Needham & Company LLC Boosts ResMed (NYSE:RMD) Price Target to $236.00

ResMed (NYSE:RMD) had its target price lifted by Needham & Company LLC from $224.00 to $236.00 in a research note published on Friday morning, Benzinga reports. Needham & Company LLC currently has a buy rating on the medical equipment provider’s stock.

RMD has been the subject of several other reports. JPMorgan Chase & Co. lifted their target price on ResMed from $160.00 to $195.00 and gave the company an overweight rating in a research report on Tuesday, January 9th. Mizuho reiterated a buy rating and issued a $215.00 price objective on shares of ResMed in a research note on Wednesday, March 27th. UBS Group lifted their price objective on ResMed from $175.00 to $180.00 and gave the company a neutral rating in a research note on Thursday, January 25th. Oppenheimer lifted their price objective on ResMed from $185.00 to $205.00 and gave the company an outperform rating in a research note on Tuesday, January 30th. Finally, Royal Bank of Canada lifted their price objective on ResMed from $181.00 to $182.00 and gave the company a sector perform rating in a research note on Thursday, January 25th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $202.80.

ResMed Stock Up 18.9 %

Shares of NYSE:RMD opened at $218.06 on Friday. The business has a 50-day moving average price of $187.07 and a 200 day moving average price of $172.32. The company has a current ratio of 3.11, a quick ratio of 1.89 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $32.07 billion, a price-to-earnings ratio of 33.50, a PEG ratio of 2.68 and a beta of 0.67. ResMed has a 12-month low of $132.24 and a 12-month high of $243.52.

ResMed (NYSE:RMD) last released its earnings results on Thursday, April 25th. The medical equipment provider reported $2.13 earnings per share for the quarter, beating the consensus estimate of $1.91 by $0.22. The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.17 billion. ResMed had a return on equity of 24.92% and a net margin of 20.91%. ResMed’s revenue was up 7.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.68 EPS. Sell-side analysts expect that ResMed will post 7.52 EPS for the current year.

ResMed Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 13th. Investors of record on Thursday, May 9th will be paid a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 0.88%. The ex-dividend date is Wednesday, May 8th. ResMed’s payout ratio is 29.49%.

Insider Buying and Selling

In related news, General Counsel Michael J. Rider sold 200 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $173.25, for a total transaction of $34,650.00. Following the completion of the sale, the general counsel now owns 6,688 shares in the company, valued at $1,158,696. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other ResMed news, General Counsel Michael J. Rider sold 200 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $173.25, for a total value of $34,650.00. Following the completion of the sale, the general counsel now owns 6,688 shares in the company, valued at $1,158,696. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Peter C. Farrell sold 10,935 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $182.66, for a total value of $1,997,387.10. Following the completion of the sale, the director now owns 157,404 shares of the company’s stock, valued at approximately $28,751,414.64. The disclosure for this sale can be found here. Insiders sold a total of 11,216 shares of company stock worth $2,046,617 over the last 90 days. 1.21% of the stock is owned by insiders.

Institutional Investors Weigh In On ResMed

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RMD. Handelsbanken Fonder AB increased its holdings in shares of ResMed by 22.5% in the fourth quarter. Handelsbanken Fonder AB now owns 70,272 shares of the medical equipment provider’s stock valued at $12,088,000 after purchasing an additional 12,899 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of ResMed by 13.9% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 45,231 shares of the medical equipment provider’s stock valued at $7,781,000 after purchasing an additional 5,517 shares during the period. Vaughan David Investments LLC IL acquired a new position in shares of ResMed in the fourth quarter valued at approximately $29,322,000. International Assets Investment Management LLC increased its holdings in shares of ResMed by 11,960.3% in the fourth quarter. International Assets Investment Management LLC now owns 22,191 shares of the medical equipment provider’s stock valued at $3,817,000 after purchasing an additional 22,007 shares during the period. Finally, Illinois Municipal Retirement Fund increased its holdings in shares of ResMed by 33.7% in the fourth quarter. Illinois Municipal Retirement Fund now owns 72,893 shares of the medical equipment provider’s stock valued at $12,539,000 after purchasing an additional 18,368 shares during the period. Hedge funds and other institutional investors own 54.98% of the company’s stock.

ResMed Company Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. It 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 technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.