ResMed (NYSE:RMD) Upgraded at StockNews.com

StockNews.com upgraded shares of ResMed (NYSE:RMD) from a hold rating to a buy rating in a report issued on Tuesday.

A number of other analysts also recently issued reports on RMD. Stifel Nicolaus cut their price target on shares of ResMed from $250.00 to $240.00 and set a “hold” rating for the company in a report on Wednesday, March 5th. Citigroup upgraded ResMed from a “neutral” rating to a “buy” rating in a report on Wednesday, March 5th. JPMorgan Chase & Co. upped their target price on shares of ResMed from $270.00 to $286.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Needham & Company LLC reissued a “hold” rating on shares of ResMed in a research note on Friday, January 31st. Finally, Piper Sandler increased their price objective on shares of ResMed from $252.00 to $260.00 and gave the stock a “neutral” rating in a research report on Friday, January 31st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, ResMed currently has an average rating of “Moderate Buy” and a consensus target price of $249.73.

ResMed Stock Performance

NYSE:RMD opened at $222.62 on Tuesday. ResMed has a twelve month low of $172.19 and a twelve month high of $263.05. The company has a market cap of $32.69 billion, a P/E ratio of 26.28, a P/E/G ratio of 1.53 and a beta of 0.74. The company has a current ratio of 3.33, a quick ratio of 2.29 and a debt-to-equity ratio of 0.13. The company’s 50-day moving average price is $234.10 and its 200-day moving average price is $238.43.

ResMed (NYSE:RMD) last posted 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 forecast that ResMed will post 9.47 earnings per share for the current fiscal year.

ResMed Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Thursday, February 13th were paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date of this dividend was Thursday, February 13th. ResMed’s dividend payout ratio is currently 25.03%.

Insider Activity

In related news, insider Kaushik Ghoshal sold 9,745 shares of ResMed stock in a transaction on Monday, March 10th. The shares were sold at an average price of $239.31, for a total value of $2,332,075.95. Following the transaction, the insider now directly owns 9,725 shares in the company, valued at $2,327,289.75. This trade represents a 50.05 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Peter C. Farrell sold 2,000 shares of the firm’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $227.71, for a total transaction of $455,420.00. Following the completion of the sale, the director now owns 75,218 shares of the company’s stock, valued at $17,127,890.78. This trade represents a 2.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 38,940 shares of company stock valued at $9,164,385 in the last ninety days. 0.71% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ResMed

Hedge funds have recently added to or reduced their stakes in the company. Invesco Ltd. grew its holdings in ResMed by 32.2% during the fourth quarter. Invesco Ltd. now owns 2,325,009 shares of the medical equipment provider’s stock worth $531,706,000 after acquiring an additional 566,046 shares during the period. Norges Bank acquired a new stake in shares of ResMed in the 4th quarter worth approximately $118,605,000. Captrust Financial Advisors boosted its position in ResMed by 813.4% during the fourth 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 grew its holdings in ResMed by 10.9% in the third 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 last quarter. Finally, AQR Capital Management LLC increased its position in shares of ResMed by 133.6% in the fourth quarter. AQR Capital Management LLC now owns 625,054 shares of the medical equipment provider’s stock valued at $142,944,000 after buying an additional 357,466 shares in the last quarter. 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.