ResMed Inc. (NYSE:RMD) to Post Q1 2024 Earnings of $1.59 Per Share, William Blair Forecasts

ResMed Inc. (NYSE:RMD) – Investment analysts at William Blair reduced their Q1 2024 earnings estimates for shares of ResMed in a research report issued to clients and investors on Tuesday, August 29th. William Blair analyst M. Kaczor now expects that the medical equipment provider will post earnings of $1.59 per share for the quarter, down from their previous estimate of $1.69. The consensus estimate for ResMed’s current full-year earnings is $7.08 per share. William Blair also issued estimates for ResMed’s Q2 2024 earnings at $1.73 EPS, Q3 2024 earnings at $1.79 EPS, Q4 2024 earnings at $1.89 EPS and FY2024 earnings at $7.00 EPS.

Other analysts have also issued reports about the stock. Bank of America reduced their price objective on shares of ResMed from $260.00 to $250.00 and set a “buy” rating on the stock in a report on Friday, August 4th. Royal Bank of Canada cut their price target on shares of ResMed from $284.00 to $273.00 and set an “outperform” rating on the stock in a research note on Monday, August 14th. UBS Group started coverage on shares of ResMed in a research note on Monday, May 22nd. They set a “buy” rating and a $290.00 price target on the stock. KeyCorp cut their price target on shares of ResMed from $280.00 to $260.00 and set an “overweight” rating on the stock in a research note on Friday, August 4th. Finally, TheStreet cut shares of ResMed from a “b-” rating to a “c+” rating in a report on Thursday, August 24th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, ResMed has an average rating of “Moderate Buy” and a consensus target price of $261.86.

ResMed Stock Down 2.8 %

Shares of RMD opened at $159.59 on Thursday. The firm has a market cap of $23.47 billion, a P/E ratio of 26.16, a price-to-earnings-growth ratio of 2.48 and a beta of 0.48. ResMed has a 12-month low of $158.88 and a 12-month high of $243.52. The company’s 50-day moving average price is $199.25 and its 200 day moving average price is $212.56. The company has a current ratio of 3.12, a quick ratio of 1.81 and a debt-to-equity ratio of 0.35.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, August 3rd. The medical equipment provider reported $1.60 earnings per share for the quarter, missing the consensus estimate of $1.67 by ($0.07). The firm had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.14 billion. ResMed had a net margin of 21.25% and a return on equity of 24.94%. The company’s revenue was up 22.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.49 EPS.

ResMed Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 21st. Investors of record on Thursday, August 17th will be given a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 1.20%. This is a positive change from ResMed’s previous quarterly dividend of $0.44. The ex-dividend date is Wednesday, August 16th. ResMed’s dividend payout ratio (DPR) is 31.48%.

Insider Buying and Selling at ResMed

In other news, CEO Michael J. Farrell sold 5,675 shares of ResMed stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $183.20, for a total transaction of $1,039,660.00. Following the completion of the transaction, the chief executive officer now owns 436,930 shares of the company’s stock, valued at approximately $80,045,576. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Michael J. Farrell sold 5,675 shares of the business’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $183.20, for a total transaction of $1,039,660.00. Following the completion of the sale, the chief executive officer now owns 436,930 shares in the company, valued at approximately $80,045,576. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Robert Andrew Douglas sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $222.22, for a total value of $333,330.00. Following the transaction, the chief operating officer now directly owns 252,026 shares in the company, valued at $56,005,217.72. The disclosure for this sale can be found here. Over the last quarter, insiders sold 23,575 shares of company stock valued at $4,909,024. 1.39% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in RMD. Norges Bank bought a new position in ResMed during the 4th quarter worth $244,477,000. Bank Julius Baer & Co. Ltd Zurich grew its stake in shares of ResMed by 59,600.0% in the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,020,870 shares of the medical equipment provider’s stock worth $223,060,000 after purchasing an additional 1,019,160 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in shares of ResMed by 356.1% in the second quarter. Assenagon Asset Management S.A. now owns 526,195 shares of the medical equipment provider’s stock worth $114,974,000 after purchasing an additional 410,815 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of ResMed by 202.4% in the second quarter. Renaissance Technologies LLC now owns 390,700 shares of the medical equipment provider’s stock worth $85,368,000 after purchasing an additional 261,500 shares in the last quarter. Finally, abrdn plc grew its stake in shares of ResMed by 104.4% in the second quarter. abrdn plc now owns 503,183 shares of the medical equipment provider’s stock worth $109,945,000 after purchasing an additional 256,980 shares in the last quarter. 63.79% of the stock is currently owned by institutional investors.

About ResMed

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.