JPMorgan Chase & Co. assumed coverage on shares of ResMed Inc. (NYSE:RMD) in a research report sent to investors on Tuesday. The brokerage issued a neutral rating and a $64.00 target price on the stock.
RMD has been the topic of a number of other research reports. Needham & Company LLC reissued a sell rating on shares of ResMed in a report on Monday, September 12th. Barclays PLC reaffirmed an underweight rating and set a $55.00 price target on shares of ResMed in a report on Friday, August 26th. Jefferies Group cut ResMed from a hold rating to an underperform rating and cut their price target for the company from $60.00 to $58.00 in a report on Tuesday, August 23rd. Bank of America Corp. raised ResMed from a neutral rating to a buy rating and cut their price target for the company from $89.00 to $72.00 in a report on Thursday, September 29th. Finally, Northland Securities set a $50.00 price target on ResMed and gave the company a sell rating in a report on Monday, August 29th. Five investment analysts have rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of C$60.44.
Shares of ResMed (NYSE:RMD) opened at 63.93 on Tuesday. The stock has a market cap of $8.99 billion, a price-to-earnings ratio of 25.67 and a beta of 0.68. ResMed has a 1-year low of $50.77 and a 1-year high of $70.90. The company has a 50-day moving average price of $65.76 and a 200-day moving average price of $62.49.
ResMed (NYSE:RMD) last issued its earnings results on Thursday, July 28th. The company reported $0.74 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.74. ResMed had a net margin of 18.63% and a return on equity of 23.89%. The firm had revenue of $518.60 million for the quarter, compared to analysts’ expectations of $512.37 million. During the same quarter last year, the company posted $0.68 earnings per share. ResMed’s revenue was up 14.5% on a year-over-year basis. On average, equities analysts expect that ResMed will post $2.88 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 22nd. Shareholders of record on Thursday, August 18th were given a $0.33 dividend. This is a positive change from ResMed’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Tuesday, August 16th. This represents a $1.32 annualized dividend and a yield of 2.06%. ResMed’s payout ratio is 54.32%.
In other ResMed news, insider James Hollingshead sold 2,753 shares of ResMed 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 transaction, the insider now owns 40,669 shares in the company, valued at C$2,644,298.38. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Peter C. Farrell sold 20,000 shares of ResMed stock in a transaction that occurred on Tuesday, October 4th. The stock was sold at an average price of C$64.70, for a total transaction of C$1,294,000.00. Following the completion of the transaction, the director now owns 364,063 shares in the company, valued at approximately C$23,554,876.10. The disclosure for this sale can be found here. 1.97% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of RMD. Citigroup Inc. raised its position in ResMed by 2.8% in the second quarter. Citigroup Inc. now owns 1,572 shares of the company’s stock valued at $100,000 after buying an additional 43 shares during the period. Mizuho Asset Management Co. Ltd. boosted its position in ResMed by 102.6% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 1,692 shares of the company’s stock valued at $107,000 after buying an additional 857 shares during the last quarter. Sei Investments Co. boosted its position in ResMed by 35.4% in the second quarter. Sei Investments Co. now owns 1,722 shares of the company’s stock valued at $109,000 after buying an additional 450 shares during the last quarter. Glenmede Trust Co. NA boosted its position in ResMed by 7.3% in the second quarter. Glenmede Trust Co. NA now owns 2,625 shares of the company’s stock valued at $165,000 after buying an additional 179 shares during the last quarter. Finally, Pacer Advisors Inc. boosted its position in ResMed by 18.9% in the second quarter. Pacer Advisors Inc. now owns 2,656 shares of the company’s stock valued at $168,000 after buying an additional 422 shares during the last quarter. Hedge funds and other institutional investors own 60.99% of the company’s stock.
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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