Citigroup Issues Pessimistic Forecast for ResMed (NYSE:RMD) Stock Price

ResMed (NYSE:RMD) had its target price lowered by research analysts at Citigroup from $345.00 to $340.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the medical equipment provider’s stock. Citigroup’s price target indicates a potential upside of 48.49% from the company’s current price.

Several other equities research analysts have also commented on the stock. Wells Fargo & Company increased their price objective on shares of ResMed from $265.00 to $270.00 and gave the company an “equal weight” rating in a research note on Friday, January 30th. Royal Bank Of Canada increased their price objective on shares of ResMed from $311.00 to $314.00 and gave the company an “outperform” rating in a research note on Friday, January 30th. UBS Group reiterated a “buy” rating and issued a $345.00 price objective on shares of ResMed in a research note on Friday, December 12th. KeyCorp reiterated an “overweight” rating and issued a $302.00 price objective on shares of ResMed in a research note on Friday, January 30th. Finally, Robert W. Baird set a $281.00 price objective on shares of ResMed in a research note on Friday, January 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $298.82.

ResMed Stock Down 0.7%

Shares of RMD traded down $1.72 on Thursday, reaching $228.98. The company’s stock had a trading volume of 369,867 shares, compared to its average volume of 1,071,565. The company has a current ratio of 3.06, a quick ratio of 2.32 and a debt-to-equity ratio of 0.06. ResMed has a twelve month low of $202.00 and a twelve month high of $293.81. The stock has a market capitalization of $33.36 billion, a PE ratio of 22.61, a PEG ratio of 1.49 and a beta of 0.93. The firm has a fifty day moving average of $244.76 and a 200-day moving average of $252.32.

ResMed (NYSE:RMD) last posted its earnings results on Friday, January 30th. The medical equipment provider reported $2.81 earnings per share for the quarter, topping analysts’ consensus estimates of $2.68 by $0.13. ResMed had a net margin of 27.53% and a return on equity of 25.20%. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the prior year, the business posted $2.43 EPS. The firm’s revenue was up 11.0% compared to the same quarter last year. Equities analysts predict that ResMed will post 9.47 EPS for the current year.

Insider Buying and Selling

In other news, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $273.78, for a total transaction of $1,366,435.98. Following the completion of the transaction, the chief executive officer directly owned 466,223 shares of the company’s stock, valued at $127,642,532.94. This represents a 1.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Peter C. Farrell sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $225.00, for a total transaction of $450,000.00. The SEC filing for this sale provides additional information. Insiders have sold a total of 16,032 shares of company stock valued at $4,105,387 over the last three months. Insiders own 0.65% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. SJS Investment Consulting Inc. raised its stake in shares of ResMed by 1,433.3% during the 3rd quarter. SJS Investment Consulting Inc. now owns 92 shares of the medical equipment provider’s stock valued at $25,000 after purchasing an additional 86 shares during the period. International Assets Investment Management LLC bought a new stake in shares of ResMed during the 4th quarter valued at $25,000. ORG Partners LLC raised its stake in shares of ResMed by 181.6% during the 4th quarter. ORG Partners LLC now owns 107 shares of the medical equipment provider’s stock valued at $26,000 after purchasing an additional 69 shares during the period. Imprint Wealth LLC bought a new stake in shares of ResMed during the 3rd quarter valued at $26,000. Finally, WFA of San Diego LLC bought a new stake in shares of ResMed during the 2nd quarter valued at $26,000. 54.98% of the stock is owned by institutional investors.

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.