State of Michigan Retirement System Acquires 200 Shares of ResMed Inc. (NYSE:RMD)

State of Michigan Retirement System increased its holdings in ResMed Inc. (NYSE:RMDFree Report) by 0.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 41,711 shares of the medical equipment provider’s stock after buying an additional 200 shares during the period. State of Michigan Retirement System’s holdings in ResMed were worth $7,175,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. State Street Corp boosted its holdings in ResMed by 1.6% in the 2nd quarter. State Street Corp now owns 6,388,113 shares of the medical equipment provider’s stock worth $1,395,803,000 after buying an additional 99,617 shares during the period. Geode Capital Management LLC boosted its holdings in ResMed by 3.3% in the 1st quarter. Geode Capital Management LLC now owns 3,231,885 shares of the medical equipment provider’s stock worth $706,314,000 after buying an additional 103,438 shares during the period. Morgan Stanley boosted its holdings in ResMed by 102.4% in the 3rd quarter. Morgan Stanley now owns 2,329,618 shares of the medical equipment provider’s stock worth $344,481,000 after buying an additional 1,178,547 shares during the period. Norges Bank bought a new position in ResMed in the 4th quarter worth approximately $244,477,000. Finally, abrdn plc boosted its holdings in ResMed by 79.2% in the 3rd quarter. abrdn plc now owns 901,485 shares of the medical equipment provider’s stock worth $133,303,000 after buying an additional 398,302 shares during the period. 54.98% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, General Counsel Michael J. Rider sold 200 shares of ResMed stock in a transaction on Friday, March 1st. The shares were sold at an average price of $173.25, for a total value of $34,650.00. Following the transaction, the general counsel now owns 6,688 shares in the company, valued at approximately $1,158,696. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Peter C. Farrell sold 10,935 shares of ResMed stock in a transaction on Thursday, February 22nd. The shares were 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 in the company, valued at approximately $28,751,414.64. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel Michael J. Rider sold 200 shares of ResMed stock in a transaction on Friday, March 1st. The stock was sold at an average price of $173.25, for a total transaction of $34,650.00. Following the completion of the transaction, the general counsel now owns 6,688 shares in the company, valued at approximately $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 90 days. 1.21% of the stock is owned by company insiders.

Analyst Ratings Changes

RMD has been the subject of several analyst reports. Oppenheimer raised their price objective on shares of ResMed from $185.00 to $205.00 and gave the stock an “outperform” rating in a report on Tuesday, January 30th. KeyCorp assumed coverage on shares of ResMed in a report on Tuesday, February 6th. They issued an “overweight” rating and a $227.00 price target for the company. Needham & Company LLC raised their price target on shares of ResMed from $215.00 to $224.00 and gave the company a “buy” rating in a report on Monday. UBS Group raised their price target on shares of ResMed from $175.00 to $180.00 and gave the company a “neutral” rating in a report on Thursday, January 25th. Finally, Mizuho reissued a “buy” rating and issued a $215.00 price target on shares of ResMed in a report on Wednesday, March 27th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $199.20.

Read Our Latest Report on RMD

ResMed Stock Performance

ResMed stock opened at $186.04 on Thursday. The firm’s fifty day moving average price is $186.80 and its 200-day moving average price is $166.98. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.89 and a current ratio of 3.11. The stock has a market cap of $27.36 billion, a P/E ratio of 30.75, a price-to-earnings-growth ratio of 2.28 and a beta of 0.67. ResMed Inc. has a fifty-two week low of $132.24 and a fifty-two week high of $243.52.

ResMed (NYSE:RMDGet Free Report) last posted its quarterly earnings data on Wednesday, January 24th. The medical equipment provider reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.81 by $0.07. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. ResMed had a net margin of 19.77% and a return on equity of 23.86%. The business’s quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter last year, the company posted $1.66 EPS. On average, equities research analysts expect that ResMed Inc. will post 7.45 earnings per share for the current fiscal year.

ResMed Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 14th. Stockholders of record on Thursday, February 8th were given a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 1.03%. The ex-dividend date of this dividend was Wednesday, February 7th. ResMed’s dividend payout ratio (DPR) is currently 31.74%.

ResMed Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for ResMed (NYSE:RMD)

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