ResMed (NYSE:RMD) Cut to Hold at Canaccord Genuity Group

ResMed (NYSE:RMD) was downgraded by investment analysts at Canaccord Genuity Group from a “buy” rating to a “hold” rating in a research note issued to investors on Monday, Briefing.com reports.

Other equities analysts have also issued research reports about the stock. Needham & Company LLC restated a “hold” rating on shares of ResMed in a research report on Friday. Robert W. Baird set a $213.00 price objective on shares of ResMed in a research note on Friday, August 7th. UBS Group reaffirmed a “buy” rating and issued a $300.00 price objective on shares of ResMed in a report on Tuesday, July 21st. Citigroup upped their price target on shares of ResMed from $240.00 to $270.00 and gave the stock a “neutral” rating in a research note on Friday. Finally, Wells Fargo & Company increased their price objective on shares of ResMed from $215.00 to $250.00 and gave the company an “equal weight” rating in a report on Friday. Seven investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $253.69.

ResMed Stock Up 0.4%

Shares of NYSE RMD opened at $230.76 on Monday. The stock has a market capitalization of $32.45 billion, a PE ratio of 21.02, a P/E/G ratio of 1.41 and a beta of 0.77. The company has a quick ratio of 1.88, a current ratio of 2.65 and a debt-to-equity ratio of 0.04. The firm has a fifty day moving average of $231.87 and a 200-day moving average of $225.43. ResMed has a 52-week low of $180.26 and a 52-week high of $277.67.

ResMed (NYSE:RMD) last released its quarterly earnings data on Thursday, October 29th. The medical equipment provider reported $2.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.67 by $0.24. ResMed had a net margin of 27.79% and a return on equity of 26.42%. The company had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.39 billion. During the same quarter in the prior year, the business earned $2.55 earnings per share. The business’s quarterly revenue was up 5.9% compared to the same quarter last year. On average, analysts anticipate that ResMed will post 12.12 EPS for the current year.

Insider Activity at ResMed

In other ResMed news, CEO Michael Farrell sold 4,991 shares of ResMed stock in a transaction that occurred on Wednesday, October 7th. The shares were sold at an average price of $226.33, for a total transaction of $1,129,613.03. Following the transaction, the chief executive officer directly owned 479,803 shares in the company, valued at approximately $108,593,812.99. The trade was a 1.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Michael Rider sold 400 shares of the business’s stock in a transaction on Friday, October 23rd. The shares were sold at an average price of $255.00, for a total transaction of $102,000.00. Following the sale, the general counsel directly owned 12,318 shares in the company, valued at approximately $3,141,090. This trade represents a 3.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 24,343 shares of company stock worth $5,396,098. 0.58% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ResMed

Several hedge funds have recently bought and sold shares of the business. American Capital Management Inc. acquired a new position in ResMed during the 2nd quarter worth $44,522,000. BlackRock Inc. bought a new stake in ResMed during the second quarter valued at about $2,400,375,000. Polymer Capital Management HK LTD acquired a new stake in shares of ResMed in the second quarter valued at about $972,000. United Capital Financial Advisors LLC acquired a new stake in shares of ResMed in the second quarter valued at about $1,105,000. Finally, Tidal Investments LLC grew its position in shares of ResMed by 21.1% in the second quarter. Tidal Investments LLC now owns 32,332 shares of the medical equipment provider’s stock valued at $6,301,000 after purchasing an additional 5,627 shares during the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

About ResMed

ResMed Inc is a medical equipment and software company that develops solutions for sleep-disordered breathing, respiratory conditions and other chronic diseases. The company is best known for its positive airway pressure (PAP) devices used to treat obstructive sleep apnea, along with masks, accessories and related patient support services.

ResMed also provides cloud-connected health technology, including remote-monitoring platforms and software used by healthcare providers, medical equipment suppliers and care organizations.