock is currently owned by insiders.

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.