Mizuho Cuts ResMed (NYSE:RMD) Price Target to $300.00

ResMed (NYSE:RMD) had its price objective trimmed by Mizuho from $310.00 to $300.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an outperform rating on the medical equipment provider’s stock.

A number of other research analysts have also commented on RMD. KeyCorp upped their target price on ResMed from $274.00 to $298.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Piper Sandler increased their price objective on ResMed from $248.00 to $270.00 and gave the stock a “neutral” rating in a research note on Friday, August 1st. Wells Fargo & Company assumed coverage on ResMed in a research note on Monday, October 13th. They set an “equal weight” rating and a $280.00 price objective for the company. Stifel Nicolaus increased their price objective on ResMed from $240.00 to $270.00 and gave the stock a “hold” rating in a research note on Friday, August 1st. Finally, William Blair upgraded ResMed to a “strong-buy” rating in a research note on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $297.20.

ResMed Stock Performance

Shares of NYSE RMD opened at $246.67 on Friday. The business has a fifty day simple moving average of $271.78 and a 200 day simple moving average of $261.43. 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 firm has a market capitalization of $36.00 billion, a price-to-earnings ratio of 25.94, a PEG ratio of 1.75 and a beta of 0.83. ResMed has a one year low of $199.92 and a one year high of $293.81.

ResMed (NYSE:RMD) last issued its earnings results on Thursday, October 30th. The medical equipment provider reported $2.55 EPS for the quarter, beating analysts’ consensus estimates of $2.49 by $0.06. The business had revenue of $1.34 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%.ResMed’s revenue was up 9.1% on a year-over-year basis. During the same period in the prior year, the company posted $2.20 earnings per share. Sell-side analysts expect that ResMed will post 9.47 EPS for the current year.

ResMed Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 18th. Stockholders of record on Thursday, November 13th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Thursday, November 13th. ResMed’s dividend payout ratio is presently 24.56%.

Insider Transactions at ResMed

In other news, Director John Hernandez sold 2,575 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $287.10, for a total transaction of $739,282.50. Following the sale, the director owned 4,045 shares in the company, valued at approximately $1,161,319.50. This represents a 38.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Michael J. Rider sold 100 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $274.36, for a total value of $27,436.00. Following the sale, the general counsel owned 11,327 shares in the company, valued at $3,107,675.72. The trade was a 0.88% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 18,693 shares of company stock worth $5,270,419. Insiders own 0.65% of the company’s stock.

Institutional Trading of ResMed

Several large investors have recently made changes to their positions in RMD. Norges Bank bought a new stake in shares of ResMed during the second quarter worth $306,452,000. OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in ResMed by 1,168.5% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 590,895 shares of the medical equipment provider’s stock valued at $132,272,000 after acquiring an additional 544,311 shares during the last quarter. Allianz Asset Management GmbH boosted its holdings in ResMed by 334.0% in the first quarter. Allianz Asset Management GmbH now owns 455,124 shares of the medical equipment provider’s stock valued at $101,880,000 after acquiring an additional 350,245 shares during the last quarter. Swedbank AB boosted its holdings in ResMed by 445.1% in the first quarter. Swedbank AB now owns 397,319 shares of the medical equipment provider’s stock valued at $88,940,000 after acquiring an additional 324,428 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in ResMed by 1.8% in the first quarter. Vanguard Group Inc. now owns 18,493,702 shares of the medical equipment provider’s stock valued at $4,139,815,000 after acquiring an additional 320,240 shares during the last quarter. 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.