Louisiana State Employees Retirement System Sells 1,500 Shares of ResMed Inc. (RMD)
Louisiana State Employees Retirement System reduced its stake in shares of ResMed Inc. (NYSE:RMD) by 3.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,300 shares of the company’s stock after selling 1,500 shares during the period. Louisiana State Employees Retirement System’s holdings in ResMed were worth $2,358,000 as of its most recent filing with the SEC.
Other institutional investors have also modified their holdings of the company. Financial Architects Inc raised its position in shares of ResMed by 13.8% in the second quarter. Financial Architects Inc now owns 4,550 shares of the company’s stock valued at $288,000 after buying an additional 550 shares in the last quarter. CIBC World Markets Inc. acquired a new position in shares of ResMed during the first quarter valued at about $264,000. BB&T Securities LLC acquired a new position in shares of ResMed during the first quarter valued at about $268,000. BlueMountain Capital Management LLC acquired a new position in shares of ResMed during the first quarter valued at about $293,000. Finally, Bayesian Capital Management LP acquired a new position in shares of ResMed during the first quarter valued at about $426,000. Institutional investors and hedge funds own 61.11% of the company’s stock.
ResMed Inc. (NYSE:RMD) traded down 1.13% during midday trading on Monday, reaching $63.73. The company had a trading volume of 1,673,935 shares. ResMed Inc. has a 12-month low of $49.11 and a 12-month high of $70.90. The stock’s 50 day moving average is $68.05 and its 200 day moving average is $61.93. The firm has a market capitalization of $8.97 billion, a price-to-earnings ratio of 25.59 and a beta of 0.71.
ResMed (NYSE:RMD) last issued its earnings results on Thursday, July 28th. The company reported $0.74 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.74. The business earned $518.60 million during the quarter, compared to the consensus estimate of $512.37 million. ResMed had a return on equity of 23.89% and a net margin of 18.63%. The firm’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.68 earnings per share. Equities research analysts expect that ResMed Inc. will post $2.88 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 22nd. Shareholders of record on Thursday, August 18th will be issued a $0.33 dividend. This is an increase from ResMed’s previous quarterly dividend of $0.30. This represents a $1.32 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date is Tuesday, August 16th. ResMed’s payout ratio is presently 54.32%.
Several equities analysts recently issued reports on the company. Canaccord Genuity reiterated a “hold” rating and issued a $57.00 price objective on shares of ResMed in a research report on Monday, July 25th. Jefferies Group boosted their price objective on ResMed from $56.00 to $60.00 and gave the company a “hold” rating in a research report on Friday, July 29th. JPMorgan Chase & Co. lowered ResMed from an “overweight” rating to a “neutral” rating in a research report on Monday. Zacks Investment Research lowered ResMed from a “hold” rating to a “sell” rating in a research report on Friday, July 8th. Finally, Needham & Company LLC reaffirmed an “underperform” rating on shares of ResMed in a research report on Tuesday, August 30th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of C$58.60.
In other news, insider David Pendarvis sold 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 5th. The stock was sold at an average price of C$63.62, for a total transaction of C$381,720.00. Following the completion of the sale, the insider now owns 80,512 shares in the company, valued at C$5,122,173.44. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider James Hollingshead sold 2,753 shares of the business’s stock in a transaction that occurred on Thursday, July 14th. The shares were sold at an average price of C$65.02, for a total value of C$179,000.06. Following the sale, the insider now owns 40,669 shares of the company’s stock, valued at approximately C$2,644,298.38. The disclosure for this sale can be found here. 2.54% of the stock is owned by company insiders.
ResMed Inc is engaged in the development, manufacturing, distribution and marketing of medical products for the diagnosis, treatment and management of respiratory disorders, with a focus on sleep-disordered breathing (SDB). The Company develops various products for SDB and other respiratory disorders, including airflow generators, diagnostic products, mask systems, headgear and other accessories.
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