JPMorgan Chase & Co. Raises ResMed (NYSE:RMD) Price Target to $286.00

ResMed (NYSE:RMD) had its target price lifted by analysts at JPMorgan Chase & Co. from $270.00 to $286.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the medical equipment provider’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 18.21% from the company’s previous close.

Several other equities research analysts have also recently weighed in on RMD. StockNews.com upgraded shares of ResMed from a “hold” rating to a “buy” rating in a research note on Tuesday, October 15th. Robert W. Baird raised their price objective on ResMed from $280.00 to $283.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Royal Bank of Canada boosted their price objective on ResMed from $224.00 to $232.00 and gave the company a “sector perform” rating in a research report on Friday, October 25th. The Goldman Sachs Group began coverage on ResMed in a research report on Thursday, January 16th. They issued a “buy” rating for the company. Finally, Piper Sandler boosted their price target on shares of ResMed from $252.00 to $260.00 and gave the company a “neutral” rating in a report on Friday. One analyst has rated the stock with a sell rating, six have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $244.73.

ResMed Stock Performance

NYSE RMD traded down $15.70 during trading on Friday, hitting $241.95. The company’s stock had a trading volume of 1,370,811 shares, compared to its average volume of 903,068. ResMed has a 52 week low of $170.56 and a 52 week high of $263.05. The firm has a market cap of $35.52 billion, a P/E ratio of 32.25, a price-to-earnings-growth ratio of 1.83 and a beta of 0.70. The firm has a 50 day moving average price of $240.32 and a 200 day moving average price of $235.99. The company has a quick ratio of 1.91, a current ratio of 2.92 and a debt-to-equity ratio of 0.13.

ResMed (NYSE:RMD) last announced its earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.29 by $0.14. ResMed had a net margin of 23.15% and a return on equity of 25.53%. Equities research analysts forecast that ResMed will post 9.35 earnings per share for the current fiscal year.

Insider Activity at ResMed

In related news, Director Peter C. Farrell sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $248.74, for a total value of $497,480.00. Following the completion of the sale, the director now owns 83,204 shares of the company’s stock, valued at $20,696,162.96. This trade represents a 2.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Witte Jan De sold 796 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $248.81, for a total value of $198,052.76. Following the completion of the transaction, the director now owns 6,723 shares in the company, valued at approximately $1,672,749.63. This represents a 10.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,030 shares of company stock valued at $2,702,687 in the last ninety days. Insiders own 0.71% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. True Wealth Design LLC boosted its holdings in ResMed by 2,200.0% during the third quarter. True Wealth Design LLC now owns 115 shares of the medical equipment provider’s stock worth $28,000 after buying an additional 110 shares during the last quarter. Ashton Thomas Securities LLC bought a new position in ResMed during the 3rd quarter worth about $34,000. Rosenberg Matthew Hamilton acquired a new stake in shares of ResMed in the 4th quarter valued at about $54,000. Capital Performance Advisors LLP bought a new stake in shares of ResMed in the third quarter valued at about $60,000. Finally, Quarry LP boosted its position in shares of ResMed by 271.9% during the second quarter. Quarry LP now owns 331 shares of the medical equipment provider’s stock worth $63,000 after buying an additional 242 shares during the period. Institutional investors and hedge funds own 54.98% of the company’s stock.

About ResMed

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. The company 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 ApneaLink Air, a portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow, and snoring; and NightOwl, a portable, cloud-connected, and disposable diagnostic device that measures AHI based on derived peripheral arterial tone, actigraphy, and oximetry over several nights.