ResMed (NYSE:RMD) PT Raised to $236.00

ResMed (NYSE:RMD) had its target price lifted by equities research analysts at Needham & Company LLC from $224.00 to $236.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the medical equipment provider’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 8.23% from the company’s previous close.

RMD has been the subject of a number of other research reports. Oppenheimer increased their target price on shares of ResMed from $185.00 to $205.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 30th. UBS Group increased their price objective on shares of ResMed from $175.00 to $180.00 and gave the company a “neutral” rating in a research report on Thursday, January 25th. Mizuho reaffirmed a “buy” rating and issued a $215.00 price objective on shares of ResMed in a research report on Wednesday, March 27th. KeyCorp started coverage on shares of ResMed in a research report on Tuesday, February 6th. They issued an “overweight” rating and a $227.00 price objective for the company. Finally, Royal Bank of Canada increased their price objective on shares of ResMed from $181.00 to $182.00 and gave the company a “sector perform” rating in a research report on Thursday, January 25th. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $202.80.

ResMed Stock Up 18.9 %

RMD opened at $218.06 on Friday. The firm has a 50 day moving average price of $187.07 and a 200 day moving average price of $172.12. The company has a market cap of $32.07 billion, a PE ratio of 33.50, a price-to-earnings-growth ratio of 2.68 and a beta of 0.67. ResMed has a 1 year low of $132.24 and a 1 year high of $243.52. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.89 and a current ratio of 3.11.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, April 25th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.91 by $0.22. The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.17 billion. ResMed had a net margin of 20.91% and a return on equity of 24.92%. The company’s revenue was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.68 EPS. Sell-side analysts expect that ResMed will post 7.52 earnings per share for the current year.

Insider Activity

In other news, Director Peter C. Farrell sold 10,935 shares of the stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $182.66, for a total transaction of $1,997,387.10. Following the completion of the transaction, the director now directly owns 157,404 shares in the company, valued at approximately $28,751,414.64. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, General Counsel Michael J. Rider sold 200 shares of the firm’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $173.25, for a total transaction of $34,650.00. Following the transaction, the general counsel now directly owns 6,688 shares in the company, valued at $1,158,696. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Peter C. Farrell sold 10,935 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $182.66, for a total value of $1,997,387.10. Following the transaction, the director now owns 157,404 shares in the company, valued at $28,751,414.64. The disclosure for this sale can be found here. In the last three months, insiders sold 11,216 shares of company stock worth $2,046,617. 1.21% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ResMed

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in ResMed by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 17,743,457 shares of the medical equipment provider’s stock worth $3,052,229,000 after purchasing an additional 173,635 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in ResMed by 230.3% during the first quarter. Bank of New York Mellon Corp now owns 3,813,119 shares of the medical equipment provider’s stock worth $755,112,000 after purchasing an additional 2,658,709 shares during the last quarter. Morgan Stanley lifted its stake in ResMed by 102.4% during the third quarter. Morgan Stanley now owns 2,329,618 shares of the medical equipment provider’s stock worth $344,481,000 after purchasing an additional 1,178,547 shares during the last quarter. Norges Bank bought a new position in ResMed during the fourth quarter worth $233,966,000. Finally, abrdn plc lifted its stake in ResMed by 79.2% during the third quarter. abrdn plc now owns 901,485 shares of the medical equipment provider’s stock worth $133,303,000 after purchasing an additional 398,302 shares during the last quarter. 54.98% of the stock is currently owned by institutional investors.

ResMed Company Profile

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.