ResMed (NYSE:RMD) Issues Earnings Results, Beats Expectations By $0.13 EPS

ResMed (NYSE:RMD) announced its quarterly earnings data on Thursday. The medical equipment provider reported $2.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.68 by $0.13, FiscalAI reports. The business had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.40 billion. ResMed had a net margin of 27.35% and a return on equity of 25.45%.

ResMed Price Performance

Shares of ResMed stock traded up $0.11 during trading hours on Thursday, reaching $257.83. 1,671,242 shares of the company’s stock were exchanged, compared to its average volume of 955,663. The business has a fifty day moving average of $250.62 and a two-hundred day moving average of $263.24. The company has a quick ratio of 2.13, a current ratio of 2.89 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $37.63 billion, a P/E ratio of 26.39, a price-to-earnings-growth ratio of 1.72 and a beta of 0.88. ResMed has a 1 year low of $199.92 and a 1 year high of $293.81.

Insider Activity at ResMed

In other ResMed news, Director Peter C. Farrell sold 2,000 shares of the stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $248.83, for a total value of $497,660.00. Following the completion of the sale, the director owned 66,773 shares in the company, valued at approximately $16,615,125.59. This represents a 2.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael J. Farrell sold 4,991 shares of ResMed stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $248.46, for a total value of $1,240,063.86. Following the transaction, the chief executive officer owned 466,223 shares in the company, valued at approximately $115,837,766.58. The trade was a 1.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 21,594 shares of company stock valued at $5,403,495. Corporate insiders own 0.65% of the company’s stock.

Hedge Funds Weigh In On ResMed

A number of hedge funds have recently made changes to their positions in RMD. Marshall Wace LLP boosted its stake in shares of ResMed by 2,373.1% in the third quarter. Marshall Wace LLP now owns 310,987 shares of the medical equipment provider’s stock valued at $85,126,000 after purchasing an additional 298,412 shares during the period. Giverny Capital Inc. purchased a new position in ResMed in the third quarter valued at approximately $64,441,000. Caisse de depot et placement du Quebec raised its stake in ResMed by 28.0% during the 3rd quarter. Caisse de depot et placement du Quebec now owns 565,901 shares of the medical equipment provider’s stock worth $154,904,000 after acquiring an additional 123,781 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of ResMed by 6,535.9% during the third quarter. Arrowstreet Capital Limited Partnership now owns 100,003 shares of the medical equipment provider’s stock worth $27,374,000 after purchasing an additional 98,496 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in shares of ResMed by 28.6% in the 3rd quarter. Alliancebernstein L.P. now owns 367,932 shares of the medical equipment provider’s stock valued at $100,714,000 after purchasing an additional 81,854 shares during the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

Analyst Ratings Changes

RMD has been the subject of a number of recent analyst reports. Royal Bank Of Canada boosted their target price on shares of ResMed from $300.00 to $303.00 and gave the company an “outperform” rating in a research note on Friday, October 31st. Wells Fargo & Company initiated coverage on ResMed in a research report on Monday, October 13th. They issued an “equal weight” rating and a $280.00 price target for the company. Weiss Ratings restated a “hold (c+)” rating on shares of ResMed in a research note on Monday, December 29th. Stifel Nicolaus dropped their price target on ResMed from $270.00 to $260.00 and set a “hold” rating on the stock in a research note on Thursday, December 18th. Finally, Morgan Stanley set a $305.00 target price on ResMed in a research report on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, ResMed presently has an average rating of “Moderate Buy” and an average target price of $296.09.

ResMed Company Profile

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.