Stifel Nicolaus Lowers ResMed (NYSE:RMD) Price Target to $240.00

ResMed (NYSE:RMD) had its price target dropped by research analysts at Stifel Nicolaus from $250.00 to $240.00 in a report released on Wednesday,Benzinga reports. The firm presently has a “hold” rating on the medical equipment provider’s stock. Stifel Nicolaus’ price objective points to a potential upside of 8.33% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on the stock. The Goldman Sachs Group began coverage on shares of ResMed in a research report on Thursday, January 16th. They set a “buy” rating for the company. Piper Sandler raised their price objective on shares of ResMed from $252.00 to $260.00 and gave the company a “neutral” rating in a research note on Friday, January 31st. UBS Group upgraded shares of ResMed from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 31st. KeyCorp increased their price target on ResMed from $266.00 to $280.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Finally, JPMorgan Chase & Co. lifted their price objective on ResMed from $270.00 to $286.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. One investment analyst has rated the stock with a sell rating, six have given a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $243.82.

ResMed Price Performance

Shares of RMD stock traded down $9.93 during trading hours on Wednesday, hitting $221.56. The company had a trading volume of 325,363 shares, compared to its average volume of 942,592. ResMed has a 12 month low of $172.19 and a 12 month high of $263.05. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.29 and a current ratio of 3.33. The firm’s fifty day moving average is $237.07 and its 200 day moving average is $240.02. The firm has a market capitalization of $32.54 billion, a price-to-earnings ratio of 26.16, a PEG ratio of 1.53 and a beta of 0.70.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 EPS for the quarter, beating the consensus estimate of $2.29 by $0.14. ResMed had a return on equity of 26.17% and a net margin of 25.34%. On average, sell-side analysts predict that ResMed will post 9.47 EPS for the current fiscal year.

Insider Activity

In other news, insider Kaushik Ghoshal sold 9,113 shares of the firm’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $235.40, for a total transaction of $2,145,200.20. Following the completion of the sale, the insider now owns 9,725 shares in the company, valued at approximately $2,289,265. This trade represents a 48.38 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $242.11, for a total transaction of $484,220.00. Following the sale, the director now directly owns 77,218 shares of the company’s stock, valued at $18,695,249.98. The trade was a 2.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 19,186 shares of company stock valued at $4,541,226 over the last three months. Insiders own 0.71% of the company’s stock.

Institutional Trading of ResMed

Hedge funds have recently added to or reduced their stakes in the company. Invesco Ltd. grew its holdings in ResMed by 32.2% in the 4th quarter. Invesco Ltd. now owns 2,325,009 shares of the medical equipment provider’s stock valued at $531,706,000 after buying an additional 566,046 shares in the last quarter. Norges Bank bought a new position in ResMed during the fourth quarter worth about $118,605,000. Captrust Financial Advisors raised its stake in ResMed by 813.4% in the 4th quarter. Captrust Financial Advisors now owns 443,340 shares of the medical equipment provider’s stock worth $101,387,000 after purchasing an additional 394,803 shares in the last quarter. Geode Capital Management LLC boosted its holdings in ResMed by 10.9% in the 3rd quarter. Geode Capital Management LLC now owns 3,858,814 shares of the medical equipment provider’s stock valued at $939,114,000 after purchasing an additional 380,383 shares during the period. Finally, AQR Capital Management LLC grew its position in shares of ResMed by 133.6% during the 4th quarter. AQR Capital Management LLC now owns 625,054 shares of the medical equipment provider’s stock worth $142,944,000 after purchasing an additional 357,466 shares in the last quarter. 54.98% of the stock is owned by institutional investors and hedge funds.

ResMed Company Profile

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.