ResMed (NYSE:RMD) Price Target Raised to $224.00 at Royal Bank of Canada

ResMed (NYSE:RMD) had its price objective raised by Royal Bank of Canada from $206.00 to $224.00 in a research note released on Tuesday morning, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the medical equipment provider’s stock.

Several other research firms have also issued reports on RMD. Wolfe Research reaffirmed an underperform rating and issued a $180.00 price target on shares of ResMed in a report on Wednesday, September 18th. Oppenheimer downgraded ResMed from an outperform rating to a market perform rating in a research note on Tuesday, June 25th. Robert W. Baird started coverage on ResMed in a report on Tuesday, September 24th. They issued an outperform rating and a $280.00 price target for the company. KeyCorp upped their price objective on shares of ResMed from $238.00 to $251.00 and gave the company an overweight rating in a report on Friday, August 2nd. Finally, Baird R W upgraded shares of ResMed to a strong-buy rating in a research note on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $213.75.

ResMed Price Performance

Shares of RMD stock opened at $238.75 on Tuesday. The stock’s 50-day moving average is $232.04 and its 200 day moving average is $212.15. ResMed has a 1-year low of $132.24 and a 1-year high of $255.18. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.59 and a quick ratio of 1.69. The company has a market cap of $35.08 billion, a P/E ratio of 36.67, a PEG ratio of 2.36 and a beta of 0.69.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, August 1st. The medical equipment provider reported $2.08 EPS for the quarter, beating the consensus estimate of $2.03 by $0.05. ResMed had a net margin of 21.79% and a return on equity of 25.00%. The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same period in the prior year, the firm posted $1.60 earnings per share. The company’s quarterly revenue was up 6.9% on a year-over-year basis. Research analysts predict that ResMed will post 8.97 earnings per share for the current fiscal year.

ResMed Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 19th. Shareholders of record on Thursday, August 15th were given a dividend of $0.53 per share. The ex-dividend date was Thursday, August 15th. This is a positive change from ResMed’s previous quarterly dividend of $0.48. This represents a $2.12 dividend on an annualized basis and a yield of 0.89%. ResMed’s dividend payout ratio (DPR) is currently 32.57%.

Insider Buying and Selling at ResMed

In other news, General Counsel Michael J. Rider sold 882 shares of the stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $231.00, for a total value of $203,742.00. Following the sale, the general counsel now owns 10,512 shares in the company, valued at $2,428,272. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, General Counsel Michael J. Rider sold 882 shares of the company’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $231.00, for a total value of $203,742.00. Following the sale, the general counsel now owns 10,512 shares in the company, valued at $2,428,272. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael J. Farrell sold 14,683 shares of the firm’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $192.97, for a total value of $2,833,378.51. Following the sale, the chief executive officer now directly owns 440,799 shares in the company, valued at $85,060,983.03. The disclosure for this sale can be found here. In the last ninety days, insiders sold 102,931 shares of company stock worth $22,644,807. Company insiders own 1.21% of the company’s stock.

Hedge Funds Weigh In On ResMed

Large investors have recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of ResMed by 24.9% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 177,083 shares of the medical equipment provider’s stock worth $35,068,000 after acquiring an additional 35,273 shares during the period. Mediolanum International Funds Ltd acquired a new position in ResMed in the 1st quarter worth about $2,246,000. Janney Montgomery Scott LLC boosted its position in ResMed by 5.3% during the first quarter. Janney Montgomery Scott LLC now owns 81,313 shares of the medical equipment provider’s stock worth $16,102,000 after purchasing an additional 4,075 shares in the last quarter. Los Angeles Capital Management LLC grew its holdings in ResMed by 3,599.0% in the first quarter. Los Angeles Capital Management LLC now owns 499,031 shares of the medical equipment provider’s stock valued at $98,823,000 after purchasing an additional 485,540 shares during the period. Finally, Wellington Management Group LLP purchased a new stake in shares of ResMed in the fourth quarter valued at approximately $7,535,000. 54.98% of the stock is currently owned by institutional investors and hedge funds.

About ResMed

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.