California Public Employees Retirement System Sells 11,843 Shares of ResMed Inc. (NYSE:RMD)

California Public Employees Retirement System trimmed its position in ResMed Inc. (NYSE:RMD) by 4.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 264,835 shares of the medical equipment provider’s stock after selling 11,843 shares during the period. California Public Employees Retirement System’s holdings in ResMed were worth $60,565,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in RMD. True Wealth Design LLC boosted its holdings in ResMed by 2,200.0% in the third quarter. True Wealth Design LLC now owns 115 shares of the medical equipment provider’s stock valued at $28,000 after acquiring an additional 110 shares during the last quarter. OFI Invest Asset Management bought a new position in shares of ResMed in the 4th quarter valued at about $39,000. BankPlus Trust Department acquired a new stake in shares of ResMed during the 4th quarter worth approximately $44,000. Rosenberg Matthew Hamilton bought a new stake in shares of ResMed during the fourth quarter worth approximately $54,000. Finally, SBI Securities Co. Ltd. acquired a new position in ResMed in the fourth quarter valued at approximately $67,000. 54.98% of the stock is owned by institutional investors and hedge funds.

ResMed Stock Down 0.8 %

Shares of RMD stock opened at $222.14 on Wednesday. The company has a market capitalization of $32.62 billion, a price-to-earnings ratio of 26.23, a P/E/G ratio of 1.53 and a beta of 0.74. ResMed Inc. has a 12-month low of $172.19 and a 12-month high of $263.05. The firm has a fifty day moving average of $232.86 and a 200-day moving average of $237.64. The company has a quick ratio of 2.29, a current ratio of 3.33 and a debt-to-equity ratio of 0.13.

ResMed (NYSE:RMD) last released its quarterly earnings results 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 return on equity of 26.17% and a net margin of 25.34%. As a group, equities research analysts predict that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Thursday, February 13th were paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 0.95%. The ex-dividend date of this dividend was Thursday, February 13th. ResMed’s payout ratio is 25.03%.

Wall Street Analysts Forecast Growth

RMD has been the subject of several recent research reports. Needham & Company LLC reiterated a “hold” rating on shares of ResMed in a research report on Friday, January 31st. Morgan Stanley started coverage on ResMed in a research note on Wednesday, March 19th. They issued an “overweight” rating and a $280.00 target price on the stock. UBS Group upgraded ResMed from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 31st. Citigroup upgraded shares of ResMed from a “neutral” rating to a “buy” rating in a research report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of ResMed from $270.00 to $286.00 and gave the company an “overweight” rating in a report on Friday, January 31st. One investment analyst has rated the stock with a sell rating, five have given a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ResMed currently has an average rating of “Moderate Buy” and a consensus target price of $249.73.

Insiders Place Their Bets

In other news, Director Peter C. Farrell sold 2,000 shares of the stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $242.11, for a total transaction of $484,220.00. Following the completion of the transaction, the director now directly owns 77,218 shares in the company, valued at $18,695,249.98. This represents a 2.52 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Kaushik Ghoshal sold 9,745 shares of ResMed stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $239.31, for a total value of $2,332,075.95. Following the completion of the sale, the insider now directly owns 9,725 shares in the company, valued at approximately $2,327,289.75. This represents a 50.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 38,940 shares of company stock valued at $9,164,385 in the last quarter. 0.71% of the stock is currently owned by insiders.

About ResMed

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.