Royal Bank of Canada Raises ResMed (NYSE:RMD) Price Target to $200.00

ResMed (NYSE:RMD) had its price objective lifted by stock analysts at Royal Bank of Canada from $187.00 to $200.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has a “sector perform” rating on the medical equipment provider’s stock. Royal Bank of Canada’s price target would indicate a potential downside of 8.28% from the company’s current price.

Several other equities research analysts also recently weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of ResMed from $160.00 to $195.00 and gave the company an “overweight” rating in a research note on Tuesday, January 9th. UBS Group lifted their price target on shares of ResMed from $175.00 to $180.00 and gave the company a “neutral” rating in a research note on Thursday, January 25th. KeyCorp lifted their price target on shares of ResMed from $227.00 to $238.00 and gave the company an “overweight” rating in a research note on Friday. Needham & Company LLC lifted their price target on shares of ResMed from $224.00 to $236.00 and gave the company a “buy” rating in a research note on Friday. Finally, Mizuho reaffirmed a “buy” rating and issued a $215.00 price target on shares of ResMed in a research note on Wednesday, March 27th. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, ResMed currently has an average rating of “Moderate Buy” and an average price target of $202.80.

ResMed Price Performance

RMD stock opened at $218.06 on Friday. The firm has a market cap of $32.07 billion, a price-to-earnings ratio of 33.50, a PEG ratio of 2.68 and a beta of 0.67. The company has a quick ratio of 1.89, a current ratio of 3.11 and a debt-to-equity ratio of 0.27. ResMed has a 12-month low of $132.24 and a 12-month high of $243.52. The company’s fifty day simple moving average is $187.07 and its 200 day simple moving average is $172.12.

ResMed (NYSE:RMD) last released its earnings results 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. ResMed had a net margin of 20.91% and a return on equity of 24.92%. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the previous year, the business earned $1.68 earnings per share. ResMed’s revenue for the quarter was up 7.2% on a year-over-year basis. On average, analysts expect that ResMed will post 7.52 earnings per share for the current year.

Insider Buying and Selling

In related news, General Counsel Michael J. Rider sold 200 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $173.25, for a total transaction of $34,650.00. Following the transaction, the general counsel now directly owns 6,688 shares in the company, valued at $1,158,696. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, General Counsel Michael J. Rider sold 200 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $173.25, for a total transaction of $34,650.00. Following the transaction, the general counsel now directly owns 6,688 shares in the company, valued at $1,158,696. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Peter C. Farrell sold 10,935 shares of the business’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $182.66, for a total transaction of $1,997,387.10. Following the transaction, the director now owns 157,404 shares in the company, valued at $28,751,414.64. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 11,216 shares of company stock worth $2,046,617. 1.21% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RMD. Bank of New York Mellon Corp boosted its stake in ResMed by 230.3% in the first quarter. Bank of New York Mellon Corp now owns 3,813,119 shares of the medical equipment provider’s stock valued at $755,112,000 after acquiring an additional 2,658,709 shares during the last quarter. Norges Bank purchased a new position in ResMed in the fourth quarter valued at about $233,966,000. Morgan Stanley boosted its stake in ResMed by 102.4% in the third quarter. Morgan Stanley now owns 2,329,618 shares of the medical equipment provider’s stock valued at $344,481,000 after acquiring an additional 1,178,547 shares during the last quarter. LGT Capital Partners LTD. purchased a new position in ResMed in the fourth quarter valued at about $117,621,000. Finally, Los Angeles Capital Management LLC boosted its stake in ResMed by 3,599.0% in the first quarter. Los Angeles Capital Management LLC now owns 499,031 shares of the medical equipment provider’s stock valued at $98,823,000 after acquiring an additional 485,540 shares during the last quarter. 54.98% of the stock is currently 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.