Zacks Research Comments on ResMed Inc.’s Q3 2024 Earnings (NYSE:RMD)

ResMed Inc. (NYSE:RMD) – Research analysts at Zacks Research increased their Q3 2024 earnings per share (EPS) estimates for shares of ResMed in a research report issued to clients and investors on Monday, April 8th. Zacks Research analyst R. Department now forecasts that the medical equipment provider will post earnings of $1.87 per share for the quarter, up from their prior estimate of $1.86. The consensus estimate for ResMed’s current full-year earnings is $7.45 per share. Zacks Research also issued estimates for ResMed’s FY2024 earnings at $7.29 EPS, Q2 2025 earnings at $2.06 EPS, Q4 2025 earnings at $2.02 EPS and Q3 2026 earnings at $2.21 EPS.

ResMed (NYSE:RMD) last posted its earnings results on Wednesday, January 24th. The medical equipment provider reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.81 by $0.07. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. ResMed had a return on equity of 23.86% and a net margin of 19.77%. The firm’s revenue was up 12.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.66 EPS.

Other research analysts have also issued reports about the company. UBS Group upped their price objective on ResMed from $175.00 to $180.00 and gave the company a “neutral” rating in a report on Thursday, January 25th. Needham & Company LLC upped their price objective on ResMed from $215.00 to $224.00 and gave the company a “buy” rating in a report on Monday, April 1st. Mizuho reaffirmed a “buy” rating and issued a $215.00 price objective on shares of ResMed in a report on Wednesday, March 27th. KeyCorp assumed coverage on ResMed in a report on Tuesday, February 6th. They issued an “overweight” rating and a $227.00 price objective on the stock. Finally, Oppenheimer increased their target price on ResMed from $185.00 to $205.00 and gave the stock an “outperform” rating in a report on Tuesday, January 30th. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, ResMed has an average rating of “Moderate Buy” and an average target price of $199.20.

ResMed Stock Performance

Shares of NYSE RMD opened at $193.83 on Wednesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.11 and a quick ratio of 1.89. The stock’s fifty day moving average price is $187.09 and its two-hundred day moving average price is $168.83. ResMed has a one year low of $132.24 and a one year high of $243.52. The firm has a market cap of $28.51 billion, a price-to-earnings ratio of 32.04, a P/E/G ratio of 2.32 and a beta of 0.67.

Institutional Investors Weigh In On ResMed

Hedge funds have recently added to or reduced their stakes in the company. Kayne Anderson Rudnick Investment Management LLC bought a new position in ResMed during the 3rd quarter valued at approximately $26,000. Compass Wealth Management LLC bought a new position in ResMed during the 4th quarter valued at approximately $26,000. Atlantic Edge Private Wealth Management LLC bought a new position in ResMed during the 4th quarter valued at approximately $27,000. International Assets Investment Management LLC bought a new position in ResMed during the 3rd quarter valued at approximately $27,000. Finally, EverSource Wealth Advisors LLC raised its position in ResMed by 224.6% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 185 shares of the medical equipment provider’s stock valued at $27,000 after purchasing an additional 128 shares during the last quarter. Institutional investors own 54.98% of the company’s stock.

Insider Activity

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

ResMed Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 14th. Shareholders of record on Thursday, February 8th were paid a $0.48 dividend. The ex-dividend date was Wednesday, February 7th. This represents a $1.92 dividend on an annualized basis and a yield of 0.99%. ResMed’s dividend payout ratio (DPR) is presently 31.74%.

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.