ResMed (NYSE:RMD) Price Target Raised to $204.00

ResMed (NYSE:RMD) had its price objective upped by Royal Bank of Canada from $200.00 to $204.00 in a report published on Tuesday morning, Benzinga reports. They currently have a sector perform rating on the medical equipment provider’s stock.

Several other equities analysts have also recently issued reports on RMD. KeyCorp boosted their price objective on ResMed from $227.00 to $238.00 and gave the company an overweight rating in a report on Friday, April 26th. Needham & Company LLC reaffirmed a buy rating and issued a $236.00 price target on shares of ResMed in a report on Monday, June 24th. Citigroup cut ResMed from a buy rating to a neutral rating in a report on Monday, June 24th. Mizuho reaffirmed a buy rating and issued a $215.00 price target on shares of ResMed in a report on Wednesday, March 27th. Finally, Oppenheimer cut ResMed from an outperform rating to a market perform rating in a report on Tuesday, June 25th. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, ResMed presently has a consensus rating of Moderate Buy and a consensus price target of $203.20.

ResMed Stock Performance

Shares of RMD stock opened at $208.36 on Tuesday. The stock has a market cap of $30.61 billion, a PE ratio of 32.01, a price-to-earnings-growth ratio of 1.78 and a beta of 0.66. The business has a 50-day simple moving average of $204.57 and a 200-day simple moving average of $194.82. The company has a quick ratio of 1.97, a current ratio of 3.04 and a debt-to-equity ratio of 0.22. ResMed has a 52-week low of $132.24 and a 52-week high of $229.97.

ResMed (NYSE:RMD) last issued its quarterly earnings data on Thursday, April 25th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.91 by $0.22. The business had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.17 billion. ResMed had a return on equity of 24.43% and a net margin of 20.91%. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.68 EPS. On average, equities analysts expect that ResMed will post 7.7 EPS for the current year.

Insiders Place Their Bets

In other ResMed news, CFO Brett Sandercock sold 1,000 shares of ResMed stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $209.81, for a total transaction of $209,810.00. Following the completion of the sale, the chief financial officer now directly owns 91,056 shares of the company’s stock, valued at approximately $19,104,459.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other ResMed news, CFO Brett Sandercock sold 1,000 shares of ResMed stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $209.81, for a total transaction of $209,810.00. Following the completion of the sale, the chief financial officer now directly owns 91,056 shares of the company’s stock, valued at approximately $19,104,459.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael J. Farrell sold 14,683 shares of ResMed stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $192.97, for a total value of $2,833,378.51. Following the sale, the chief executive officer now directly owns 440,799 shares of the company’s stock, valued at $85,060,983.03. The disclosure for this sale can be found here. Insiders sold 46,834 shares of company stock valued at $9,694,137 in the last ninety days. Insiders own 1.21% of the company’s stock.

Institutional Trading of ResMed

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of ResMed by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 17,743,457 shares of the medical equipment provider’s stock valued at $3,052,229,000 after purchasing an additional 173,635 shares during the last quarter. Bank of New York Mellon Corp increased its position in ResMed by 51.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,772,761 shares of the medical equipment provider’s stock valued at $1,105,022,000 after acquiring an additional 1,959,642 shares during the period. Norges Bank acquired a new position in ResMed in the 4th quarter valued at about $233,966,000. Charles Schwab Investment Management Inc. increased its position in ResMed by 5.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 863,289 shares of the medical equipment provider’s stock worth $148,503,000 after purchasing an additional 46,113 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in ResMed by 15.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 698,905 shares of the medical equipment provider’s stock worth $120,225,000 after purchasing an additional 95,689 shares during the period. 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. 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.