Wall Street Zen Downgrades ResMed (NYSE:RMD) to Hold

ResMed (NYSE:RMD) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

A number of other research firms also recently weighed in on RMD. Piper Sandler lifted their target price on ResMed from $270.00 to $275.00 and gave the stock a “neutral” rating in a research report on Friday, January 30th. Stifel Nicolaus upped their price target on ResMed from $260.00 to $265.00 and gave the company a “hold” rating in a report on Friday, January 30th. KeyCorp reiterated an “overweight” rating and issued a $302.00 price objective on shares of ResMed in a research report on Friday, January 30th. UBS Group reissued a “buy” rating and set a $345.00 price objective on shares of ResMed in a report on Friday, December 12th. Finally, Citigroup boosted their price objective on ResMed from $330.00 to $345.00 and gave the company a “buy” rating in a research report on Monday, February 2nd. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $299.27.

ResMed Price Performance

NYSE:RMD opened at $231.00 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.06 and a quick ratio of 2.32. ResMed has a one year low of $199.92 and a one year high of $293.81. The company has a fifty day moving average price of $255.05 and a 200 day moving average price of $258.20. The stock has a market cap of $33.65 billion, a P/E ratio of 22.85, a PEG ratio of 1.53 and a beta of 0.88.

ResMed (NYSE:RMD) last posted its quarterly earnings results on Thursday, January 29th. The medical equipment provider reported $2.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.68 by $0.13. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.40 billion. ResMed had a net margin of 27.53% and a return on equity of 25.20%. The business’s quarterly revenue was up 11.0% on a year-over-year basis. During the same period last year, the business posted $2.43 EPS. Analysts anticipate that ResMed will post 9.47 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Peter C. Farrell sold 2,000 shares of the stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $260.22, for a total transaction of $520,440.00. Following the completion of the sale, the director owned 62,773 shares in the company, valued at $16,334,790.06. This trade represents a 3.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Michael J. Farrell sold 4,991 shares of ResMed stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $248.46, for a total transaction of $1,240,063.86. Following the transaction, the chief executive officer directly owned 466,223 shares of the company’s stock, valued at $115,837,766.58. This represents a 1.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 21,073 shares of company stock valued at $5,405,198. Company insiders own 0.65% of the company’s stock.

Institutional Trading of ResMed

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of ResMed by 1.6% in the third quarter. Vanguard Group Inc. now owns 19,040,440 shares of the medical equipment provider’s stock valued at $5,211,940,000 after acquiring an additional 293,515 shares during the last quarter. State Street Corp grew its position in ResMed by 1.2% during the 4th quarter. State Street Corp now owns 6,625,408 shares of the medical equipment provider’s stock worth $1,595,862,000 after acquiring an additional 76,244 shares during the last quarter. Bank of New York Mellon Corp grew its position in ResMed by 7.4% during the 4th quarter. Bank of New York Mellon Corp now owns 4,890,654 shares of the medical equipment provider’s stock worth $1,178,012,000 after acquiring an additional 337,738 shares during the last quarter. Geode Capital Management LLC increased its holdings in ResMed by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 4,302,906 shares of the medical equipment provider’s stock valued at $1,032,877,000 after purchasing an additional 51,218 shares in the last quarter. Finally, Morgan Stanley increased its holdings in ResMed by 25.0% during the 4th quarter. Morgan Stanley now owns 2,891,697 shares of the medical equipment provider’s stock valued at $696,523,000 after purchasing an additional 578,559 shares in the last quarter. 54.98% of the stock is owned by institutional investors.

About ResMed

ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.