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

ResMed (NYSE:RMD)‘s stock had its “hold” rating reiterated by investment analysts at Needham & Company LLC in a research note issued on Tuesday, Benzinga reports.

Several other research analysts have also weighed in on RMD. StockNews.com lowered shares of ResMed from a “buy” rating to a “hold” rating in a research report on Friday, August 30th. Bank of America raised their target price on shares of ResMed from $240.00 to $270.00 and gave the company a “buy” rating in a report on Thursday, September 26th. KeyCorp upped their price target on shares of ResMed from $238.00 to $251.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Royal Bank of Canada upped their target price on ResMed from $204.00 to $206.00 and gave the company a “sector perform” rating in a research note on Friday, August 2nd. Finally, Robert W. Baird started coverage on ResMed in a research report on Tuesday, September 24th. They set an “outperform” rating and a $280.00 price target for the company. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $212.25.

ResMed Stock Performance

Shares of RMD stock opened at $244.13 on Tuesday. The stock has a market capitalization of $35.86 billion, a PE ratio of 37.50, a price-to-earnings-growth ratio of 2.46 and a beta of 0.69. The company has a quick ratio of 1.69, a current ratio of 2.59 and a debt-to-equity ratio of 0.14. The stock’s 50-day moving average price is $231.46 and its 200 day moving average price is $211.80. ResMed has a 52-week low of $132.24 and a 52-week high of $255.18.

ResMed (NYSE:RMD) last released its 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. ResMed had a net margin of 21.79% and a return on equity of 25.00%. The company had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter last year, the business earned $1.60 EPS. The business’s revenue was up 6.9% on a year-over-year basis. As a group, equities research analysts forecast that ResMed will post 8.92 EPS for the current year.

Insider Transactions at ResMed

In other news, CFO Brett Sandercock sold 1,000 shares of ResMed stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $194.35, for a total transaction of $194,350.00. Following the sale, the chief financial officer now owns 90,056 shares in the company, valued at $17,502,383.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, General Counsel Michael J. Rider sold 882 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $231.00, for a total transaction of $203,742.00. Following the completion of the sale, the general counsel now directly owns 10,512 shares in the company, valued at $2,428,272. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Brett Sandercock sold 1,000 shares of the stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $194.35, for a total value of $194,350.00. Following the completion of the transaction, the chief financial officer now directly owns 90,056 shares of the company’s stock, valued at approximately $17,502,383.60. The disclosure for this sale can be found here. Insiders sold 102,931 shares of company stock valued at $22,644,807 over the last quarter. Company insiders own 1.21% of the company’s stock.

Institutional Trading of ResMed

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. OFI Invest Asset Management acquired a new stake in shares of ResMed in the 2nd quarter valued at about $32,000. BOK Financial Private Wealth Inc. bought a new position in shares of ResMed in the 1st quarter worth about $35,000. Versant Capital Management Inc boosted its holdings in shares of ResMed by 196.7% in the 2nd quarter. Versant Capital Management Inc now owns 181 shares of the medical equipment provider’s stock valued at $35,000 after buying an additional 120 shares during the period. Financial Connections Group Inc. acquired a new position in ResMed in the second quarter valued at approximately $37,000. Finally, Riverview Trust Co acquired a new stake in shares of ResMed during the 1st quarter worth approximately $42,000. Institutional investors own 54.98% of the company’s stock.

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.