ResMed Inc. (NYSE:RMD) had its price objective raised by equities researchers at BMO Capital Markets from $70.00 to $74.00 in a note issued to investors on Friday, October 27th. The brokerage presently has a “market perform” rating on the medical equipment provider’s stock. BMO Capital Markets’ target price would suggest a potential downside of 10.91% from the company’s previous close.
Other research analysts also recently issued research reports about the company. Northland Securities reissued a “sell” rating and issued a $55.00 target price on shares of ResMed in a report on Friday, October 27th. Bank of America Corporation downgraded ResMed from a “buy” rating to a “neutral” rating in a report on Wednesday, August 2nd. Credit Suisse Group downgraded ResMed from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 8th. BidaskClub downgraded ResMed from a “strong-buy” rating to a “buy” rating in a report on Monday, July 24th. Finally, Barclays PLC increased their target price on ResMed from $65.00 to $68.00 and gave the company an “underweight” rating in a report on Monday, September 25th. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $67.57.
Shares of ResMed (NYSE:RMD) opened at $83.06 on Friday. The company has a current ratio of 4.72, a quick ratio of 3.86 and a debt-to-equity ratio of 0.50. ResMed has a 12-month low of $57.45 and a 12-month high of $87.81. The company has a market capitalization of $11,738.29, a price-to-earnings ratio of 28.82, a P/E/G ratio of 1.84 and a beta of 0.79.
ResMed (NYSE:RMD) last released its quarterly earnings data on Thursday, October 26th. The medical equipment provider reported $0.66 EPS for the quarter, meeting the consensus estimate of $0.66. ResMed had a return on equity of 21.53% and a net margin of 16.58%. The company had revenue of $523.66 million for the quarter, compared to analysts’ expectations of $506.08 million. During the same period last year, the firm posted $0.62 earnings per share. ResMed’s revenue was up 12.5% compared to the same quarter last year. research analysts predict that ResMed will post 3 EPS for the current fiscal year.
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In related news, CFO Brett Sandercock sold 1,250 shares of ResMed stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $77.56, for a total transaction of $96,950.00. Following the sale, the chief financial officer now owns 65,941 shares of the company’s stock, valued at approximately $5,114,383.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider David Pendarvis sold 6,364 shares of ResMed stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $77.21, for a total value of $491,364.44. Following the sale, the insider now directly owns 93,172 shares in the company, valued at approximately $7,193,810.12. The disclosure for this sale can be found here. Insiders have sold a total of 82,842 shares of company stock worth $6,548,619 in the last three months. 1.77% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its holdings in shares of ResMed by 17.3% in the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 42,898 shares of the medical equipment provider’s stock worth $3,340,000 after purchasing an additional 6,316 shares during the period. Delta Lloyd Asset Management N.V. bought a new stake in ResMed during the 2nd quarter valued at $6,194,000. Prudential Financial Inc. raised its position in ResMed by 50.5% during the 2nd quarter. Prudential Financial Inc. now owns 131,997 shares of the medical equipment provider’s stock valued at $10,279,000 after purchasing an additional 44,266 shares in the last quarter. Victory Capital Management Inc. raised its position in ResMed by 21.4% during the 2nd quarter. Victory Capital Management Inc. now owns 21,597 shares of the medical equipment provider’s stock valued at $1,682,000 after purchasing an additional 3,809 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its position in ResMed by 2.9% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 47,056 shares of the medical equipment provider’s stock valued at $3,665,000 after purchasing an additional 1,306 shares in the last quarter. Institutional investors and hedge funds own 60.00% of the company’s stock.
ResMed Company Profile
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.
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