ResMed Lowered to Hold at Deutsche Bank (RMD)
ResMed (NYSE:RMD) was downgraded by Deutsche Bank from a “buy” rating to a “hold” rating in a research note issued on Thursday, TheFlyOnTheWall.com reports. They currently have a $52.00 price target on the stock. Deutsche Bank’s price objective would indicate a potential upside of 2.97% from the company’s current price.
The analysts wrote, “The Centers for Medicare & Medicaid Services (CMS) has issued a release to update among other things, details of the roll-out of Competitive Bidding (CB) round 3 and the phase in of special payment rules (i.e. ‘bundled funding’). The changes are set to take place on 1-Jan-15 and CMS is seeking comment on the proposal until 2-Sep-14. “While there is the possibility the proposals will be knocked back, if implemented, the near term impact will likely be modest given bundled funding will only to be implemented in 12 areas. However, in the medium term this reform could materially slow mask sales growth if implemented widely (i.e. followed by private payors). We have cut our rating from Buy to Hold following this news and in recognition of the fact the shares are trading near our current price target and valuation. We will review our forecasts when additional detail on the reforms is released.”
RMD has been the subject of a number of other recent research reports. Analysts at Zacks reiterated a “neutral” rating on shares of ResMed in a research note on Wednesday, June 11th. They now have a $55.00 price target on the stock. Separately, analysts at JPMorgan Chase & Co. upgraded shares of ResMed from a “neutral” rating to an “overweight” rating in a research note on Tuesday, June 10th. Finally, analysts at Northland Securities downgraded shares of ResMed from a “market perform” rating to an “underperform” rating in a research note on Tuesday, May 27th. They now have a $40.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $46.90.
Shares of ResMed (NYSE:RMD) traded down 1.01% on Thursday, hitting $49.99. The stock had a trading volume of 544,984 shares. ResMed has a one year low of $41.52 and a one year high of $57.34. The stock’s 50-day moving average is $51.21 and its 200-day moving average is $47.25. The company has a market cap of $7.015 billion and a P/E ratio of 22.16.
ResMed (NYSE:RMD) last issued its quarterly earnings data on Wednesday, April 23rd. The company reported $0.63 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.64 by $0.01. The company had revenue of $397.80 million for the quarter, compared to the consensus estimate of $401.00 million. During the same quarter in the prior year, the company posted $0.58 earnings per share. The company’s quarterly revenue was up 3.7% on a year-over-year basis. Analysts expect that ResMed will post $2.49 EPS for the current fiscal year.
In other ResMed news, COO Robert Andrew Douglas sold 8,000 shares of ResMed stock on the open market in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $50.11, for a total value of $400,880.00. The sale was disclosed in a filing with the SEC, which is available at this link.
ResMed Inc, (NYSE:RMD) is a holding company for the ResMed Group.
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