Public Employees Retirement System of Ohio Cuts Position in ResMed Inc. (NYSE:RMD)

Public Employees Retirement System of Ohio lowered its stake in shares of ResMed Inc. (NYSE:RMD) by 8.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 55,593 shares of the medical equipment provider’s stock after selling 5,240 shares during the period. Public Employees Retirement System of Ohio’s holdings in ResMed were worth $11,009,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD grew its holdings in shares of ResMed by 2.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 416,761 shares of the medical equipment provider’s stock worth $82,532,000 after acquiring an additional 11,908 shares during the period. 1832 Asset Management L.P. acquired a new stake in ResMed in the first quarter valued at $6,782,000. JT Stratford LLC acquired a new stake in ResMed in the first quarter valued at $1,015,000. EntryPoint Capital LLC increased its position in shares of ResMed by 42.9% in the first quarter. EntryPoint Capital LLC now owns 626 shares of the medical equipment provider’s stock valued at $124,000 after buying an additional 188 shares in the last quarter. Finally, Pitcairn Co. purchased a new stake in shares of ResMed in the 1st quarter worth about $219,000. 54.98% of the stock is currently owned by institutional investors and hedge funds.

ResMed Trading Up 5.7 %

RMD stock traded up $11.28 during midday trading on Monday, reaching $208.32. 870,190 shares of the company’s stock traded hands, compared to its average volume of 1,051,223. ResMed Inc. has a fifty-two week low of $132.24 and a fifty-two week high of $229.97. The business has a 50-day moving average price of $204.14 and a two-hundred day moving average price of $195.23. The company has a market capitalization of $30.60 billion, a P/E ratio of 31.64, a PEG ratio of 1.70 and a beta of 0.66. The company has a debt-to-equity ratio of 0.22, a current ratio of 3.04 and a quick ratio of 1.97.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, April 25th. The medical equipment provider reported $2.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.91 by $0.22. ResMed had a net margin of 20.91% and a return on equity of 24.43%. The firm had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same period in the prior year, the company earned $1.68 EPS. The firm’s revenue was up 7.2% on a year-over-year basis. Equities research analysts forecast that ResMed Inc. will post 7.7 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on RMD. Oppenheimer cut shares of ResMed from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 25th. KeyCorp upped their price objective on ResMed from $227.00 to $238.00 and gave the company an “overweight” rating in a research report on Friday, April 26th. Royal Bank of Canada boosted their target price on shares of ResMed from $200.00 to $204.00 and gave the company a “sector perform” rating in a research note on Tuesday, July 23rd. Citigroup downgraded ResMed from a “buy” rating to a “neutral” rating in a report on Monday, June 24th. Finally, Needham & Company LLC restated a “buy” rating and set a $236.00 price objective on shares of ResMed in a report on Monday, June 24th. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, ResMed presently has an average rating of “Moderate Buy” and a consensus target price of $203.20.

Insiders Place Their Bets

In related news, CEO Michael J. Farrell sold 14,683 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $216.50, for a total transaction of $3,178,869.50. Following the sale, the chief executive officer now directly owns 440,752 shares in the company, valued at approximately $95,422,808. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other ResMed news, CEO Michael J. Farrell sold 14,683 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $216.50, for a total value of $3,178,869.50. Following the completion of the transaction, the chief executive officer now directly owns 440,752 shares of the company’s stock, valued at approximately $95,422,808. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Brett Sandercock sold 1,000 shares of ResMed stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $194.35, for a total value of $194,350.00. Following the sale, the chief financial officer now directly owns 90,056 shares in the company, valued at $17,502,383.60. The disclosure for this sale can be found here. Insiders have sold a total of 46,409 shares of company stock worth $9,602,796 over the last quarter. 1.21% of the stock is 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.