California State Teachers Retirement System Grows Holdings in ResMed Inc. $RMD

California State Teachers Retirement System lifted its stake in ResMed Inc. (NYSE:RMD) by 19,648.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund 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 0.30% of ResMed worth $8,567,581,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Imprint Wealth LLC acquired a new stake in ResMed in the 3rd quarter valued at approximately $26,000. WFA of San Diego LLC purchased a new stake in ResMed in the second quarter valued at approximately $26,000. International Assets Investment Management LLC acquired a new position in ResMed during the fourth quarter worth $25,000. Sunbelt Securities Inc. acquired a new position in ResMed during the third quarter worth $31,000. Finally, Bell Investment Advisors Inc purchased a new position in shares of ResMed during the second quarter worth $26,000. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Insider Activity

In other ResMed news, CEO Michael Farrell sold 4,991 shares of the stock in a transaction dated 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 sale, the chief executive officer owned 466,256 shares of the company’s stock, valued at $95,904,196.64. This trade represents a 1.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter Farrell sold 970 shares of ResMed stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $234.73, for a total value of $227,688.10. Following the completion of the transaction, the director owned 51,803 shares of the company’s stock, valued at $12,159,718.19. The trade was a 1.84% decrease in their position. 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 90 days, insiders have sold 18,952 shares of company stock worth $4,145,070. 0.65% of the stock is owned by company insiders.

ResMed Stock Performance

NYSE:RMD opened at $221.20 on Wednesday. The company has a fifty day simple moving average of $216.62 and a two-hundred day simple moving average of $217.52. The company has a market cap of $31.91 billion, a price-to-earnings ratio of 21.21, a price-to-earnings-growth ratio of 1.44 and a beta of 0.77. The company has a quick ratio of 2.42, a current ratio of 3.10 and a debt-to-equity ratio of 0.06. ResMed Inc. has a 52 week low of $180.26 and a 52 week high of $284.87.

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

ResMed Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on RMD. KeyCorp lifted their price objective on ResMed from $255.00 to $267.00 and gave the company an “overweight” rating in a research note on Monday, August 31st. Weiss Ratings raised ResMed from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 11th. Rothschild & Co Redburn started coverage on ResMed in a report on Wednesday, August 19th. They set a “neutral” rating and a $230.00 target price for the company. Piper Sandler dropped their target price on ResMed from $233.00 to $225.00 and set a “neutral” rating for the company in a research report on Friday, August 7th. Finally, Royal Bank Of Canada lifted their target price on ResMed from $234.00 to $244.00 and gave the company a “sector perform” rating in a research report on Friday, August 7th. Six analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $240.31.

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.