ResMed Inc. (NYSE:RMD) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System trimmed its stake in shares of ResMed Inc. (NYSE:RMD) by 3.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 261,957 shares of the medical equipment provider’s stock after selling 8,571 shares during the period. California Public Employees Retirement System owned about 0.18% of ResMed worth $45,062,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Morgan Stanley grew its position in shares of ResMed by 102.4% in the third quarter. Morgan Stanley now owns 2,329,618 shares of the medical equipment provider’s stock valued at $344,481,000 after purchasing an additional 1,178,547 shares during the last quarter. LGT Capital Partners LTD. acquired a new position in shares of ResMed in the fourth quarter worth $117,621,000. abrdn plc boosted its stake in shares of ResMed by 79.2% during the third quarter. abrdn plc now owns 901,485 shares of the medical equipment provider’s stock valued at $133,303,000 after acquiring an additional 398,302 shares during the last quarter. Hsbc Holdings PLC raised its stake in ResMed by 109.9% in the 3rd quarter. Hsbc Holdings PLC now owns 490,214 shares of the medical equipment provider’s stock valued at $72,785,000 after purchasing an additional 256,624 shares during the last quarter. Finally, UBS Group AG boosted its stake in shares of ResMed by 109.3% during the 3rd quarter. UBS Group AG now owns 457,717 shares of the medical equipment provider’s stock worth $67,683,000 after purchasing an additional 239,001 shares during the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

ResMed Trading Up 18.9 %

NYSE:RMD opened at $218.06 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.89 and a current ratio of 3.11. ResMed Inc. has a one year low of $132.24 and a one year high of $243.52. The business’s 50-day simple moving average is $187.07 and its 200 day simple moving average is $171.97. The stock has a market cap of $32.07 billion, a price-to-earnings ratio of 33.50, a price-to-earnings-growth ratio of 2.26 and a beta of 0.67.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, April 25th. The medical equipment provider reported $2.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.91 by $0.22. ResMed had a net margin of 20.91% and a return on equity of 24.92%. The business had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter last year, the company earned $1.68 earnings per share. The business’s quarterly revenue was up 7.2% compared to the same quarter last year. As a group, sell-side analysts predict that ResMed Inc. will post 7.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In other ResMed news, Director Peter C. Farrell sold 10,935 shares of the business’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $182.66, for a total value of $1,997,387.10. Following the transaction, the director now owns 157,404 shares of the company’s stock, valued at $28,751,414.64. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other ResMed news, Director Peter C. Farrell sold 10,935 shares of the stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $182.66, for a total transaction of $1,997,387.10. Following the sale, the director now owns 157,404 shares of the company’s stock, valued at approximately $28,751,414.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Michael J. Rider sold 200 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $173.25, for a total transaction of $34,650.00. Following the sale, the general counsel now directly owns 6,688 shares in the company, valued at $1,158,696. The disclosure for this sale can be found here. Insiders have sold a total of 11,216 shares of company stock worth $2,046,617 in the last three months. Insiders own 1.21% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on RMD shares. UBS Group lifted their price objective on ResMed from $175.00 to $180.00 and gave the company a “neutral” rating in a research report on Thursday, January 25th. Needham & Company LLC upped their price objective on shares of ResMed from $224.00 to $236.00 and gave the company a “buy” rating in a research note on Friday. Oppenheimer decreased their target price on shares of ResMed from $205.00 to $200.00 and set an “outperform” rating on the stock in a research report on Friday. Royal Bank of Canada boosted their target price on ResMed from $187.00 to $200.00 and gave the stock a “sector perform” rating in a report on Friday. Finally, KeyCorp raised their price target on shares of ResMed from $227.00 to $238.00 and gave the company an “overweight” rating in a report on Friday. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, ResMed has an average rating of “Moderate Buy” and an average price target of $202.80.

ResMed Company Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. It 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 technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.