ResMed (NYSE:RMD) Rating Lowered to “Hold” at Citigroup

ResMed (NYSE:RMD) was downgraded by research analysts at Citigroup from a “strong-buy” rating to a “hold” rating in a research report issued on Sunday,Zacks.com reports.

RMD has been the topic of several other research reports. Weiss Ratings cut shares of ResMed from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 22nd. Wall Street Zen downgraded shares of ResMed from a “buy” rating to a “hold” rating in a research note on Saturday, March 14th. Morgan Stanley reiterated an “equal weight” rating and set a $230.00 price target (down from $286.00) on shares of ResMed in a report on Wednesday, June 17th. Wells Fargo & Company dropped their price objective on shares of ResMed from $227.00 to $225.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 8th. Finally, Robert W. Baird set a $225.00 price objective on shares of ResMed in a report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $260.17.

ResMed Price Performance

Shares of NYSE RMD opened at $198.38 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.01 and a quick ratio of 2.33. The company has a market cap of $28.78 billion, a price-to-earnings ratio of 19.13, a price-to-earnings-growth ratio of 1.22 and a beta of 0.78. The stock’s 50-day moving average is $200.16 and its two-hundred day moving average is $227.81. ResMed has a 1-year low of $180.26 and a 1-year high of $293.81.

ResMed (NYSE:RMD) last announced its quarterly earnings data on Thursday, April 30th. The medical equipment provider reported $2.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.79 by $0.07. ResMed had a return on equity of 25.35% and a net margin of 27.44%.The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same quarter last year, the business posted $2.37 EPS. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. Analysts forecast that ResMed will post 11.13 EPS for the current fiscal year.

Insider Buying and Selling at ResMed

In related news, CEO Michael J. Farrell sold 4,991 shares of the business’s stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $218.55, for a total transaction of $1,090,783.05. Following the completion of the sale, the chief executive officer owned 466,223 shares in the company, valued at $101,893,036.65. The trade was a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 14,973 shares of company stock worth $3,096,067. 0.65% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ResMed

Several hedge funds have recently added to or reduced their stakes in RMD. State Street Corp raised its holdings in ResMed by 1.2% during the fourth quarter. State Street Corp now owns 6,625,408 shares of the medical equipment provider’s stock worth $1,595,862,000 after purchasing an additional 76,244 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of ResMed by 0.7% in the 1st quarter. Bank of New York Mellon Corp now owns 4,925,386 shares of the medical equipment provider’s stock valued at $1,105,651,000 after buying an additional 34,732 shares in the last quarter. Geode Capital Management LLC grew its position in shares of ResMed by 1.2% in 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 buying an additional 51,218 shares during the last quarter. Morgan Stanley grew its position in shares of ResMed by 25.0% in the 4th quarter. Morgan Stanley now owns 2,891,697 shares of the medical equipment provider’s stock valued at $696,523,000 after buying an additional 578,559 shares during the last quarter. Finally, Northern Trust Corp grew its position in shares of ResMed by 5.2% in the 4th quarter. Northern Trust Corp now owns 1,785,384 shares of the medical equipment provider’s stock valued at $430,045,000 after buying an additional 87,502 shares during the last quarter. 54.98% of the stock is currently owned by hedge funds and other 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.