ResMed (NYSE:RMD) Given New $300.00 Price Target at Robert W. Baird

ResMed (NYSE:RMD) had its target price lowered by Robert W. Baird from $320.00 to $300.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an “outperform” rating on the medical equipment provider’s stock. Robert W. Baird’s price objective would indicate a potential upside of 21.62% from the stock’s current price.

Other research analysts have also issued reports about the stock. Stifel Nicolaus upped their target price on shares of ResMed from $240.00 to $270.00 and gave the stock a “hold” rating in a research report on Friday, August 1st. Piper Sandler raised their price objective on ResMed from $248.00 to $270.00 and gave the company a “neutral” rating in a research note on Friday, August 1st. KeyCorp boosted their target price on ResMed from $298.00 to $299.00 and gave the stock an “overweight” rating in a research report on Friday. Wells Fargo & Company began coverage on ResMed in a report on Monday, October 13th. They issued an “equal weight” rating and a $280.00 target price on the stock. Finally, UBS Group upgraded shares of ResMed to a “strong-buy” rating in a research report on Tuesday, September 16th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $297.45.

ResMed Stock Performance

Shares of RMD stock opened at $246.67 on Monday. The company has a current ratio of 3.44, a quick ratio of 2.53 and a debt-to-equity ratio of 0.11. ResMed has a 12-month low of $199.92 and a 12-month high of $293.81. The company has a market cap of $36.00 billion, a price-to-earnings ratio of 25.94, a price-to-earnings-growth ratio of 1.75 and a beta of 0.83. The stock has a 50 day simple moving average of $271.78 and a 200-day simple moving average of $261.43.

ResMed (NYSE:RMD) last released its earnings results on Thursday, October 30th. The medical equipment provider reported $2.55 EPS for the quarter, beating analysts’ consensus estimates of $2.49 by $0.06. ResMed had a return on equity of 25.62% and a net margin of 27.22%.The company had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter last year, the company earned $2.20 earnings per share. ResMed’s quarterly revenue was up 9.1% compared to the same quarter last year. On average, equities analysts forecast that ResMed will post 9.47 EPS for the current year.

Insider Buying and Selling

In related news, Director John Hernandez sold 2,575 shares of the stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $287.10, for a total transaction of $739,282.50. Following the transaction, the director directly owned 4,045 shares in the company, valued at approximately $1,161,319.50. This represents a 38.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael J. Farrell sold 8,009 shares of the company’s stock in a transaction dated Tuesday, October 7th. The shares were sold at an average price of $282.85, for a total transaction of $2,265,345.65. Following the transaction, the chief executive officer directly owned 467,792 shares of the company’s stock, valued at approximately $132,314,967.20. This represents a 1.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 18,693 shares of company stock worth $5,270,419. 0.65% of the stock is owned by insiders.

Institutional Investors Weigh In On ResMed

Institutional investors have recently bought and sold shares of the stock. Belpointe Asset Management LLC acquired a new position in shares of ResMed in the 3rd quarter valued at $752,000. Sawgrass Asset Management LLC acquired a new position in ResMed in the third quarter valued at $269,000. CIBC Asset Management Inc grew its position in ResMed by 0.4% during the third quarter. CIBC Asset Management Inc now owns 20,668 shares of the medical equipment provider’s stock valued at $5,657,000 after acquiring an additional 78 shares during the period. 1834 Investment Advisors Co. acquired a new stake in ResMed during the third quarter worth about $570,000. Finally, Sagespring Wealth Partners LLC lifted its stake in shares of ResMed by 3.5% in the 3rd quarter. Sagespring Wealth Partners LLC now owns 2,026 shares of the medical equipment provider’s stock valued at $554,000 after purchasing an additional 69 shares in the last quarter. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

About ResMed

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.