ResMed (NYSE:RMD) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

ResMed (NYSE:RMD) had its target price lifted by stock analysts at Royal Bank Of Canada from $300.00 to $303.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an “outperform” rating on the medical equipment provider’s stock. Royal Bank Of Canada’s price target suggests a potential upside of 22.84% from the stock’s current price.

Several other equities research analysts also recently weighed in on the stock. Wall Street Zen downgraded shares of ResMed from a “buy” rating to a “hold” rating in a research note on Sunday, August 10th. CLSA raised shares of ResMed from a “hold” rating to an “outperform” rating in a research note on Tuesday, September 2nd. Piper Sandler lifted their price target on shares of ResMed from $248.00 to $270.00 and gave the company a “neutral” rating in a research note on Friday, August 1st. William Blair raised shares of ResMed to a “strong-buy” rating in a research note on Friday, August 1st. Finally, Stifel Nicolaus lifted their price objective on shares of ResMed from $240.00 to $270.00 and gave the company a “hold” rating in a report on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, ResMed has a consensus rating of “Moderate Buy” and an average price target of $297.20.

ResMed Price Performance

Shares of NYSE RMD opened at $246.67 on Friday. ResMed has a twelve month low of $199.92 and a twelve month high of $293.81. The company has a quick ratio of 2.53, a current ratio of 3.44 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $36.00 billion, a PE ratio of 25.94, a P/E/G ratio of 1.75 and a beta of 0.83. The firm has a fifty day simple moving average of $271.78 and a 200 day simple moving average of $261.08.

ResMed (NYSE:RMD) last posted its quarterly earnings results on Thursday, October 30th. The medical equipment provider reported $2.55 earnings per share for the quarter, beating the consensus estimate of $2.49 by $0.06. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The firm had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same period in the previous year, the firm posted $2.20 earnings per share. The business’s revenue was up 9.1% compared to the same quarter last year. On average, sell-side analysts forecast that ResMed will post 9.47 EPS for the current year.

Insider Activity

In related news, General Counsel Michael J. Rider sold 100 shares of the business’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $274.36, for a total transaction of $27,436.00. Following the transaction, the general counsel directly owned 11,327 shares in the company, valued at approximately $3,107,675.72. The trade was a 0.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael J. Farrell sold 8,009 shares of the business’s stock in a transaction dated Tuesday, October 7th. The stock was sold at an average price of $282.85, for a total transaction of $2,265,345.65. Following the transaction, the chief executive officer owned 467,792 shares in the company, valued at approximately $132,314,967.20. This trade represents a 1.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 18,693 shares of company stock worth $5,270,419 over the last three months. 0.65% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in ResMed by 1.4% during the second quarter. Vanguard Group Inc. now owns 18,746,925 shares of the medical equipment provider’s stock worth $4,836,707,000 after purchasing an additional 253,223 shares during the last quarter. State Street Corp boosted its holdings in ResMed by 1.0% during the second quarter. State Street Corp now owns 6,615,852 shares of the medical equipment provider’s stock worth $1,706,890,000 after purchasing an additional 64,448 shares during the last quarter. Geode Capital Management LLC boosted its holdings in ResMed by 2.4% during the second quarter. Geode Capital Management LLC now owns 4,215,145 shares of the medical equipment provider’s stock worth $1,083,409,000 after purchasing an additional 98,717 shares during the last quarter. Northern Trust Corp boosted its holdings in ResMed by 2.5% during the first quarter. Northern Trust Corp now owns 1,744,541 shares of the medical equipment provider’s stock worth $390,516,000 after purchasing an additional 41,951 shares during the last quarter. Finally, Norges Bank purchased a new position in ResMed during the second quarter worth about $306,452,000. 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. 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.