New York State Common Retirement Fund Reduces Stock Position in ResMed Inc. (NYSE:RMD)

New York State Common Retirement Fund reduced its holdings in shares of ResMed Inc. (NYSE:RMD) by 4.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 105,801 shares of the medical equipment provider’s stock after selling 5,200 shares during the quarter. New York State Common Retirement Fund’s holdings in ResMed were worth $24,196,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in RMD. Blue Trust Inc. lifted its position in shares of ResMed by 359.4% during the third quarter. Blue Trust Inc. now owns 974 shares of the medical equipment provider’s stock worth $238,000 after purchasing an additional 762 shares during the last quarter. Lecap Asset Management Ltd. bought a new position in shares of ResMed during the third quarter worth about $366,000. Commerzbank Aktiengesellschaft FI bought a new position in shares of ResMed during the third quarter worth about $226,000. Greenleaf Trust lifted its position in shares of ResMed by 5.6% during the third quarter. Greenleaf Trust now owns 3,268 shares of the medical equipment provider’s stock worth $798,000 after purchasing an additional 172 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its position in shares of ResMed by 24,311.9% during the third quarter. International Assets Investment Management LLC now owns 26,609 shares of the medical equipment provider’s stock worth $6,496,000 after purchasing an additional 26,500 shares during the last quarter. Institutional investors and hedge funds own 54.98% of the company’s stock.

ResMed Price Performance

Shares of NYSE:RMD opened at $231.61 on Friday. The firm’s 50 day moving average is $237.57 and its two-hundred day moving average is $238.96. ResMed Inc. has a 52 week low of $170.56 and a 52 week high of $263.05. The firm has a market capitalization of $34.02 billion, a P/E ratio of 27.34, a PEG ratio of 1.55 and a beta of 0.70. The company has a current ratio of 3.33, a quick ratio of 2.29 and a debt-to-equity ratio of 0.13.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 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%. Analysts anticipate that ResMed Inc. will post 9.44 earnings per share for the current year.

ResMed Announces Dividend

The business also recently disclosed 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. This represents a $2.12 annualized dividend and a dividend yield of 0.92%. The ex-dividend date of this dividend is Thursday, February 13th. ResMed’s dividend payout ratio (DPR) is presently 25.03%.

Analyst Upgrades and Downgrades

RMD has been the topic of several research analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of ResMed in a research report on Friday, January 31st. Royal Bank of Canada increased their price objective on shares of ResMed from $224.00 to $232.00 and gave the stock a “sector perform” rating in a research note on Friday, October 25th. JPMorgan Chase & Co. increased their price objective on shares of ResMed from $270.00 to $286.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Piper Sandler increased their price objective on shares of ResMed from $252.00 to $260.00 and gave the stock a “neutral” rating in a research note on Friday, January 31st. Finally, Robert W. Baird increased their price objective on shares of ResMed from $280.00 to $283.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, ResMed currently has an average rating of “Moderate Buy” and a consensus price target of $244.73.

Insider Activity

In other news, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $236.77, for a total value of $1,896,290.93. Following the completion of the transaction, the chief executive officer now directly owns 455,472 shares in the company, valued at $107,842,105.44. This trade represents a 1.73 % decrease in their ownership of the stock. 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 stock in a transaction that occurred on 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 owns 77,218 shares of the company’s stock, valued at $18,695,249.98. This trade represents a 2.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,147 shares of company stock worth $2,905,745 over the last three months. Corporate insiders own 0.71% of the company’s stock.

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.