JPMorgan Chase & Co. Upgrades ResMed (NYSE:RMD) to Overweight

ResMed (NYSE:RMD – Get Rating) was upgraded by equities researchers at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research note issued to investors on Tuesday, The Fly reports. The firm currently has a $245.00 price objective on the medical equipment provider’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 8.71% from the company’s previous close.

Several other research firms also recently weighed in on RMD. Jefferies Financial Group began coverage on ResMed in a research report on Wednesday, October 12th. They set a “hold” rating and a $245.00 target price on the stock. KeyCorp boosted their target price on ResMed from $276.00 to $280.00 and gave the company an “overweight” rating in a research report on Friday, October 28th. Bank of America raised ResMed from a “neutral” rating to a “buy” rating and boosted their target price for the company from $245.00 to $260.00 in a research report on Thursday, October 20th. Royal Bank of Canada boosted their target price on ResMed from $252.00 to $254.00 and gave the company a “sector perform” rating in a research report on Friday, October 28th. Finally, StockNews.com downgraded ResMed from a “buy” rating to a “hold” rating in a research report on Thursday, November 10th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $263.43.

ResMed Stock Performance

NYSE:RMD opened at $225.38 on Tuesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.94 and a quick ratio of 1.69. ResMed has a 1 year low of $189.40 and a 1 year high of $262.38. The stock’s 50 day simple moving average is $217.75 and its two-hundred day simple moving average is $222.65. The company has a market cap of $33.01 billion, a price-to-earnings ratio of 42.13, a PEG ratio of 1.41 and a beta of 0.50.

ResMed (NYSE:RMD – Get Rating) last released its quarterly earnings data on Thursday, October 27th. The medical equipment provider reported $1.51 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.51. ResMed had a return on equity of 25.75% and a net margin of 21.70%. The business had revenue of $950.30 million for the quarter, compared to the consensus estimate of $946.07 million. During the same quarter in the previous year, the company posted $1.51 EPS. The company’s revenue was up 5.1% compared to the same quarter last year. As a group, equities analysts anticipate that ResMed will post 6.45 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other ResMed news, Director Peter C. Farrell sold 9,050 shares of the company’s stock in a transaction on Monday, October 31st. The stock was sold at an average price of $221.98, for a total value of $2,008,919.00. Following the completion of the sale, the director now directly owns 183,052 shares in the company, valued at approximately $40,633,882.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other ResMed news, Director Peter C. Farrell sold 9,050 shares of the company’s stock in a transaction on Monday, October 31st. The stock was sold at an average price of $221.98, for a total value of $2,008,919.00. Following the completion of the sale, the director now directly owns 183,052 shares in the company, valued at approximately $40,633,882.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Lucile Blaise sold 169 shares of the company’s stock in a transaction on Tuesday, November 15th. The stock was sold at an average price of $225.18, for a total value of $38,055.42. Following the completion of the sale, the insider now owns 7,335 shares of the company’s stock, valued at $1,651,695.30. The disclosure for this sale can be found here. In the last ninety days, insiders sold 49,051 shares of company stock worth $10,835,359. 1.39% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ResMed

A number of hedge funds have recently made changes to their positions in RMD. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in ResMed in the third quarter valued at about $26,000. Capital Advisors Ltd. LLC raised its stake in ResMed by 2,000.0% in the second quarter. Capital Advisors Ltd. LLC now owns 147 shares of the medical equipment provider’s stock valued at $31,000 after buying an additional 140 shares during the last quarter. Ronald Blue Trust Inc. raised its stake in ResMed by 72.8% in the fourth quarter. Ronald Blue Trust Inc. now owns 159 shares of the medical equipment provider’s stock valued at $35,000 after buying an additional 67 shares during the last quarter. Guardian Wealth Advisors LLC purchased a new stake in ResMed in the third quarter valued at about $36,000. Finally, Coston McIsaac & Partners purchased a new stake in ResMed in the second quarter valued at about $41,000. 64.73% of the stock is currently owned by hedge funds and other 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. The company 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.