ResMed (NYSE:RMD) Price Target Raised to $270.00

ResMed (NYSE:RMD) had its price objective hoisted by Mizuho from $250.00 to $270.00 in a research note released on Wednesday morning,Benzinga reports. Mizuho currently has an outperform rating on the medical equipment provider’s stock.

Other equities analysts have also recently issued research reports about the stock. Piper Sandler reduced their price target on shares of ResMed from $260.00 to $248.00 and set a “neutral” rating on the stock in a research report on Thursday, April 24th. JPMorgan Chase & Co. upped their target price on ResMed from $286.00 to $290.00 and gave the stock an “overweight” rating in a report on Thursday, April 24th. Wall Street Zen downgraded shares of ResMed from a “buy” rating to a “hold” rating in a research report on Saturday, May 24th. Morgan Stanley set a $286.00 price objective on shares of ResMed and gave the stock an “overweight” rating in a report on Tuesday, May 20th. Finally, Royal Bank Of Canada raised ResMed from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $255.00 to $294.00 in a research note on Tuesday. One analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $263.00.

ResMed Price Performance

RMD stock opened at $257.64 on Wednesday. The company has a market capitalization of $37.78 billion, a P/E ratio of 28.92, a price-to-earnings-growth ratio of 1.61 and a beta of 0.77. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.49 and a current ratio of 3.41. ResMed has a 52-week low of $196.43 and a 52-week high of $263.05. The business has a 50-day simple moving average of $251.53 and a two-hundred day simple moving average of $237.52.

ResMed (NYSE:RMD) last issued its earnings results on Wednesday, April 23rd. The medical equipment provider reported $2.37 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.01. ResMed had a net margin of 26.15% and a return on equity of 25.67%. The firm had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same quarter last year, the business earned $2.13 earnings per share. The company’s quarterly revenue was up 7.9% on a year-over-year basis. Research analysts expect that ResMed will post 9.47 EPS for the current fiscal year.

ResMed Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Thursday, May 8th were given a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 0.82%. The ex-dividend date was Thursday, May 8th. ResMed’s dividend payout ratio (DPR) is 23.79%.

Insider Activity

In other ResMed news, Director Witte Jan De sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $243.47, for a total value of $486,940.00. Following the completion of the transaction, the director directly owned 5,806 shares in the company, valued at $1,413,586.82. This trade represents a 25.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Peter C. Farrell sold 2,000 shares of the business’s stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $242.25, for a total transaction of $484,500.00. Following the transaction, the director owned 71,218 shares in the company, valued at approximately $17,252,560.50. This represents a 2.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,013 shares of company stock worth $7,238,913 over the last three months. Corporate insiders own 0.71% of the company’s stock.

Institutional Investors Weigh In On ResMed

A number of institutional investors and hedge funds have recently made changes to their positions in RMD. Proficio Capital Partners LLC bought a new position in ResMed during the fourth quarter worth about $220,000. Raymond James Financial Inc. bought a new position in shares of ResMed during the 4th quarter worth approximately $9,558,000. Independent Advisor Alliance bought a new position in ResMed during the fourth quarter worth $231,000. Commonwealth Equity Services LLC boosted its position in ResMed by 34.8% during the fourth quarter. Commonwealth Equity Services LLC now owns 13,239 shares of the medical equipment provider’s stock worth $3,028,000 after purchasing an additional 3,417 shares during the period. Finally, Natixis Advisors LLC boosted its position in ResMed by 10.9% during the fourth quarter. Natixis Advisors LLC now owns 57,111 shares of the medical equipment provider’s stock worth $13,061,000 after purchasing an additional 5,613 shares during the period. 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. 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 ApneaLink Air, a portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow, and snoring; and NightOwl, a portable, cloud-connected, and disposable diagnostic device that measures AHI based on derived peripheral arterial tone, actigraphy, and oximetry over several nights.