ResMed (NYSE:RMD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday. The firm presently has a $99.00 target price on the medical equipment provider’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 11.57% from the stock’s previous close.

According to Zacks, “Over the recent past, ResMed has been observed to achieve strong global revenue growth led by sales from Software-as-a-Service businesses as well as its new mask products and devices. We are encouraged to note that the company is working on product innovation through extensive research and development. The company also recently launched the AirFit N20 Classic nasal mask for positive airway pressure (PAP) treatment in Europe. In the past six months, ResMed has traded above the broader industry. However, challenges like competitive bidding and reimbursement issues continue to plague ResMed. The company also remains exposed to foreign exchange fluctuations. Rising operating expenses and a weak operating margin are other major concerns.”

Other analysts also recently issued research reports about the stock. Northland Securities restated a “sell” rating and set a $55.00 price objective on shares of ResMed in a report on Friday, October 27th. Barclays raised their price objective on shares of ResMed from $65.00 to $68.00 and gave the stock an “underweight” rating in a report on Monday, September 25th. BMO Capital Markets raised their price objective on shares of ResMed to $82.00 and gave the stock a “market perform” rating in a report on Tuesday, December 12th. Needham & Company LLC restated a “sell” rating on shares of ResMed in a report on Friday, October 27th. Finally, JPMorgan Chase & Co. raised their price objective on shares of ResMed from $72.00 to $73.00 and gave the stock an “overweight” rating in a report on Monday, October 30th. Four equities research analysts have rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $70.57.

Shares of ResMed (RMD) traded up $0.87 during mid-day trading on Thursday, hitting $88.73. 569,300 shares of the stock traded hands, compared to its average volume of 481,673. The stock has a market capitalization of $12,467.68, a P/E ratio of 35.92, a P/E/G ratio of 2.22 and a beta of 0.79. The company has a debt-to-equity ratio of 0.50, a quick ratio of 3.86 and a current ratio of 4.72. ResMed has a 52 week low of $62.64 and a 52 week high of $89.10.

ResMed (NYSE:RMD) last announced its earnings results on Thursday, October 26th. The medical equipment provider reported $0.66 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.66. The company had revenue of $523.66 million during the quarter, compared to the consensus estimate of $506.08 million. ResMed had a net margin of 16.58% and a return on equity of 21.53%. The firm’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.62 earnings per share. equities research analysts predict that ResMed will post 3.04 earnings per share for the current year.

In other news, CFO Brett Sandercock sold 1,250 shares of ResMed stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $85.36, for a total value of $106,700.00. Following the completion of the transaction, the chief financial officer now owns 79,572 shares in the company, valued at $6,792,265.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James Hollingshead sold 600 shares of ResMed stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $84.96, for a total transaction of $50,976.00. Following the completion of the transaction, the insider now owns 62,602 shares of the company’s stock, valued at approximately $5,318,665.92. The disclosure for this sale can be found here. Insiders sold 158,929 shares of company stock valued at $13,181,009 in the last quarter. Corporate insiders own 1.77% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of RMD. Mizuho Asset Management Co. Ltd. boosted its position in shares of ResMed by 102.6% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 1,692 shares of the medical equipment provider’s stock valued at $107,000 after acquiring an additional 857 shares during the period. FineMark National Bank & Trust lifted its position in ResMed by 30.8% during the third quarter. FineMark National Bank & Trust now owns 1,700 shares of the medical equipment provider’s stock valued at $110,000 after purchasing an additional 400 shares during the last quarter. Toronto Dominion Bank lifted its position in ResMed by 26.6% during the first quarter. Toronto Dominion Bank now owns 1,543 shares of the medical equipment provider’s stock valued at $111,000 after purchasing an additional 324 shares during the last quarter. Cubist Systematic Strategies LLC bought a new stake in ResMed during the third quarter valued at approximately $113,000. Finally, YorkBridge Wealth Partners LLC lifted its position in ResMed by 4.9% during the second quarter. YorkBridge Wealth Partners LLC now owns 1,476 shares of the medical equipment provider’s stock valued at $115,000 after purchasing an additional 69 shares during the last quarter. Hedge funds and other institutional investors own 61.81% of the company’s stock.

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ResMed Company Profile

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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