ResMed (NYSE:RMD) Price Target Raised to $238.00 at KeyCorp

ResMed (NYSE:RMD) had its price objective lifted by KeyCorp from $227.00 to $238.00 in a report issued on Friday, Benzinga reports. The firm currently has an overweight rating on the medical equipment provider’s stock.

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

ResMed Stock Performance

Shares of RMD stock opened at $217.05 on Friday. The company has a market capitalization of $31.93 billion, a price-to-earnings ratio of 33.34, a P/E/G ratio of 2.65 and a beta of 0.67. ResMed has a 1-year low of $132.24 and a 1-year high of $240.09. The company has a current ratio of 3.04, a quick ratio of 1.97 and a debt-to-equity ratio of 0.22. The stock’s fifty day simple moving average is $187.80 and its 200-day simple moving average is $172.88.

ResMed (NYSE:RMD) last released its quarterly earnings data on Thursday, April 25th. The medical equipment provider reported $2.13 EPS for the quarter, topping analysts’ consensus estimates of $1.91 by $0.22. The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.17 billion. ResMed had a return on equity of 24.43% and a net margin of 20.91%. The firm’s revenue was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.68 earnings per share. On average, sell-side analysts predict that ResMed will post 7.52 earnings per share for the current fiscal year.

ResMed Announces Dividend

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

Insider Buying and Selling

In other ResMed news, General Counsel Michael J. Rider sold 200 shares of the firm’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 approximately $1,158,696. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other ResMed news, General Counsel Michael J. Rider sold 200 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $173.25, for a total value of $34,650.00. Following the sale, the general counsel now owns 6,688 shares of the company’s stock, valued at approximately $1,158,696. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Peter C. Farrell sold 10,935 shares of the stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $182.66, for a total transaction of $1,997,387.10. Following the completion of the transaction, 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 have sold a total of 11,216 shares of company stock valued at $2,046,617 over the last three months. 1.21% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ResMed

A number of institutional investors have recently added to or reduced their stakes in RMD. Vanguard Group Inc. boosted its stake in ResMed by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 17,743,457 shares of the medical equipment provider’s stock valued at $3,052,229,000 after buying an additional 173,635 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in ResMed by 230.3% during the 1st quarter. Bank of New York Mellon Corp now owns 3,813,119 shares of the medical equipment provider’s stock valued at $755,112,000 after purchasing an additional 2,658,709 shares during the last quarter. Morgan Stanley boosted its position in ResMed by 102.4% in the third quarter. Morgan Stanley now owns 2,329,618 shares of the medical equipment provider’s stock valued at $344,481,000 after buying an additional 1,178,547 shares in the last quarter. Norges Bank bought a new stake in ResMed during the fourth quarter worth about $233,966,000. Finally, abrdn plc increased its holdings in shares of ResMed by 79.2% during the third quarter. abrdn plc now owns 901,485 shares of the medical equipment provider’s stock worth $133,303,000 after buying an additional 398,302 shares in the last quarter. 54.98% of the stock is owned by institutional investors and hedge funds.

About ResMed

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.