Northland Securities Reaffirms Sell Rating for ResMed Inc. (RMD)

Northland Securities reiterated their sell rating on shares of ResMed Inc. (NYSE:RMD) in a research report sent to investors on Friday morning. Northland Securities currently has a $55.00 price objective on the medical equipment provider’s stock.

Several other analysts also recently commented on the stock. Needham & Company LLC reissued a sell rating on shares of ResMed in a research report on Friday. Zacks Investment Research cut shares of ResMed from a buy rating to a sell rating in a research note on Tuesday, October 24th. Jefferies Group LLC restated a sell rating and issued a $56.00 price objective on shares of ResMed in a research note on Thursday, October 12th. Barclays PLC boosted their price objective on shares of ResMed from $65.00 to $68.00 and gave the stock an underweight rating in a research note on Monday, September 25th. Finally, Credit Suisse Group cut shares of ResMed from an outperform rating to a neutral rating in a research note on Tuesday, August 8th. Five research analysts have rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $67.29.

ResMed (NYSE:RMD) opened at 84.42 on Friday. The stock has a 50 day moving average of $78.35 and a 200-day moving average of $74.80. The stock has a market cap of $12.01 billion, a P/E ratio of 35.17 and a beta of 0.77. ResMed has a 52 week low of $56.59 and a 52 week high of $87.81.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, October 26th. The medical equipment provider reported $0.66 EPS for the quarter, hitting 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 company’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.62 earnings per share. Analysts forecast that ResMed will post $3.06 earnings per share for the current year.

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The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 14th. Stockholders of record on Thursday, November 9th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date of this dividend is Wednesday, November 8th. ResMed’s payout ratio is 56.68%.

In related news, insider David Pendarvis sold 6,364 shares of the company’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $72.10, for a total transaction of $458,844.40. Following the completion of the transaction, the insider now directly owns 84,476 shares in the company, valued at approximately $6,090,719.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Brett Sandercock sold 1,250 shares of the company’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $77.56, for a total transaction of $96,950.00. Following the transaction, the chief financial officer now owns 65,941 shares of the company’s stock, valued at $5,114,383.96. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 107,232 shares of company stock valued at $8,109,182. Corporate insiders own 1.77% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in ResMed by 6.8% during the 2nd quarter. BlackRock Inc. now owns 14,240,077 shares of the medical equipment provider’s stock valued at $1,108,877,000 after purchasing an additional 904,939 shares during the last quarter. Vanguard Group Inc. raised its stake in ResMed by 3.3% during the 2nd quarter. Vanguard Group Inc. now owns 11,914,671 shares of the medical equipment provider’s stock valued at $927,797,000 after purchasing an additional 378,964 shares during the last quarter. FMR LLC raised its stake in ResMed by 38.2% during the 2nd quarter. FMR LLC now owns 5,542,582 shares of the medical equipment provider’s stock valued at $431,601,000 after purchasing an additional 1,531,772 shares during the last quarter. Baillie Gifford & Co. raised its stake in ResMed by 0.9% during the 3rd quarter. Baillie Gifford & Co. now owns 4,913,626 shares of the medical equipment provider’s stock valued at $378,154,000 after purchasing an additional 44,340 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in ResMed by 1.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,266,663 shares of the medical equipment provider’s stock valued at $176,505,000 after purchasing an additional 25,925 shares during the last quarter. Hedge funds and other institutional investors own 59.66% of the company’s stock.

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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