ResMed (NYSE:RMD) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

ResMed (NYSE:RMD) had its price target increased by JPMorgan Chase & Co. from $286.00 to $290.00 in a report released on Thursday,Benzinga reports. They currently have an overweight rating on the medical equipment provider’s stock.

Several other brokerages also recently weighed in on RMD. Mizuho set a $265.00 target price on ResMed in a research note on Wednesday, April 16th. Morgan Stanley started coverage on ResMed in a report on Wednesday, March 19th. They set an “overweight” rating and a $280.00 price objective on the stock. KeyCorp set a $274.00 target price on ResMed in a research report on Thursday. The Goldman Sachs Group started coverage on shares of ResMed in a research note on Thursday, January 16th. They issued a “buy” rating for the company. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of ResMed in a report on Friday, January 31st. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, ResMed presently has an average rating of “Moderate Buy” and an average target price of $254.31.

ResMed Stock Performance

Shares of NYSE:RMD opened at $236.11 on Thursday. The business’s 50-day simple moving average is $221.81 and its 200 day simple moving average is $234.05. The company has a market cap of $34.68 billion, a P/E ratio of 27.88, a PEG ratio of 1.53 and a beta of 0.75. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.29 and a current ratio of 3.33. ResMed has a one year low of $179.00 and a one year high of $263.05.

ResMed (NYSE:RMD) last posted its quarterly earnings data on Wednesday, April 23rd. The medical equipment provider reported $2.37 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $2.37. The company had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.28 billion. ResMed had a net margin of 25.34% and a return on equity of 26.17%. On average, sell-side analysts forecast that ResMed will post 9.47 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Thursday, May 8th will be issued a $0.53 dividend. The ex-dividend date is Thursday, May 8th. This represents a $2.12 dividend on an annualized basis and a yield of 0.90%. ResMed’s dividend payout ratio is currently 25.03%.

Insider Activity

In related news, Director Peter C. Farrell sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $242.11, for a total transaction of $484,220.00. Following the completion of the transaction, the director now owns 77,218 shares in the company, valued at $18,695,249.98. The trade was a 2.52 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael J. Farrell sold 8,009 shares of the company’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $236.77, for a total value of $1,896,290.93. Following the transaction, the chief executive officer now owns 455,472 shares of the company’s stock, valued at approximately $107,842,105.44. The trade was a 1.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 49,013 shares of company stock valued at $11,298,816. 0.71% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC increased its stake in shares of ResMed by 23,982.6% in the first quarter. GAMMA Investing LLC now owns 733,556 shares of the medical equipment provider’s stock valued at $164,207,000 after purchasing an additional 730,510 shares during the period. Invesco Ltd. increased its position 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 acquiring an additional 566,046 shares during the period. Norges Bank bought a new stake in ResMed during the 4th quarter valued at $118,605,000. Captrust Financial Advisors raised its stake in ResMed by 813.4% during the 4th quarter. Captrust Financial Advisors now owns 443,340 shares of the medical equipment provider’s stock valued at $101,387,000 after acquiring an additional 394,803 shares in the last quarter. Finally, AQR Capital Management LLC boosted its position in 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 acquiring an additional 357,466 shares during the period. 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.