New York State Teachers Retirement System Grows Position in ResMed Inc. (NYSE:RMD)

New York State Teachers Retirement System boosted its stake in shares of ResMed Inc. (NYSE:RMD) by 0.8% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 131,971 shares of the medical equipment provider’s stock after acquiring an additional 1,046 shares during the period. New York State Teachers Retirement System’s holdings in ResMed were worth $30,180,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Banque Pictet & Cie SA bought a new stake in shares of ResMed in the fourth quarter worth about $4,219,000. Asset Management One Co. Ltd. increased its stake in ResMed by 2.8% in the 4th quarter. Asset Management One Co. Ltd. now owns 60,489 shares of the medical equipment provider’s stock worth $14,105,000 after acquiring an additional 1,629 shares during the last quarter. Avestar Capital LLC raised its holdings in shares of ResMed by 7.6% during the 4th quarter. Avestar Capital LLC now owns 1,189 shares of the medical equipment provider’s stock worth $272,000 after acquiring an additional 84 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of ResMed by 4.9% during the 4th quarter. Van ECK Associates Corp now owns 41,279 shares of the medical equipment provider’s stock valued at $9,440,000 after acquiring an additional 1,945 shares during the last quarter. Finally, Avidian Wealth Enterprises LLC purchased a new position in shares of ResMed in the fourth quarter valued at $204,000. 54.98% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on RMD. Stifel Nicolaus initiated coverage on shares of ResMed in a research note on Friday, December 13th. They set a “hold” rating and a $250.00 price target on the stock. JPMorgan Chase & Co. upped their target price on shares of ResMed from $270.00 to $286.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Royal Bank of Canada boosted their price objective on ResMed from $224.00 to $232.00 and gave the stock a “sector perform” rating in a research note on Friday, October 25th. Piper Sandler upped their price objective on ResMed from $252.00 to $260.00 and gave the company a “neutral” rating in a research report on Friday, January 31st. Finally, KeyCorp lifted their target price on ResMed from $266.00 to $280.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $244.73.

Insider Activity

In other news, insider Justin Leong sold 6,160 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $243.09, for a total value of $1,497,434.40. Following the completion of the transaction, the insider now directly owns 21,718 shares of the company’s stock, valued at approximately $5,279,428.62. The trade was a 22.10 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Peter C. Farrell sold 2,000 shares of the company’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $245.65, for a total value of $491,300.00. Following the sale, the director now owns 81,218 shares of the company’s stock, valued at $19,951,201.70. This trade represents a 2.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,307 shares of company stock worth $4,403,180. 0.71% of the stock is currently owned by corporate insiders.

ResMed Stock Down 2.7 %

Shares of RMD opened at $232.93 on Friday. The firm has a fifty day moving average price of $238.51 and a 200-day moving average price of $238.47. The company has a current ratio of 3.33, a quick ratio of 2.29 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $34.21 billion, a P/E ratio of 27.50, a P/E/G ratio of 1.57 and a beta of 0.70. ResMed Inc. has a 12-month low of $170.56 and a 12-month high of $263.05.

ResMed (NYSE:RMD) last released its quarterly earnings data on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.29 by $0.14. ResMed had a net margin of 25.34% and a return on equity of 26.17%. Equities research analysts expect that ResMed Inc. will post 9.44 earnings per share for the current year.

ResMed Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Stockholders of record on Thursday, February 13th will be issued a $0.53 dividend. The ex-dividend date of this dividend is Thursday, February 13th. This represents a $2.12 annualized dividend and a dividend yield of 0.91%. ResMed’s dividend payout ratio is currently 25.03%.

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.