New York State Teachers Retirement System Sells 1,736 Shares of ResMed Inc. (NYSE:RMD)

Posted by Defense World Staff on Apr 11th, 2023

New York State Teachers Retirement System lowered its stake in ResMed Inc. (NYSE:RMD – Get Rating) by 1.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 164,957 shares of the medical equipment provider’s stock after selling 1,736 shares during the quarter. New York State Teachers Retirement System owned approximately 0.11% of ResMed worth $34,333,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in shares of ResMed in the third quarter worth about $26,000. Ronald Blue Trust Inc. lifted its stake in ResMed by 72.8% in the 4th quarter. Ronald Blue Trust Inc. now owns 159 shares of the medical equipment provider’s stock worth $35,000 after purchasing an additional 67 shares in the last quarter. Guardian Wealth Advisors LLC bought a new position in ResMed in the 3rd quarter valued at $36,000. Coston McIsaac & Partners purchased a new position in shares of ResMed during the 2nd quarter valued at $41,000. Finally, Twin Lakes Capital Management LLC bought a new position in shares of ResMed in the third quarter worth $44,000. Hedge funds and other institutional investors own 64.73% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on RMD. Citigroup upgraded ResMed from a “neutral” rating to a “buy” rating in a research report on Wednesday, January 18th. StockNews.com began coverage on shares of ResMed in a research report on Thursday, March 16th. They issued a “hold” rating on the stock. William Blair reiterated an “outperform” rating on shares of ResMed in a research report on Tuesday, January 31st. Finally, JPMorgan Chase & Co. boosted their price target on shares of ResMed from $245.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, January 27th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, ResMed presently has a consensus rating of “Moderate Buy” and an average target price of $259.80.

Insider Buying and Selling

In other ResMed news, insider David Pendarvis sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $218.23, for a total value of $327,345.00. Following the completion of the sale, the insider now owns 92,672 shares in the company, valued at $20,223,810.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other ResMed news, insider David Pendarvis sold 1,500 shares of the business’s stock in a transaction dated Monday, April 3rd. The shares were sold at an average price of $218.23, for a total value of $327,345.00. Following the transaction, the insider now owns 92,672 shares in the company, valued at $20,223,810.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael J. Farrell sold 5,675 shares of the company’s stock in a transaction dated Tuesday, January 17th. The shares were sold at an average price of $224.36, for a total transaction of $1,273,243.00. Following the transaction, the chief executive officer now directly owns 436,900 shares of the company’s stock, valued at $98,022,884. The disclosure for this sale can be found here. Insiders have sold a total of 30,619 shares of company stock worth $6,610,668 in the last ninety days. 1.39% of the stock is owned by insiders.

ResMed Stock Up 0.1 %

Shares of RMD opened at $222.14 on Tuesday. ResMed Inc. has a 1 year low of $189.40 and a 1 year high of $247.99. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.17 and a quick ratio of 1.82. The stock has a 50 day simple moving average of $215.89 and a two-hundred day simple moving average of $218.28. The firm has a market cap of $32.63 billion, a P/E ratio of 40.32, a P/E/G ratio of 2.09 and a beta of 0.48.

ResMed (NYSE:RMD – Get Rating) last announced its quarterly earnings data on Thursday, January 26th. The medical equipment provider reported $1.66 earnings per share for the quarter, topping analysts’ consensus estimates of $1.62 by $0.04. ResMed had a net margin of 21.51% and a return on equity of 25.46%. The firm had revenue of $1.03 billion during the quarter, compared to analyst estimates of $996.22 million. During the same period in the previous year, the business posted $1.47 EPS. The business’s quarterly revenue was up 15.5% on a year-over-year basis. On average, analysts forecast that ResMed Inc. will post 6.38 earnings per share for the current fiscal year.

ResMed Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 16th. Investors of record on Thursday, February 9th were issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 0.79%. The ex-dividend date of this dividend was Wednesday, February 8th. ResMed’s dividend payout ratio is presently 31.94%.

About ResMed

(Get Rating)

ResMed, Inc engages in providing digital health and cloud-connected medical devices. Its digital health technologies and cloud-connected medical devices transform care for people with sleep apnea, chronic obstructive pulmonary disease, or COPD, and other chronic diseases. The firm operates through the Sleep and Respiratory Care and Software as a Service segments.