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

ResMed (NYSE:RMD) had its price objective lifted by Piper Sandler from $248.00 to $270.00 in a research note issued to investors on Friday,Benzinga reports. They currently have a neutral rating on the medical equipment provider’s stock.

Other equities analysts have also issued reports about the company. Morgan Stanley set a $286.00 target price on ResMed and gave the company an “overweight” rating in a report on Tuesday, May 20th. Royal Bank Of Canada upgraded ResMed from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $255.00 to $294.00 in a research note on Tuesday, July 15th. UBS Group dropped their price objective on ResMed from $290.00 to $285.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. JPMorgan Chase & Co. increased their target price on ResMed from $286.00 to $290.00 and gave the stock an “overweight” rating in a research report on Thursday, April 24th. Finally, KeyCorp set a $274.00 target price on ResMed in a report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $274.83.

ResMed Stock Performance

Shares of ResMed stock opened at $278.78 on Friday. ResMed has a one year low of $199.92 and a one year high of $281.90. The firm has a market capitalization of $40.88 billion, a price-to-earnings ratio of 29.31, a PEG ratio of 1.72 and a beta of 0.77. The business has a 50-day simple moving average of $256.59 and a 200 day simple moving average of $240.39. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.44 and a quick ratio of 2.53.

ResMed (NYSE:RMD) last issued its quarterly earnings data on Thursday, July 31st. The medical equipment provider reported $2.55 EPS for the quarter, topping analysts’ consensus estimates of $2.47 by $0.08. The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.33 billion. ResMed had a return on equity of 25.62% and a net margin of 27.22%. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the previous year, the company posted $2.08 EPS. On average, research analysts anticipate that ResMed will post 9.47 earnings per share for the current fiscal year.

ResMed Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 14th will be paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.9%. This is an increase from ResMed’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Wednesday, August 13th. ResMed’s payout ratio is 22.29%.

Insider Activity

In related news, CEO Michael J. Farrell sold 8,009 shares of the firm’s stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $256.72, for a total value of $2,056,070.48. Following the sale, the chief executive officer directly owned 455,503 shares of the company’s stock, valued at $116,936,730.16. This trade represents a 1.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $242.25, for a total value of $484,500.00. Following the sale, the director directly owned 71,218 shares in the company, valued at approximately $17,252,560.50. The trade was a 2.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 29,013 shares of company stock valued at $7,238,913. 0.71% of the stock is currently owned by insiders.

Institutional Trading of ResMed

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of ResMed by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 18,493,702 shares of the medical equipment provider’s stock worth $4,139,815,000 after purchasing an additional 320,240 shares in the last quarter. Invesco Ltd. lifted its position in ResMed by 32.2% in the 4th quarter. Invesco Ltd. now owns 2,325,009 shares of the medical equipment provider’s stock valued at $531,706,000 after acquiring an additional 566,046 shares in the last quarter. Northern Trust Corp lifted its position in ResMed by 2.5% in the 1st quarter. Northern Trust Corp now owns 1,744,541 shares of the medical equipment provider’s stock valued at $390,516,000 after acquiring an additional 41,951 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in ResMed by 4.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 998,128 shares of the medical equipment provider’s stock valued at $223,431,000 after acquiring an additional 41,108 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in ResMed by 2.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 977,401 shares of the medical equipment provider’s stock valued at $218,791,000 after acquiring an additional 22,789 shares in the last quarter. 54.98% of the stock is owned by institutional investors.

ResMed Company Profile

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.