ResMed (NYSE:RMD) Upgraded to “Buy” at StockNews.com

StockNews.com upgraded shares of ResMed (NYSE:RMD) from a hold rating to a buy rating in a research note released on Friday.

RMD has been the subject of several other research reports. Citigroup raised ResMed from a “neutral” rating to a “buy” rating in a research report on Wednesday, March 5th. Royal Bank of Canada upped their target price on shares of ResMed from $247.00 to $255.00 and gave the stock a “sector perform” rating in a research note on Thursday, April 24th. JPMorgan Chase & Co. increased their price target on shares of ResMed from $286.00 to $290.00 and gave the company an “overweight” rating in a report on Thursday, April 24th. Piper Sandler lowered their price objective on ResMed from $260.00 to $248.00 and set a “neutral” rating on the stock in a research report on Thursday, April 24th. Finally, UBS Group cut their target price on ResMed from $290.00 to $285.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $258.83.

ResMed Price Performance

Shares of RMD opened at $239.84 on Friday. The firm’s 50-day simple moving average is $222.32 and its two-hundred day simple moving average is $233.98. ResMed has a fifty-two week low of $179.42 and a fifty-two week high of $263.05. The stock has a market cap of $35.17 billion, a PE ratio of 28.32, a price-to-earnings-growth ratio of 1.53 and a beta of 0.75. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.29 and a current ratio of 3.33.

ResMed (NYSE:RMD) last posted its quarterly earnings results on Wednesday, April 23rd. The medical equipment provider reported $2.37 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.01. The company had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.28 billion. ResMed had a return on equity of 26.17% and a net margin of 25.34%. The firm’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.13 EPS. Analysts anticipate that ResMed will post 9.47 earnings per share for the current fiscal year.

ResMed Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Thursday, May 8th will be given a $0.53 dividend. The ex-dividend date of this dividend is Thursday, May 8th. This represents a $2.12 annualized dividend and a yield of 0.88%. ResMed’s payout ratio is 23.79%.

Insider Activity

In other news, CEO Michael J. Farrell sold 8,009 shares of the business’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $236.77, for a total transaction of $1,896,290.93. Following the completion of the sale, the chief executive officer now owns 455,472 shares of the company’s stock, valued at $107,842,105.44. The trade was a 1.73 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Peter C. Farrell sold 2,000 shares of the firm’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $242.11, for a total value of $484,220.00. Following the completion of the transaction, the director now directly owns 77,218 shares in the company, valued at approximately $18,695,249.98. This represents a 2.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 49,013 shares of company stock valued at $11,298,816 in the last quarter. 0.71% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in RMD. Howard Capital Management Inc. raised its stake in ResMed by 5.3% during the 4th quarter. Howard Capital Management Inc. now owns 900 shares of the medical equipment provider’s stock worth $206,000 after acquiring an additional 45 shares during the period. CVA Family Office LLC raised its position in shares of ResMed by 29.8% during the 1st quarter. CVA Family Office LLC now owns 209 shares of the medical equipment provider’s stock valued at $47,000 after purchasing an additional 48 shares during the period. Central Pacific Bank Trust Division lifted its stake in shares of ResMed by 9.7% during the 1st quarter. Central Pacific Bank Trust Division now owns 565 shares of the medical equipment provider’s stock valued at $126,000 after buying an additional 50 shares in the last quarter. Wedmont Private Capital boosted its holdings in ResMed by 2.6% in the 4th quarter. Wedmont Private Capital now owns 2,032 shares of the medical equipment provider’s stock worth $475,000 after buying an additional 52 shares during the period. Finally, Terra Nova Asset Management LLC increased its stake in ResMed by 0.7% in the 1st quarter. Terra Nova Asset Management LLC now owns 7,950 shares of the medical equipment provider’s stock worth $1,780,000 after buying an additional 52 shares in the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

ResMed Company Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. The company 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 ApneaLink Air, a portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow, and snoring; and NightOwl, a portable, cloud-connected, and disposable diagnostic device that measures AHI based on derived peripheral arterial tone, actigraphy, and oximetry over several nights.