ResMed (NYSE:RMD) Price Target Raised to $200.00 at Royal Bank of Canada

ResMed (NYSE:RMD) had its target price raised by equities researchers at Royal Bank of Canada from $187.00 to $200.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a “sector perform” rating on the medical equipment provider’s stock. Royal Bank of Canada’s price objective points to a potential downside of 6.50% from the stock’s previous close.

A number of other brokerages have also weighed in on RMD. Oppenheimer lifted their price objective on ResMed from $185.00 to $205.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 30th. UBS Group lifted their price objective on ResMed from $175.00 to $180.00 and gave the stock a “neutral” rating in a research report on Thursday, January 25th. Mizuho reiterated a “buy” rating and issued a $215.00 price objective on shares of ResMed in a research report on Wednesday, March 27th. KeyCorp raised their target price on ResMed from $227.00 to $238.00 and gave the company an “overweight” rating in a research note on Friday. Finally, Needham & Company LLC raised their target price on ResMed from $224.00 to $236.00 and gave the company a “buy” rating in a research note on Friday. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $203.30.

ResMed Trading Up 16.6 %

RMD traded up $30.48 on Friday, hitting $213.90. 2,425,149 shares of the company were exchanged, compared to its average volume of 1,031,358. The firm has a fifty day simple moving average of $186.31 and a two-hundred day simple moving average of $171.47. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.89 and a current ratio of 3.11. ResMed has a 12 month low of $132.24 and a 12 month high of $243.52. The stock has a market capitalization of $31.46 billion, a PE ratio of 35.25, a price-to-earnings-growth ratio of 2.25 and a beta of 0.67.

ResMed (NYSE:RMD) last posted its quarterly earnings results on Thursday, April 25th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.91 by $0.22. ResMed had a return on equity of 23.86% and a net margin of 19.77%. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same period last year, the company earned $1.68 EPS. ResMed’s revenue for the quarter was up 7.2% compared to the same quarter last year. Sell-side analysts expect that ResMed will post 7.47 earnings per share for the current year.

Insider Transactions at ResMed

In other news, General Counsel Michael J. Rider sold 200 shares of the company’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $173.25, for a total value of $34,650.00. Following the completion of the transaction, the general counsel now owns 6,688 shares of the company’s stock, valued at $1,158,696. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other ResMed news, Director Peter C. Farrell sold 10,935 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $182.66, for a total transaction of $1,997,387.10. Following the sale, the director now directly owns 157,404 shares in the company, valued at $28,751,414.64. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, General Counsel Michael J. Rider sold 200 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $173.25, for a total value of $34,650.00. Following the sale, the general counsel now owns 6,688 shares in the company, valued at $1,158,696. The disclosure for this sale can be found here. Insiders sold a total of 11,216 shares of company stock valued at $2,046,617 over the last 90 days. Company insiders own 1.21% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in ResMed by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 17,743,457 shares of the medical equipment provider’s stock worth $3,052,229,000 after purchasing an additional 173,635 shares in the last quarter. Bank of New York Mellon Corp grew its stake in ResMed by 230.3% in the first quarter. Bank of New York Mellon Corp now owns 3,813,119 shares of the medical equipment provider’s stock worth $755,112,000 after purchasing an additional 2,658,709 shares in the last quarter. Morgan Stanley grew its stake in ResMed by 102.4% in the third quarter. Morgan Stanley now owns 2,329,618 shares of the medical equipment provider’s stock worth $344,481,000 after purchasing an additional 1,178,547 shares in the last quarter. Norges Bank bought a new position in ResMed in the fourth quarter worth approximately $233,966,000. Finally, abrdn plc grew its stake in ResMed by 79.2% in the third quarter. abrdn plc now owns 901,485 shares of the medical equipment provider’s stock worth $133,303,000 after purchasing an additional 398,302 shares in the last quarter. Institutional investors own 54.98% of the company’s stock.

About ResMed

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. It operates in two segments, Sleep and Respiratory Care, and Software as a Service. It offers various products and solutions for a range of respiratory disorders, including technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.