ResMed (NYSE:RMD) Rating Lowered to “Hold” at Wall Street Zen

ResMed (NYSE:RMD) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued on Saturday.

Several other research analysts have also recently weighed in on RMD. UBS Group reiterated a “buy” rating and set a $345.00 price target on shares of ResMed in a research report on Friday, December 12th. Piper Sandler upped their price objective on ResMed from $270.00 to $275.00 and gave the stock a “neutral” rating in a research report on Friday, January 30th. Stifel Nicolaus lifted their target price on shares of ResMed from $260.00 to $265.00 and gave the company a “hold” rating in a report on Friday, January 30th. Robert W. Baird set a $281.00 target price on shares of ResMed in a research note on Friday, January 30th. Finally, Wells Fargo & Company raised their price target on shares of ResMed from $265.00 to $270.00 and gave the company an “equal weight” rating in a research report on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $299.27.

ResMed Price Performance

Shares of RMD opened at $231.00 on Friday. The business’s 50-day moving average is $255.05 and its two-hundred day moving average is $258.55. The company has a market capitalization of $33.65 billion, a P/E ratio of 22.85, a P/E/G ratio of 1.54 and a beta of 0.88. ResMed has a fifty-two week low of $199.92 and a fifty-two week high of $293.81. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.32 and a current ratio of 3.06.

ResMed (NYSE:RMD) last issued its quarterly earnings data on Thursday, January 29th. The medical equipment provider reported $2.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.68 by $0.13. ResMed had a return on equity of 25.20% and a net margin of 27.53%.The business had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the previous year, the firm posted $2.43 EPS. The company’s revenue for the quarter was up 11.0% on a year-over-year basis. Research analysts predict that ResMed will post 9.47 earnings per share for the current year.

Insider Activity at ResMed

In related news, CEO Michael J. Farrell sold 4,991 shares of ResMed stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $248.46, for a total value of $1,240,063.86. Following the sale, the chief executive officer owned 466,223 shares of the company’s stock, valued at approximately $115,837,766.58. This trade represents a 1.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Peter C. Farrell sold 2,000 shares of the business’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $260.22, for a total transaction of $520,440.00. Following the completion of the sale, the director directly owned 62,773 shares of the company’s stock, valued at approximately $16,334,790.06. The trade was a 3.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 21,073 shares of company stock valued at $5,405,198. Corporate insiders own 0.65% of the company’s stock.

Hedge Funds Weigh In On ResMed

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of ResMed during the second quarter worth about $306,452,000. First Trust Advisors LP lifted its stake in ResMed by 240.9% in the 4th quarter. First Trust Advisors LP now owns 1,517,592 shares of the medical equipment provider’s stock valued at $365,542,000 after buying an additional 1,072,394 shares in the last quarter. Deutsche Bank AG lifted its stake in ResMed by 126.0% in the 4th quarter. Deutsche Bank AG now owns 1,413,477 shares of the medical equipment provider’s stock valued at $340,464,000 after buying an additional 787,949 shares in the last quarter. Morgan Stanley boosted its holdings in 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. Finally, Swedbank AB increased its stake in ResMed by 103.1% during the 4th quarter. Swedbank AB now owns 1,102,476 shares of the medical equipment provider’s stock worth $265,553,000 after buying an additional 559,765 shares in the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

ResMed Company Profile

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.