JPMorgan Chase & Co. Begins Coverage on ResMed (NYSE:RMD)

Equities researchers at JPMorgan Chase & Co. started coverage on shares of ResMed (NYSE:RMD) in a report issued on Wednesday, Marketbeat.com reports. The firm set an “overweight” rating on the medical equipment provider’s stock.

A number of other brokerages have also weighed in on RMD. Evercore set a $255.00 price objective on shares of ResMed and gave the company an “outperform” rating in a report on Monday. Wall Street Zen lowered shares of ResMed from a “buy” rating to a “hold” rating in a report on Saturday, March 14th. Piper Sandler lifted their price objective on shares of ResMed from $270.00 to $275.00 and gave the company a “neutral” rating in a report on Friday, January 30th. Weiss Ratings lowered shares of ResMed from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, March 19th. Finally, Royal Bank Of Canada lifted their price objective on shares of ResMed from $311.00 to $314.00 and gave the company an “outperform” rating in a report on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $295.17.

ResMed Price Performance

ResMed stock opened at $224.76 on Wednesday. The firm has a 50-day moving average price of $241.17 and a 200-day moving average price of $250.63. The firm has a market capitalization of $32.74 billion, a PE ratio of 22.23, a price-to-earnings-growth ratio of 1.51 and a beta of 0.93. The company has a current ratio of 3.06, a quick ratio of 2.32 and a debt-to-equity ratio of 0.06. ResMed has a 12-month low of $202.00 and a 12-month high of $293.81.

ResMed (NYSE:RMD) last announced its quarterly earnings data on Friday, January 30th. The medical equipment provider reported $2.81 earnings per share for the quarter, beating analysts’ consensus estimates of $2.68 by $0.13. ResMed had a net margin of 27.53% and a return on equity of 25.20%. The company had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter last year, the business posted $2.43 EPS. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis. As a group, equities research analysts forecast that ResMed will post 9.47 EPS for the current year.

Insider Transactions at ResMed

In other ResMed news, Director Peter C. Farrell sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $225.00, for a total transaction of $450,000.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Michael J. Farrell sold 4,991 shares of the firm’s stock in a transaction dated Monday, February 9th. The shares were sold at an average price of $273.78, for a total transaction of $1,366,435.98. Following the transaction, the chief executive officer directly owned 466,223 shares in the company, valued at $127,642,532.94. This trade represents a 1.06% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 21,023 shares of company stock worth $5,230,857 in the last three months. Insiders own 0.65% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in ResMed by 1.6% during the 3rd quarter. Vanguard Group Inc. now owns 19,040,440 shares of the medical equipment provider’s stock valued at $5,211,940,000 after purchasing an additional 293,515 shares during the period. State Street Corp increased its position in ResMed by 1.2% during the 4th quarter. State Street Corp now owns 6,625,408 shares of the medical equipment provider’s stock valued at $1,595,862,000 after purchasing an additional 76,244 shares during the period. Bank of New York Mellon Corp increased its position in ResMed by 7.4% during the 4th quarter. Bank of New York Mellon Corp now owns 4,890,654 shares of the medical equipment provider’s stock valued at $1,178,012,000 after purchasing an additional 337,738 shares during the period. Geode Capital Management LLC grew its position in shares of ResMed by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 4,302,906 shares of the medical equipment provider’s stock worth $1,032,877,000 after buying an additional 51,218 shares during the last quarter. Finally, Morgan Stanley grew its position in shares of ResMed by 25.0% in the 4th quarter. Morgan Stanley now owns 2,891,697 shares of the medical equipment provider’s stock worth $696,523,000 after buying an additional 578,559 shares during the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

About ResMed

ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.