Public Sector Pension Investment Board Purchases 2,398 Shares of ResMed Inc. (NYSE:RMD)

Public Sector Pension Investment Board raised its position in shares of ResMed Inc. (NYSE:RMD) by 74.1% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,632 shares of the medical equipment provider’s stock after acquiring an additional 2,398 shares during the period. Public Sector Pension Investment Board’s holdings in ResMed were worth $1,078,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in RMD. Frank Rimerman Advisors LLC bought a new stake in shares of ResMed in the second quarter valued at approximately $259,000. ProShare Advisors LLC boosted its stake in shares of ResMed by 6.1% in the second quarter. ProShare Advisors LLC now owns 26,622 shares of the medical equipment provider’s stock valued at $5,096,000 after buying an additional 1,522 shares during the period. Ensign Peak Advisors Inc boosted its stake in shares of ResMed by 18.4% in the second quarter. Ensign Peak Advisors Inc now owns 85,710 shares of the medical equipment provider’s stock valued at $16,407,000 after buying an additional 13,324 shares during the period. Sei Investments Co. boosted its stake in shares of ResMed by 68.1% in the second quarter. Sei Investments Co. now owns 36,501 shares of the medical equipment provider’s stock valued at $6,987,000 after buying an additional 14,793 shares during the period. Finally, Pacer Advisors Inc. boosted its stake in shares of ResMed by 139.6% in the second quarter. Pacer Advisors Inc. now owns 23,864 shares of the medical equipment provider’s stock valued at $4,568,000 after buying an additional 13,903 shares during the period. Institutional investors own 54.98% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on RMD shares. Bank of America boosted their price target on ResMed from $240.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Citigroup cut ResMed from a “buy” rating to a “neutral” rating in a research note on Monday, June 24th. StockNews.com cut ResMed from a “buy” rating to a “hold” rating in a research note on Friday, August 30th. Wolfe Research restated an “underperform” rating and set a $180.00 target price on shares of ResMed in a research note on Wednesday, September 18th. Finally, Royal Bank of Canada upped their target price on ResMed from $206.00 to $224.00 and gave the stock a “sector perform” rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $213.75.

ResMed Stock Performance

NYSE RMD opened at $238.86 on Thursday. The company has a quick ratio of 1.69, a current ratio of 2.59 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $35.10 billion, a price-to-earnings ratio of 36.69, a PEG ratio of 2.36 and a beta of 0.69. The stock has a fifty day simple moving average of $232.69 and a 200 day simple moving average of $212.33. ResMed Inc. has a twelve month low of $132.24 and a twelve month high of $255.18.

ResMed (NYSE:RMD) last issued its quarterly earnings results on Thursday, August 1st. The medical equipment provider reported $2.08 EPS for the quarter, beating analysts’ consensus estimates of $2.03 by $0.05. The business had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.22 billion. ResMed had a net margin of 21.79% and a return on equity of 25.00%. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.60 earnings per share. Sell-side analysts expect that ResMed Inc. will post 8.97 EPS for the current year.

ResMed Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 19th. Shareholders of record on Thursday, August 15th were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $2.12 dividend on an annualized basis and a yield of 0.89%. This is a boost from ResMed’s previous quarterly dividend of $0.48. ResMed’s dividend payout ratio is 32.57%.

Insider Buying and Selling at ResMed

In other ResMed news, CFO Brett Sandercock sold 1,000 shares of the company’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $194.35, for a total transaction of $194,350.00. Following the sale, the chief financial officer now owns 90,056 shares of the company’s stock, valued at $17,502,383.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Kaushik Ghoshal sold 5,000 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $252.56, for a total transaction of $1,262,800.00. Following the transaction, the insider now owns 21,788 shares of the company’s stock, valued at approximately $5,502,777.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brett Sandercock sold 1,000 shares of the stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $194.35, for a total transaction of $194,350.00. Following the transaction, the chief financial officer now directly owns 90,056 shares in the company, valued at approximately $17,502,383.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 104,931 shares of company stock valued at $23,119,207. 1.21% of the stock is currently owned by 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.