ResMed (RMD) Cut to Neutral at Citigroup

Citigroup downgraded shares of ResMed (NYSE:RMD) from a buy rating to a neutral rating in a report issued on Wednesday, MarketBeat reports.

Other research analysts also recently issued research reports about the stock. Zacks Investment Research downgraded shares of ResMed from a buy rating to a hold rating in a research report on Monday, February 5th. Needham & Company LLC raised shares of ResMed from an underperform rating to a hold rating in a research report on Tuesday, January 23rd. Northland Securities raised shares of ResMed from an under perform rating to a market perform rating in a research report on Tuesday, January 23rd. BMO Capital Markets raised their target price on shares of ResMed to $82.00 and gave the company a market perform rating in a research report on Tuesday, December 12th. Finally, Macquarie cut shares of ResMed from a neutral rating to a sell rating in a report on Tuesday, January 23rd. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $75.17.

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RMD stock opened at $93.62 on Wednesday. The stock has a market capitalization of $13,608.09, a P/E ratio of 33.20 and a beta of 0.90. ResMed has a 12 month low of $67.04 and a 12 month high of $104.78.

ResMed (NYSE:RMD) last posted its earnings results on Monday, January 22nd. The medical equipment provider reported $1.00 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.22. The business had revenue of $601.27 million for the quarter, compared to the consensus estimate of $583.77 million. ResMed had a net margin of 12.98% and a return on equity of 22.75%. The company’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.73 EPS. analysts forecast that ResMed will post 3.34 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, March 15th. Stockholders of record on Thursday, February 8th were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date was Wednesday, February 7th. ResMed’s dividend payout ratio is currently 49.65%.

In related news, Director John P. Wareham sold 25,934 shares of ResMed stock in a transaction that occurred on Friday, January 26th. The shares were sold at an average price of $102.25, for a total value of $2,651,751.50. Following the completion of the sale, the director now directly owns 38,934 shares in the company, valued at approximately $3,981,001.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ronald R. Taylor sold 4,885 shares of ResMed stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $99.71, for a total transaction of $487,083.35. Following the completion of the sale, the director now owns 21,751 shares of the company’s stock, valued at $2,168,792.21. The disclosure for this sale can be found here. Insiders sold a total of 44,889 shares of company stock worth $4,497,666 over the last 90 days. Company insiders own 1.77% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. Elkfork Partners LLC acquired a new stake in ResMed in the 4th quarter worth approximately $440,000. Xact Kapitalforvaltning AB boosted its stake in ResMed by 11.3% in the 4th quarter. Xact Kapitalforvaltning AB now owns 16,254 shares of the medical equipment provider’s stock worth $1,377,000 after purchasing an additional 1,649 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in ResMed by 23.3% in the 4th quarter. Envestnet Asset Management Inc. now owns 11,890 shares of the medical equipment provider’s stock worth $1,007,000 after purchasing an additional 2,248 shares in the last quarter. We Are One Seven LLC acquired a new stake in ResMed in the 4th quarter worth approximately $402,000. Finally, OLD Mutual Customised Solutions Proprietary Ltd. boosted its stake in ResMed by 80.0% in the 4th quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 6,300 shares of the medical equipment provider’s stock worth $534,000 after purchasing an additional 2,800 shares in the last quarter. Institutional investors own 62.40% of the company’s stock.

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About ResMed

ResMed Inc is a holding company. The Company is engaged in the development, manufacturing, distribution and marketing of medical devices and cloud-based software applications that diagnose, treat and manage respiratory disorders, including sleep disordered breathing (SDB), chronic obstructive pulmonary disease (COPD), neuromuscular disease and other diseases.

Analyst Recommendations for ResMed (NYSE:RMD)

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