Piper Sandler Issues Positive Forecast for ResMed (NYSE:RMD) Stock Price

ResMed (NYSE:RMD) had its target price upped by Piper Sandler from $252.00 to $260.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a neutral rating on the medical equipment provider’s stock.

A number of other research analysts have also issued reports on the company. Robert W. Baird lifted their target price on ResMed from $280.00 to $283.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Royal Bank of Canada lifted their price objective on ResMed from $224.00 to $232.00 and gave the company a “sector perform” rating in a research note on Friday, October 25th. Needham & Company LLC restated a “hold” rating on shares of ResMed in a research note on Friday. KeyCorp raised their target price on shares of ResMed from $251.00 to $266.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Finally, Stifel Nicolaus started coverage on shares of ResMed in a research report on Friday, December 13th. They issued a “hold” rating and a $250.00 price objective on the stock. One research analyst has rated the stock with a sell rating, six have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, ResMed currently has an average rating of “Moderate Buy” and an average target price of $244.73.

ResMed Stock Performance

NYSE RMD opened at $236.66 on Friday. The company has a market cap of $34.74 billion, a P/E ratio of 31.35, a P/E/G ratio of 1.83 and a beta of 0.70. ResMed has a 1-year low of $170.56 and a 1-year high of $263.05. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.92 and a quick ratio of 1.91. The stock has a 50-day moving average of $240.17 and a two-hundred day moving average of $236.21.

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

ResMed Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 20th. Shareholders of record on Thursday, February 13th will be paid a $0.53 dividend. The ex-dividend date of this dividend is Thursday, February 13th. This represents a $2.12 annualized dividend and a yield of 0.90%. ResMed’s dividend payout ratio is presently 28.08%.

Insider Transactions at ResMed

In other news, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $245.65, for a total value of $491,300.00. Following the transaction, the director now directly owns 81,218 shares of the company’s stock, valued at $19,951,201.70. The trade was a 2.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Justin Leong sold 6,160 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $243.09, for a total transaction of $1,497,434.40. Following the sale, the insider now owns 21,718 shares of the company’s stock, valued at approximately $5,279,428.62. This represents a 22.10 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,030 shares of company stock worth $2,702,687. Corporate insiders own 0.71% of the company’s stock.

Institutional Trading of ResMed

Several institutional investors and hedge funds have recently added to or reduced their stakes in RMD. Creative Planning increased its holdings in shares of ResMed by 4.7% in the second quarter. Creative Planning now owns 24,282 shares of the medical equipment provider’s stock valued at $4,648,000 after purchasing an additional 1,082 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in ResMed by 30.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 5,133 shares of the medical equipment provider’s stock valued at $982,000 after buying an additional 1,208 shares during the period. Quarry LP raised its position in ResMed by 271.9% during the 2nd 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 last quarter. Cetera Investment Advisers lifted its stake in shares of ResMed by 26.8% in the 2nd quarter. Cetera Investment Advisers now owns 9,721 shares of the medical equipment provider’s stock worth $1,861,000 after acquiring an additional 2,053 shares during the period. Finally, Sanctuary Advisors LLC purchased a new stake in shares of ResMed in the second quarter valued at about $1,162,000. 54.98% of the stock is owned by hedge funds and other institutional investors.

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.