State of Michigan Retirement System Has $9.45 Million Stake in ResMed Inc. (NYSE:RMD)

State of Michigan Retirement System lowered its stake in ResMed Inc. (NYSE:RMD) by 1.2% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 41,311 shares of the medical equipment provider’s stock after selling 500 shares during the quarter. State of Michigan Retirement System’s holdings in ResMed were worth $9,447,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. True Wealth Design LLC boosted its holdings in shares of ResMed by 2,200.0% during the 3rd quarter. True Wealth Design LLC now owns 115 shares of the medical equipment provider’s stock worth $28,000 after buying an additional 110 shares during the period. Ashton Thomas Securities LLC acquired a new position in ResMed during the 3rd quarter worth $34,000. BankPlus Trust Department bought a new stake in ResMed during the fourth quarter valued at about $44,000. Rosenberg Matthew Hamilton acquired a new stake in shares of ResMed in the fourth quarter valued at about $54,000. Finally, Capital Performance Advisors LLP acquired a new stake in shares of ResMed in the third quarter valued at about $60,000. Institutional investors own 54.98% of the company’s stock.

Analyst Ratings Changes

RMD has been the subject of several research analyst reports. JPMorgan Chase & Co. boosted their price objective on ResMed from $270.00 to $286.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. KeyCorp upped their price target on ResMed from $266.00 to $280.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Citigroup upgraded shares of ResMed from a “neutral” rating to a “buy” rating in a research note on Wednesday. Stifel Nicolaus cut their target price on shares of ResMed from $250.00 to $240.00 and set a “hold” rating for the company in a research note on Wednesday. Finally, Piper Sandler raised their price target on shares of ResMed from $252.00 to $260.00 and gave the stock a “neutral” rating in a research report on Friday, January 31st. One analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, ResMed presently has a consensus rating of “Moderate Buy” and an average target price of $243.82.

ResMed Price Performance

Shares of ResMed stock opened at $223.76 on Thursday. The firm has a market cap of $32.86 billion, a P/E ratio of 26.42, a price-to-earnings-growth ratio of 1.53 and a beta of 0.70. The firm’s 50-day simple moving average is $236.90 and its 200-day simple moving average is $239.90. ResMed Inc. has a twelve month low of $172.19 and a twelve month high of $263.05. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.29 and a current ratio of 3.33.

ResMed (NYSE:RMD) last released its quarterly earnings data on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share for the quarter, beating analysts’ consensus estimates 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, research analysts expect that ResMed Inc. will post 9.47 EPS for the current fiscal year.

ResMed Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Shareholders of record on Thursday, February 13th will be given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date is Thursday, February 13th. ResMed’s dividend payout ratio (DPR) is 25.03%.

Insiders Place Their Bets

In other ResMed news, Director Peter C. Farrell sold 2,000 shares of the business’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $242.11, for a total value of $484,220.00. Following the transaction, the director now directly owns 77,218 shares in the company, valued at $18,695,249.98. The trade was a 2.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kaushik Ghoshal sold 9,113 shares of the company’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $235.40, for a total transaction of $2,145,200.20. Following the sale, the insider now directly owns 9,725 shares in the company, valued at $2,289,265. This represents a 48.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,186 shares of company stock worth $4,541,226 over the last three months. 0.71% of the stock is currently owned by corporate 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.