Wall Street brokerages predict that ResMed Inc. (NYSE:RMD) will announce $710.93 million in sales for the current quarter, according to Zacks Investment Research. Four analysts have provided estimates for ResMed’s earnings, with the lowest sales estimate coming in at $660.00 million and the highest estimate coming in at $774.00 million. ResMed reported sales of $704.96 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 0.8%. The firm is expected to report its next earnings results on Thursday, July 23rd.
According to Zacks, analysts expect that ResMed will report full-year sales of $2.92 billion for the current fiscal year, with estimates ranging from $2.85 billion to $2.97 billion. For the next year, analysts forecast that the firm will report sales of $3.06 billion, with estimates ranging from $2.98 billion to $3.21 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that that provide coverage for ResMed.
ResMed (NYSE:RMD) last posted its earnings results on Thursday, April 30th. The medical equipment provider reported $1.29 EPS for the quarter, beating the Zacks’ consensus estimate of $1.00 by $0.29. ResMed had a net margin of 17.73% and a return on equity of 29.26%. The company had revenue of $769.50 million during the quarter, compared to analysts’ expectations of $717.70 million. During the same quarter in the prior year, the company posted $0.89 earnings per share. ResMed’s revenue for the quarter was up 16.2% compared to the same quarter last year.
A number of research firms recently commented on RMD. Morgan Stanley raised shares of ResMed from an “equal weight” rating to an “overweight” rating and set a $176.00 target price for the company in a research report on Wednesday, June 17th. Oppenheimer upgraded shares of ResMed from a “market perform” rating to an “outperform” rating and set a $200.00 price target on the stock in a research note on Thursday, April 30th. JPMorgan Chase & Co. lowered shares of ResMed from a “neutral” rating to an “underweight” rating in a research note on Friday, May 1st. Credit Suisse Group lowered shares of ResMed from an “outperform” rating to a “neutral” rating in a research note on Thursday, March 26th. Finally, Needham & Company LLC started coverage on shares of ResMed in a research note on Thursday, April 30th. They set a “hold” rating on the stock. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $170.25.
NYSE:RMD traded up $3.68 during midday trading on Thursday, reaching $192.00. 689,532 shares of the stock traded hands, compared to its average volume of 743,194. ResMed has a 12-month low of $108.85 and a 12-month high of $193.20. The business has a 50-day moving average of $166.48 and a two-hundred day moving average of $160.48. The company has a debt-to-equity ratio of 0.65, a quick ratio of 2.01 and a current ratio of 2.66. The stock has a market capitalization of $27.24 billion, a PE ratio of 54.39, a price-to-earnings-growth ratio of 2.95 and a beta of 0.50.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Thursday, May 14th were paid a $0.39 dividend. The ex-dividend date was Wednesday, May 13th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.81%. ResMed’s payout ratio is currently 42.86%.
In related news, CFO Brett Sandercock sold 2,500 shares of the firm’s stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $159.03, for a total transaction of $397,575.00. Following the sale, the chief financial officer now owns 92,211 shares in the company, valued at $14,664,315.33. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider David Pendarvis sold 5,919 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $160.61, for a total transaction of $950,650.59. Following the sale, the insider now owns 136,322 shares in the company, valued at approximately $21,894,676.42. The disclosure for this sale can be found here. Insiders sold 22,023 shares of company stock worth $3,489,904 in the last quarter. Company insiders own 1.22% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. State Street Corp grew its position in ResMed by 3.4% during the first quarter. State Street Corp now owns 6,657,104 shares of the medical equipment provider’s stock valued at $980,525,000 after buying an additional 218,417 shares during the period. AXA grew its position in ResMed by 739.1% during the first quarter. AXA now owns 20,198 shares of the medical equipment provider’s stock valued at $2,975,000 after buying an additional 17,791 shares during the period. Cunning Capital Partners LP acquired a new stake in ResMed during the first quarter valued at $5,292,000. Optimal Asset Management Inc. grew its position in ResMed by 80.8% during the first quarter. Optimal Asset Management Inc. now owns 19,219 shares of the medical equipment provider’s stock valued at $2,831,000 after buying an additional 8,590 shares during the period. Finally, Bahl & Gaynor Inc. lifted its holdings in ResMed by 2.3% during the first quarter. Bahl & Gaynor Inc. now owns 62,879 shares of the medical equipment provider’s stock valued at $9,261,000 after purchasing an additional 1,387 shares in the last quarter. Institutional investors own 67.17% of the company’s stock.
ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications that diagnose, treat, and manage respiratory disorders comprising sleep disordered breathing, chronic obstructive pulmonary disease, neuromuscular disease, and other chronic diseases. 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, portable oxygen concentrators, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.
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