ResMed Inc. (NYSE:RMD) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of ResMed Inc. (NYSE:RMD) have earned a consensus recommendation of “Moderate Buy” from the fifteen brokerages that are presently covering the company, MarketBeat reports. Five research analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $286.1818.

RMD has been the subject of several analyst reports. Stifel Nicolaus raised their price target on shares of ResMed from $260.00 to $265.00 and gave the company a “hold” rating in a research report on Friday, January 30th. Piper Sandler raised their price target on shares of ResMed from $270.00 to $275.00 and gave the company a “neutral” rating in a research report on Friday, January 30th. Royal Bank Of Canada raised their price target on shares of ResMed from $314.00 to $321.00 and gave the company an “outperform” rating in a research report on Friday, May 1st. JPMorgan Chase & Co. initiated coverage on shares of ResMed in a research report on Wednesday, April 15th. They set an “overweight” rating for the company. Finally, Citigroup reduced their price target on shares of ResMed from $345.00 to $340.00 and set a “buy” rating for the company in a research report on Thursday, April 9th.

Insider Activity at ResMed

In related news, Director Peter C. Farrell sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $225.00, for a total transaction of $450,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael J. Farrell sold 4,991 shares of the firm’s stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $207.82, for a total transaction of $1,037,229.62. Following the sale, the chief executive officer directly owned 466,223 shares of the company’s stock, valued at $96,890,463.86. This trade represents a 1.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 18,973 shares of company stock valued at $4,386,031 in the last three months. 0.65% of the stock is owned by insiders.

Institutional Investors Weigh In On ResMed

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in ResMed by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 19,040,440 shares of the medical equipment provider’s stock worth $5,211,940,000 after purchasing an additional 293,515 shares during the period. State Street Corp grew its position in ResMed by 1.2% in the 4th 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 during the period. Bank of New York Mellon Corp grew its position in 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 worth $1,105,651,000 after purchasing an additional 34,732 shares during the period. Geode Capital Management LLC grew its position in 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 worth $1,032,877,000 after purchasing an additional 51,218 shares during the period. Finally, Morgan Stanley grew its position in ResMed by 25.0% in the 4th quarter. Morgan Stanley now owns 2,891,697 shares of the medical equipment provider’s stock worth $696,523,000 after purchasing an additional 578,559 shares during the period. Institutional investors own 54.98% of the company’s stock.

ResMed Price Performance

Shares of NYSE RMD opened at $208.04 on Friday. ResMed has a fifty-two week low of $198.61 and a fifty-two week high of $293.81. The company has a 50 day simple moving average of $219.73 and a two-hundred day simple moving average of $240.92. The company has a market capitalization of $30.31 billion, a price-to-earnings ratio of 20.06, a P/E/G ratio of 1.33 and a beta of 0.84. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.33 and a current ratio of 3.01.

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

ResMed Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Investors of record on Thursday, May 14th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Thursday, May 14th. This represents a $2.40 annualized dividend and a dividend yield of 1.2%. ResMed’s dividend payout ratio (DPR) is 23.14%.

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.