ResMed Inc. (NYSE:RMD) had its price target raised by investment analysts at J P Morgan Chase & Co from $72.00 to $73.00 in a research note issued on Monday. The brokerage currently has an “overweight” rating on the medical equipment provider’s stock. J P Morgan Chase & Co’s price objective points to a potential downside of 13.53% from the company’s current price.
A number of other research firms have also recently issued reports on RMD. Zacks Investment Research cut ResMed from a “buy” rating to a “sell” rating in a report on Tuesday, October 24th. Needham & Company LLC restated a “sell” rating on shares of ResMed in a report on Friday, September 8th. Northland Securities restated a “sell” rating and set a $55.00 price target on shares of ResMed in a report on Friday. Barclays PLC increased their price target on ResMed from $68.00 to $70.00 and gave the stock an “underweight” rating in a report on Friday. Finally, BMO Capital Markets increased their price target on ResMed from $70.00 to $74.00 and gave the stock a “market perform” rating in a report on Friday. Five equities research analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $67.57.
Shares of ResMed (NYSE:RMD) traded down 1.04% on Monday, reaching $83.54. 247,529 shares of the company’s stock were exchanged. The stock has a market cap of $11.88 billion, a P/E ratio of 34.81 and a beta of 0.77. The company’s 50 day moving average price is $78.35 and its 200-day moving average price is $74.80. ResMed has a 52-week low of $56.59 and a 52-week high of $87.81.
ResMed (NYSE:RMD) last posted its quarterly earnings results on Thursday, October 26th. The medical equipment provider reported $0.66 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.66. The firm had revenue of $523.66 million for the quarter, compared to analysts’ expectations of $506.08 million. ResMed had a return on equity of 21.53% and a net margin of 16.58%. The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.62 EPS. Equities analysts forecast that ResMed will post $3.06 EPS for the current fiscal year.
In other ResMed news, Director Peter C. Farrell sold 20,000 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $75.15, for a total transaction of $1,503,000.00. Following the transaction, the director now directly owns 321,557 shares in the company, valued at approximately $24,165,008.55. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Brett Sandercock sold 1,250 shares of the firm’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $77.49, for a total value of $96,862.50. Following the transaction, the chief financial officer now owns 59,258 shares in the company, valued at $4,591,902.42. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 107,232 shares of company stock worth $8,109,182. Company insiders own 1.77% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its position in shares of ResMed by 17.3% during the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 42,898 shares of the medical equipment provider’s stock valued at $3,340,000 after purchasing an additional 6,316 shares during the last quarter. Delta Lloyd Asset Management N.V. purchased a new stake in shares of ResMed during the 2nd quarter valued at $6,194,000. Prudential Financial Inc. increased its position in shares of ResMed by 50.5% during the 2nd quarter. Prudential Financial Inc. now owns 131,997 shares of the medical equipment provider’s stock valued at $10,279,000 after purchasing an additional 44,266 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of ResMed by 21.4% during the 2nd quarter. Victory Capital Management Inc. now owns 21,597 shares of the medical equipment provider’s stock valued at $1,682,000 after purchasing an additional 3,809 shares during the last quarter. Finally, KBC Group NV increased its position in shares of ResMed by 7.9% during the 2nd quarter. KBC Group NV now owns 27,212 shares of the medical equipment provider’s stock valued at $2,119,000 after purchasing an additional 1,993 shares during the last quarter. 59.66% of the stock is owned by hedge funds and other institutional investors.
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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