ResMed (NYSE:RMD) Price Target Increased to $224.00 by Analysts at Royal Bank of Canada

by · The Markets Daily

ResMed (NYSE:RMD – Free Report) had its price objective upped by Royal Bank of Canada from $206.00 to $224.00 in a report released on Tuesday morning, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the medical equipment provider’s stock.

A number of other brokerages have also commented on RMD. Bank of America boosted their price objective on shares of ResMed from $240.00 to $270.00 and gave the stock a buy rating in a report on Thursday, September 26th. Citigroup downgraded ResMed from a buy rating to a neutral rating in a research report on Monday, June 24th. StockNews.com downgraded shares of ResMed from a buy rating to a hold rating in a report on Friday, August 30th. Wolfe Research reaffirmed an underperform rating and issued a $180.00 price objective on shares of ResMed in a research note on Wednesday, September 18th. Finally, Needham & Company LLC reaffirmed a hold rating on shares of ResMed in a research note on Tuesday. One research analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $213.75.

View Our Latest Stock Report on ResMed

ResMed Price Performance

RMD opened at $233.98 on Tuesday. The stock has a market capitalization of $34.37 billion, a PE ratio of 35.94, a P/E/G ratio of 2.36 and a beta of 0.69. The company’s 50 day simple moving average is $234.03 and its 200 day simple moving average is $212.81. ResMed has a 1 year low of $132.24 and a 1 year high of $255.18. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.69 and a current ratio of 2.59.

ResMed (NYSE:RMD – Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The medical equipment provider reported $2.08 EPS for the quarter, topping the consensus estimate of $2.03 by $0.05. ResMed had a return on equity of 25.00% and a net margin of 21.79%. The company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same period in the prior year, the firm posted $1.60 earnings per share. The firm’s revenue was up 6.9% on a year-over-year basis. As a group, sell-side analysts expect that ResMed will post 8.97 EPS for the current year.

ResMed Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Investors of record on Thursday, August 15th were given a $0.53 dividend. This is a boost from ResMed’s previous quarterly dividend of $0.48. This represents a $2.12 annualized dividend and a yield of 0.91%. The ex-dividend date was Thursday, August 15th. ResMed’s payout ratio is currently 32.57%.

Insider Buying and Selling at ResMed

In related news, CFO Brett Sandercock sold 1,000 shares of the company’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $194.35, for a total value of $194,350.00. Following the transaction, the chief financial officer now owns 90,056 shares in the company, valued at approximately $17,502,383.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Michael J. Farrell sold 14,683 shares of the stock in a transaction on Monday, July 8th. The shares were sold at an average price of $192.97, for a total transaction of $2,833,378.51. Following the completion of the sale, the chief executive officer now directly owns 440,799 shares in the company, valued at $85,060,983.03. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Brett Sandercock sold 1,000 shares of the stock in a transaction on Monday, July 8th. The stock was sold at an average price of $194.35, for a total transaction of $194,350.00. Following the sale, the chief financial officer now owns 90,056 shares of the company’s stock, valued at approximately $17,502,383.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 104,931 shares of company stock worth $23,119,207. Insiders own 1.21% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Dorsey & Whitney Trust CO LLC increased its holdings in ResMed by 3.7% during the first quarter. Dorsey & Whitney Trust CO LLC now owns 1,473 shares of the medical equipment provider’s stock worth $292,000 after buying an additional 52 shares during the last quarter. QRG Capital Management Inc. increased its holdings in shares of ResMed by 4.5% in the second quarter. QRG Capital Management Inc. now owns 1,291 shares of the medical equipment provider’s stock worth $247,000 after buying an additional 56 shares during the period. Inspire Advisors LLC grew its holdings in ResMed by 1.9% in the 2nd quarter. Inspire Advisors LLC now owns 3,060 shares of the medical equipment provider’s stock worth $586,000 after acquiring an additional 56 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its holdings in ResMed by 1.9% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 3,188 shares of the medical equipment provider’s stock valued at $631,000 after purchasing an additional 60 shares during the period. Finally, Gulf International Bank UK Ltd increased its stake in shares of ResMed by 0.5% during the first quarter. Gulf International Bank UK Ltd now owns 12,614 shares of the medical equipment provider’s stock valued at $2,497,000 after buying an additional 66 shares during the period. 54.98% of the stock is owned by institutional investors.

About ResMed

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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.

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