Needham & Company LLC Reaffirms “Hold” Rating for ResMed (NYSE:RMD)

Needham & Company LLC reissued their hold rating on shares of ResMed (NYSE:RMD) in a research note published on Tuesday morning, Benzinga reports.

Other equities analysts have also recently issued research reports about the company. Robert W. Baird initiated coverage on ResMed in a report on Tuesday, September 24th. They set an outperform rating and a $280.00 price target for the company. Royal Bank of Canada raised their target price on shares of ResMed from $204.00 to $206.00 and gave the company a sector perform rating in a report on Friday, August 2nd. Baird R W raised shares of ResMed to a strong-buy rating in a research note on Tuesday, September 24th. Bank of America lifted their price objective on shares of ResMed from $240.00 to $270.00 and gave the stock a buy rating in a research note on Thursday, September 26th. Finally, Wolfe Research restated an underperform rating and issued a $180.00 target price on shares of ResMed in a report on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $213.75.

ResMed Price Performance

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

ResMed (NYSE:RMD) 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. The business had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.22 billion. ResMed had a net margin of 21.79% and a return on equity of 25.00%. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.60 EPS. On average, equities analysts anticipate that ResMed will post 8.97 EPS for the current fiscal year.

ResMed Increases Dividend

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

Insiders Place Their Bets

In other news, Director Peter C. Farrell sold 2,000 shares of the business’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $237.20, for a total transaction of $474,400.00. Following the completion of the sale, the director now directly owns 85,204 shares of the company’s stock, valued at approximately $20,210,388.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Justin Leong sold 48,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $217.07, for a total transaction of $10,419,360.00. Following the transaction, the insider now directly owns 18,741 shares of the company’s stock, valued at approximately $4,068,108.87. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Peter C. Farrell sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $237.20, for a total value of $474,400.00. Following the completion of the sale, the director now owns 85,204 shares of the company’s stock, valued at $20,210,388.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 104,931 shares of company stock worth $23,119,207 over the last quarter. Company insiders own 1.21% of the company’s stock.

Institutional Investors Weigh In On ResMed

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of ResMed by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 17,743,457 shares of the medical equipment provider’s stock worth $3,052,229,000 after buying an additional 173,635 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in ResMed by 51.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,772,761 shares of the medical equipment provider’s stock worth $1,105,022,000 after acquiring an additional 1,959,642 shares in the last quarter. Los Angeles Capital Management LLC increased its position in ResMed by 48.3% during the 2nd quarter. Los Angeles Capital Management LLC now owns 740,226 shares of the medical equipment provider’s stock valued at $141,694,000 after purchasing an additional 241,195 shares during the period. Greenvale Capital LLP raised its holdings in shares of ResMed by 61.1% in the 2nd quarter. Greenvale Capital LLP now owns 725,000 shares of the medical equipment provider’s stock valued at $138,780,000 after purchasing an additional 275,000 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in shares of ResMed by 15.9% in 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 institutional investors.

About ResMed

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.