California Public Employees Retirement System Has $45.06 Million Stock Holdings in ResMed Inc. (NYSE:RMD)

California Public Employees Retirement System decreased its position in shares of ResMed Inc. (NYSE:RMD) by 3.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 261,957 shares of the medical equipment provider’s stock after selling 8,571 shares during the quarter. California Public Employees Retirement System’s holdings in ResMed were worth $45,062,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Morgan Stanley boosted its stake in shares of ResMed by 102.4% during 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 in the last quarter. abrdn plc boosted its position in ResMed by 79.2% during 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. Charles Schwab Investment Management Inc. grew its holdings in ResMed by 0.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 817,176 shares of the medical equipment provider’s stock worth $120,836,000 after acquiring an additional 2,882 shares during the last quarter. LGT Capital Partners LTD. acquired a new position in ResMed in the 4th quarter valued at approximately $117,621,000. Finally, Hsbc Holdings PLC raised its stake in shares of ResMed by 109.9% during the third quarter. Hsbc Holdings PLC now owns 490,214 shares of the medical equipment provider’s stock valued at $72,785,000 after acquiring an additional 256,624 shares during the last quarter. Institutional investors own 54.98% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Oppenheimer lowered their target price on ResMed from $205.00 to $200.00 and set an “outperform” rating for the company in a research report on Friday. Mizuho reaffirmed a “buy” rating and issued a $215.00 price objective on shares of ResMed in a research note on Wednesday, March 27th. KeyCorp increased their target price on shares of ResMed from $227.00 to $238.00 and gave the company an “overweight” rating in a research report on Friday. Royal Bank of Canada boosted their price target on shares of ResMed from $187.00 to $200.00 and gave the stock a “sector perform” rating in a research report on Friday. Finally, JPMorgan Chase & Co. increased their price objective on shares of ResMed from $160.00 to $195.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 9th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $202.80.

ResMed Trading Up 18.9 %

NYSE RMD opened at $218.06 on Friday. The company has a quick ratio of 1.89, a current ratio of 3.11 and a debt-to-equity ratio of 0.27. The business has a 50 day moving average price of $187.07 and a 200-day moving average price of $171.97. ResMed Inc. has a 52 week low of $132.24 and a 52 week high of $243.52. The company has a market cap of $32.07 billion, a price-to-earnings ratio of 33.50, a P/E/G ratio of 2.26 and a beta of 0.67.

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

Insider Activity

In related news, Director Peter C. Farrell sold 10,935 shares of the 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 completion of the sale, the director now directly owns 157,404 shares of the company’s stock, valued at approximately $28,751,414.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, General Counsel Michael J. Rider sold 200 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $173.25, for a total transaction of $34,650.00. Following the transaction, the general counsel now directly owns 6,688 shares in the company, valued at $1,158,696. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Peter C. Farrell sold 10,935 shares of the company’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $182.66, for a total transaction of $1,997,387.10. Following the completion of the sale, the director now directly owns 157,404 shares of the company’s stock, valued at $28,751,414.64. The disclosure for this sale can be found here. Insiders have sold 11,216 shares of company stock worth $2,046,617 over the last 90 days. 1.21% 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. 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.