$548.75 Million in Sales Expected for ResMed Inc. (RMD) This Quarter
Analysts expect ResMed Inc. (NYSE:RMD) to announce sales of $548.75 million for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for ResMed’s earnings. The lowest sales estimate is $543.50 million and the highest is $554.00 million. ResMed reported sales of $518.65 million during the same quarter last year, which indicates a positive year-over-year growth rate of 5.8%. The firm is scheduled to issue its next earnings results after the market closes on Tuesday, August 1st.
According to Zacks, analysts expect that ResMed will report full year sales of $548.75 million for the current fiscal year, with estimates ranging from $2.05 billion to $2.08 billion. For the next financial year, analysts forecast that the business will post sales of $2.24 billion per share, with estimates ranging from $2.20 billion to $2.31 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that cover ResMed.
ResMed (NYSE:RMD) last issued its quarterly earnings results on Thursday, April 27th. The medical equipment provider reported $0.71 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.01. The company had revenue of $514.20 million for the quarter, compared to the consensus estimate of $525.84 million. ResMed had a return on equity of 22.53% and a net margin of 15.96%. The company’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.68 EPS.
Several analysts recently weighed in on RMD shares. Zacks Investment Research cut ResMed from a “buy” rating to a “hold” rating in a report on Tuesday, March 28th. William Blair restated an “outperform” rating on shares of ResMed in a research note on Thursday, April 13th. J P Morgan Chase & Co lowered ResMed from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $72.00 to $71.00 in a research note on Thursday, April 20th. Jefferies Group LLC reiterated a “sell” rating and issued a $56.00 price target on shares of ResMed in a research note on Friday, April 28th. Finally, Citigroup Inc. lowered ResMed from a “buy” rating to a “neutral” rating in a research note on Friday, April 28th. Four investment analysts have rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. ResMed has a consensus rating of “Hold” and a consensus target price of $64.50.
Shares of ResMed (NYSE RMD) traded up 0.91% on Friday, reaching $76.73. The company’s stock had a trading volume of 83,020 shares. ResMed has a 1-year low of $56.59 and a 1-year high of $79.44. The firm has a market cap of $10.88 billion, a price-to-earnings ratio of 33.65 and a beta of 0.84. The company’s 50 day moving average is $72.98 and its 200-day moving average is $69.45.
The business also recently announced a quarterly dividend, which was paid on Thursday, June 15th. Shareholders of record on Thursday, May 11th were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 1.74%. The ex-dividend date was Tuesday, May 9th. ResMed’s payout ratio is presently 57.64%.
In other ResMed news, insider Jr. Gregor K. Emmert acquired 424,000 shares of the company’s stock in a transaction dated Wednesday, June 28th. The shares were bought at an average cost of $0.06 per share, with a total value of $25,440.00. Also, insider James Hollingshead sold 7,139 shares of the business’s stock in a transaction dated Monday, April 17th. The shares were sold at an average price of $68.37, for a total value of $488,093.43. Following the completion of the transaction, the insider now directly owns 44,934 shares in the company, valued at $3,072,137.58. The disclosure for this sale can be found here. Insiders have sold a total of 180,260 shares of company stock worth $13,495,616 over the last ninety days. Company insiders own 1.97% of the company’s stock.
A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. raised its stake in shares of ResMed by 5,439.8% in the first quarter. BlackRock Inc. now owns 13,335,138 shares of the medical equipment provider’s stock worth $959,731,000 after buying an additional 13,094,421 shares during the last quarter. Norges Bank purchased a new stake in shares of ResMed during the fourth quarter worth approximately $88,128,000. Morgan Stanley raised its stake in shares of ResMed by 69.1% in the first quarter. Morgan Stanley now owns 1,344,234 shares of the medical equipment provider’s stock worth $96,744,000 after buying an additional 549,279 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of ResMed by 4.6% in the first quarter. Vanguard Group Inc. now owns 11,535,707 shares of the medical equipment provider’s stock worth $830,225,000 after buying an additional 508,392 shares during the last quarter. Finally, WINTON GROUP Ltd purchased a new stake in shares of ResMed during the first quarter worth approximately $12,790,000. 60.75% of the stock is owned by institutional investors and hedge funds.
ResMed Inc is a holding company. The Company is engaged in the development, manufacturing, distribution and marketing of medical devices and cloud-based software applications that diagnose, treat and manage respiratory disorders, including sleep disordered breathing (SDB), chronic obstructive pulmonary disease (COPD), neuromuscular disease and other diseases.
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