ResMed (NYSE:RMD) Price Target Raised to $298.00

ResMed (NYSE:RMD) had its target price increased by KeyCorp from $274.00 to $298.00 in a report published on Friday,Benzinga reports. KeyCorp currently has an overweight rating on the medical equipment provider’s stock.

A number of other brokerages have also commented on RMD. Wall Street Zen lowered ResMed from a “buy” rating to a “hold” rating in a research report on Saturday, May 24th. Mizuho raised their price objective on ResMed from $250.00 to $270.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 16th. Royal Bank Of Canada upgraded ResMed from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $255.00 to $294.00 in a report on Tuesday, July 15th. UBS Group reduced their price target on ResMed from $290.00 to $285.00 and set a “buy” rating for the company in a report on Thursday, April 24th. Finally, JPMorgan Chase & Co. lifted their price target on ResMed from $286.00 to $290.00 and gave the company an “overweight” rating 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 stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $274.83.

ResMed Trading Up 2.5%

Shares of NYSE RMD 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 PE ratio of 29.31, a PEG ratio of 1.72 and a beta of 0.77. The company has a current ratio of 3.44, a quick ratio of 2.53 and a debt-to-equity ratio of 0.11. The business has a 50-day moving average price of $256.59 and a two-hundred day moving average price of $240.39.

ResMed (NYSE:RMD) last announced 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. ResMed had a return on equity of 25.62% and a net margin of 27.22%. The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.33 billion. During the same period last year, the company posted $2.08 EPS. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. As a group, analysts predict that ResMed will post 9.47 earnings per share for the current fiscal year.

ResMed Increases Dividend

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

Insider Buying and Selling

In related news, CEO Michael J. Farrell sold 8,009 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the chief executive officer directly owned 455,503 shares in the company, valued at approximately $116,936,730.16. The trade was a 1.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Witte Jan De sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $243.47, for a total value of $486,940.00. Following the completion of the sale, the director owned 5,806 shares of the company’s stock, valued at approximately $1,413,586.82. This trade represents a 25.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,013 shares of company stock worth $7,238,913. 0.71% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in RMD. Franklin Resources Inc. increased its position in ResMed by 13.9% in the 4th quarter. Franklin Resources Inc. now owns 198,372 shares of the medical equipment provider’s stock worth $45,366,000 after buying an additional 24,259 shares during the period. Huntington National Bank increased its position in ResMed by 9.3% in the 4th quarter. Huntington National Bank now owns 2,042 shares of the medical equipment provider’s stock worth $467,000 after buying an additional 174 shares during the period. World Investment Advisors increased its position in ResMed by 50.3% in the 4th quarter. World Investment Advisors now owns 3,331 shares of the medical equipment provider’s stock worth $762,000 after buying an additional 1,115 shares during the period. Motley Fool Asset Management LLC increased its position in ResMed by 15.0% in the 4th quarter. Motley Fool Asset Management LLC now owns 7,842 shares of the medical equipment provider’s stock worth $1,793,000 after buying an additional 1,021 shares during the period. Finally, Landscape Capital Management L.L.C. increased its position in ResMed by 59.6% in the 4th quarter. Landscape Capital Management L.L.C. now owns 20,609 shares of the medical equipment provider’s stock worth $4,713,000 after buying an additional 7,693 shares during the period. 54.98% of the stock is 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 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.