PGGM Investments Boosts Stock Position in ResMed Inc. (NYSE:RMD)

PGGM Investments increased its stake in shares of ResMed Inc. (NYSE:RMD) by 1,035.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 23,613 shares of the medical equipment provider’s stock after buying an additional 21,534 shares during the quarter. PGGM Investments’ holdings in ResMed were worth $5,400,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. True Wealth Design LLC raised 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 acquiring an additional 110 shares during the period. Ashton Thomas Securities LLC acquired a new stake in ResMed during the third quarter worth about $34,000. OFI Invest Asset Management purchased a new position in ResMed during the fourth quarter worth about $39,000. BankPlus Trust Department acquired a new position in ResMed in the 4th quarter valued at about $44,000. Finally, Rosenberg Matthew Hamilton purchased a new stake in shares of ResMed in the 4th quarter valued at approximately $54,000. Institutional investors and hedge funds own 54.98% of the company’s stock.

Insider Activity

In other ResMed news, insider Kaushik Ghoshal sold 9,113 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $235.40, for a total value of $2,145,200.20. Following the sale, the insider now directly owns 9,725 shares of the company’s stock, valued at approximately $2,289,265. This represents a 48.38 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Michael J. Farrell sold 8,009 shares of ResMed stock in a transaction on Friday, February 7th. The stock was sold at an average price of $236.77, for a total transaction of $1,896,290.93. Following the sale, the chief executive officer now directly owns 455,472 shares of the company’s stock, valued at approximately $107,842,105.44. This trade represents a 1.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 38,940 shares of company stock worth $9,164,385. 0.71% of the stock is currently owned by company insiders.

ResMed Price Performance

Shares of RMD opened at $219.31 on Friday. The company has a market cap of $32.21 billion, a P/E ratio of 25.89, a PEG ratio of 1.53 and a beta of 0.74. ResMed Inc. has a fifty-two week low of $172.19 and a fifty-two week high of $263.05. The company has a quick ratio of 2.29, a current ratio of 3.33 and a debt-to-equity ratio of 0.13. The firm’s 50 day moving average price is $236.44 and its 200 day moving average price is $239.84.

ResMed (NYSE:RMD) last posted its quarterly earnings data on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share for the quarter, topping 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%. On average, research analysts forecast that ResMed Inc. will post 9.47 earnings per share 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 0.97%. The ex-dividend date of this dividend is Thursday, February 13th. ResMed’s dividend payout ratio is currently 25.03%.

Analysts Set New Price Targets

Several analysts have recently commented on RMD shares. Piper Sandler lifted their price target on shares of ResMed from $252.00 to $260.00 and gave the company a “neutral” rating in a research report on Friday, January 31st. The Goldman Sachs Group began coverage on ResMed in a research report on Thursday, January 16th. They issued a “buy” rating on the stock. KeyCorp increased 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. Needham & Company LLC restated a “hold” rating on shares of ResMed in a report on Friday, January 31st. Finally, Stifel Nicolaus lowered 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, March 5th. One analyst has rated the stock with a sell rating, six have issued a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $243.82.

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.