ResMed (NYSE:RMD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “ResMed exited the second quarter fiscal 2018 on a promising note with earnings and revenues beating the Zacks Consensus Estimate. The company achieved solid double-digit global revenue growth in the quarter, led by sales from Software-as-a-Service business as well as mask products and devices. We are encouraged to note that the company is working on product innovation through extensive research and development. Among the recent developments, the company recently informed about its first self-branded portable oxygen concentrator Mobi, subject to a fiscal third-quarter launch. It has also introduced AirMini, the world's smallest PAP device. In the past three months, ResMed has outperformed the broader industry. Yet, challenges like competitive bidding and reimbursement issues continue to plague ResMed. The company also remains exposed to foreign exchange fluctuations. Rising costs and a weak gross margin are other concerns.”
RMD has been the subject of a number of other reports. Needham & Company LLC upgraded shares of ResMed from an “underperform” rating to a “hold” rating in a research report on Tuesday, January 23rd. BMO Capital Markets lifted their price target on shares of ResMed from $70.00 to $74.00 and gave the company a “market perform” rating in a research report on Friday, October 27th. Barclays lifted their price target on shares of ResMed from $68.00 to $70.00 and gave the company an “underweight” rating in a research report on Friday, October 27th. JPMorgan Chase & Co. lifted their price target on shares of ResMed from $72.00 to $73.00 and gave the company an “overweight” rating in a research report on Monday, October 30th. Finally, Macquarie cut shares of ResMed from a “neutral” rating to a “sell” rating in a research report on Tuesday, January 23rd. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. ResMed has a consensus rating of “Hold” and a consensus price target of $74.83.
ResMed (RMD) traded up $1.21 during trading on Wednesday, reaching $94.04. 135,128 shares of the company traded hands, compared to its average volume of 828,263. ResMed has a 52-week low of $67.04 and a 52-week high of $104.78. The firm has a market capitalization of $13,407.99, a PE ratio of 47.08 and a beta of 0.92.
ResMed (NYSE:RMD) last announced its quarterly earnings results on Monday, January 22nd. The medical equipment provider reported $1.00 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.22. ResMed had a net margin of 12.98% and a return on equity of 22.75%. The business had revenue of $601.27 million during the quarter, compared to analysts’ expectations of $583.77 million. During the same period last year, the business earned $0.73 earnings per share. The business’s revenue for the quarter was up 13.4% on a year-over-year basis. sell-side analysts anticipate that ResMed will post 3.34 EPS for the current year.
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 transaction, the director now owns 38,934 shares in the company, valued at $3,981,001.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brett Sandercock sold 1,250 shares of ResMed stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $85.36, for a total transaction of $106,700.00. Following the completion of the transaction, the chief financial officer now owns 79,572 shares of the company’s stock, valued at approximately $6,792,265.92. The disclosure for this sale can be found here. Insiders sold 44,783 shares of company stock valued at $4,420,848 in the last 90 days. Company insiders own 1.77% of the company’s stock.
Several hedge funds have recently made changes to their positions in RMD. Renaissance Technologies LLC grew its holdings in shares of ResMed by 507.0% in the fourth quarter. Renaissance Technologies LLC now owns 282,234 shares of the medical equipment provider’s stock valued at $23,980,000 after purchasing an additional 235,734 shares in the last quarter. Guggenheim Capital LLC lifted its stake in ResMed by 46.4% in the fourth quarter. Guggenheim Capital LLC now owns 722,480 shares of the medical equipment provider’s stock worth $61,184,000 after acquiring an additional 229,030 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its stake in ResMed by 47.9% in the third quarter. Schwab Charles Investment Management Inc. now owns 660,980 shares of the medical equipment provider’s stock worth $50,870,000 after acquiring an additional 214,122 shares during the last quarter. Chevy Chase Trust Holdings Inc. purchased a new position in ResMed in the third quarter worth approximately $9,562,000. Finally, Macquarie Group Ltd. lifted its stake in ResMed by 216.1% in the fourth quarter. Macquarie Group Ltd. now owns 180,323 shares of the medical equipment provider’s stock worth $15,272,000 after acquiring an additional 123,279 shares during the last quarter. Hedge funds and other institutional investors own 60.46% of the company’s stock.
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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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