ResMed (NYSE:RMD) Price Target Raised to $238.00

ResMed (NYSE:RMD) had its price objective hoisted by KeyCorp from $227.00 to $238.00 in a research note published on Friday, Benzinga reports. The brokerage currently has an overweight rating on the medical equipment provider’s stock.

A number of other equities analysts also recently commented on RMD. Needham & Company LLC raised their price objective on shares of ResMed from $224.00 to $236.00 and gave the stock a buy rating in a report on Friday. Royal Bank of Canada raised their price objective on shares of ResMed from $181.00 to $182.00 and gave the stock a sector perform rating in a report on Thursday, January 25th. UBS Group raised their price objective on shares of ResMed from $175.00 to $180.00 and gave the stock a neutral rating in a report on Thursday, January 25th. Oppenheimer raised their price objective on shares of ResMed from $185.00 to $205.00 and gave the stock an outperform rating in a report on Tuesday, January 30th. Finally, Mizuho reaffirmed a buy rating and set a $215.00 price objective on shares of ResMed in a report on Wednesday, March 27th. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, ResMed has a consensus rating of Moderate Buy and a consensus price target of $202.80.

ResMed Price Performance

NYSE RMD opened at $218.06 on Friday. The company has a current ratio of 3.11, a quick ratio of 1.89 and a debt-to-equity ratio of 0.27. The company has a fifty day simple moving average of $187.07 and a 200 day simple moving average of $172.32. The company has a market cap of $32.07 billion, a P/E ratio of 33.50, a P/E/G ratio of 2.68 and a beta of 0.67. ResMed has a 1 year low of $132.24 and a 1 year high of $243.52.

ResMed (NYSE:RMD) last issued its quarterly earnings results on Thursday, April 25th. The medical equipment provider reported $2.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.91 by $0.22. ResMed had a net margin of 20.91% and a return on equity of 24.92%. The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same period in the prior year, the firm earned $1.68 EPS. The business’s revenue was up 7.2% on a year-over-year basis. On average, sell-side analysts predict that ResMed will post 7.52 EPS for the current year.

ResMed Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 13th. Shareholders of record on Thursday, May 9th will be given a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 0.88%. The ex-dividend date of this dividend is Wednesday, May 8th. ResMed’s payout ratio is presently 29.49%.

Insider Buying and Selling at ResMed

In other ResMed news, Director Peter C. Farrell sold 10,935 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $182.66, for a total value of $1,997,387.10. Following the completion of the sale, the director now owns 157,404 shares in the company, valued at approximately $28,751,414.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other ResMed news, Director Peter C. Farrell sold 10,935 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $182.66, for a total value of $1,997,387.10. Following the completion of the sale, the director now owns 157,404 shares in the company, valued at approximately $28,751,414.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Michael J. Rider sold 200 shares of ResMed stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $173.25, for a total transaction of $34,650.00. Following the sale, the general counsel now owns 6,688 shares of the company’s stock, valued at approximately $1,158,696. The disclosure for this sale can be found here. In the last 90 days, insiders sold 11,216 shares of company stock worth $2,046,617. 1.21% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ResMed

Several institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of ResMed by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 17,743,457 shares of the medical equipment provider’s stock worth $3,052,229,000 after buying an additional 173,635 shares during the period. Bank of New York Mellon Corp grew its position in shares of ResMed by 230.3% during the 1st quarter. Bank of New York Mellon Corp now owns 3,813,119 shares of the medical equipment provider’s stock worth $755,112,000 after buying an additional 2,658,709 shares during the period. Morgan Stanley grew its position in shares of ResMed by 102.4% during the 3rd quarter. Morgan Stanley now owns 2,329,618 shares of the medical equipment provider’s stock worth $344,481,000 after buying an additional 1,178,547 shares during the period. Norges Bank bought a new position in ResMed during the 4th quarter worth approximately $233,966,000. Finally, abrdn plc boosted its stake in ResMed by 79.2% during the 3rd quarter. abrdn plc now owns 901,485 shares of the medical equipment provider’s stock worth $133,303,000 after acquiring an additional 398,302 shares during 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. It 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 technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.