KeyCorp Issues Pessimistic Forecast for ResMed (NYSE:RMD) Stock Price

ResMed (NYSE:RMD) had its target price cut by research analysts at KeyCorp from $280.00 to $269.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the medical equipment provider’s stock. KeyCorp’s price objective indicates a potential upside of 25.46% from the company’s previous close.

A number of other research analysts have also recently commented on RMD. UBS Group upgraded ResMed from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 31st. The Goldman Sachs Group began coverage on ResMed in a research note on Thursday, January 16th. They set a “buy” rating on the stock. Needham & Company LLC restated a “hold” rating on shares of ResMed in a report on Friday, January 31st. Citigroup upgraded shares of ResMed from a “neutral” rating to a “buy” rating in a research note on Wednesday, March 5th. Finally, StockNews.com raised shares of ResMed from a “hold” rating to a “buy” rating in a research note on Tuesday, April 15th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, ResMed has a consensus rating of “Moderate Buy” and a consensus price target of $250.08.

ResMed Stock Up 1.7 %

Shares of NYSE:RMD opened at $214.40 on Monday. The company has a market capitalization of $31.49 billion, a price-to-earnings ratio of 25.31, a PEG ratio of 1.53 and a beta of 0.75. ResMed has a 12-month low of $179.00 and a 12-month high of $263.05. The business has a 50-day moving average price of $222.11 and a 200 day moving average price of $234.16. The company has a current ratio of 3.33, a quick ratio of 2.29 and a debt-to-equity ratio of 0.13.

ResMed (NYSE:RMD) last announced its earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share for the quarter, topping the consensus estimate of $2.29 by $0.14. ResMed had a net margin of 25.34% and a return on equity of 26.17%. Sell-side analysts expect that ResMed will post 9.47 EPS for the current year.

Insider Transactions at ResMed

In related news, CEO Michael J. Farrell sold 8,009 shares of the business’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $236.77, for a total value of $1,896,290.93. Following the completion of the sale, the chief executive officer now directly owns 455,472 shares of the company’s stock, valued at $107,842,105.44. The trade was a 1.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kaushik Ghoshal sold 9,113 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $235.40, for a total value of $2,145,200.20. Following the transaction, the insider now directly owns 9,725 shares in the company, valued at approximately $2,289,265. The trade was a 48.38 % decrease in their position. The disclosure for this sale can be found here. In 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 corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its position in shares of ResMed by 23,982.6% during the first quarter. GAMMA Investing LLC now owns 733,556 shares of the medical equipment provider’s stock worth $164,207,000 after acquiring an additional 730,510 shares during the last quarter. Invesco Ltd. boosted its stake in ResMed by 32.2% during the 4th quarter. Invesco Ltd. now owns 2,325,009 shares of the medical equipment provider’s stock worth $531,706,000 after purchasing an additional 566,046 shares during the period. Norges Bank purchased a new position in ResMed during the 4th quarter worth $118,605,000. Captrust Financial Advisors increased its stake in ResMed by 813.4% in the fourth quarter. Captrust Financial Advisors now owns 443,340 shares of the medical equipment provider’s stock valued at $101,387,000 after purchasing an additional 394,803 shares during the period. Finally, AQR Capital Management LLC raised its holdings in shares of ResMed by 133.6% in the fourth quarter. AQR Capital Management LLC now owns 625,054 shares of the medical equipment provider’s stock valued at $142,944,000 after buying an additional 357,466 shares during the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

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.