ResMed Inc. (RMD) Price Target Raised to $74.00

ResMed Inc. (NYSE:RMD) had its price target lifted by BMO Capital Markets from $70.00 to $74.00 in a research note issued to investors on Friday morning. They currently have a market perform rating on the medical equipment provider’s stock.

Other research analysts have also recently issued research reports about the company. BidaskClub cut ResMed from a strong-buy rating to a buy rating in a research note on Monday, July 24th. Zacks Investment Research raised ResMed from a hold rating to a buy rating and set a $87.00 target price for the company in a research note on Thursday, July 6th. Citigroup Inc. raised ResMed from a neutral rating to a buy rating in a research note on Wednesday, August 2nd. Credit Suisse Group cut ResMed from an outperform rating to a neutral rating in a research note on Wednesday, August 2nd. Finally, Bank of America Corporation cut ResMed from a buy rating to a neutral rating in a research note on Wednesday, August 2nd. Five investment analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company’s stock. ResMed currently has a consensus rating of Hold and an average target price of $67.29.

ResMed (RMD) opened at 84.42 on Friday. The firm has a market cap of $12.01 billion, a P/E ratio of 35.17 and a beta of 0.77. ResMed has a 1-year low of $56.59 and a 1-year high of $87.81. The stock’s 50 day moving average price is $78.35 and its 200 day moving average price is $74.80.

ResMed (NYSE:RMD) last announced its earnings results on Thursday, October 26th. The medical equipment provider reported $0.66 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.66. ResMed had a return on equity of 21.53% and a net margin of 16.58%. The business had revenue of $523.66 million during the quarter, compared to analysts’ expectations of $506.08 million. During the same quarter last year, the business posted $0.62 earnings per share. The company’s quarterly revenue was up 12.5% on a year-over-year basis. Equities research analysts predict that ResMed will post $3.06 EPS for the current year.

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

In related news, Director Peter C. Farrell sold 20,000 shares of the stock in a transaction on Wednesday, October 4th. The stock was sold at an average price of $77.01, for a total value of $1,540,200.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard Sulpizio sold 24,390 shares of the stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $73.85, for a total value of $1,801,201.50. Following the completion of the transaction, the director now owns 28,819 shares of the company’s stock, valued at approximately $2,128,283.15. The disclosure for this sale can be found here. Insiders sold a total of 107,232 shares of company stock valued at $8,109,182 in the last quarter. 1.77% of the stock is currently owned by corporate insiders.

Several large investors have recently added to or reduced their stakes in RMD. YorkBridge Wealth Partners LLC boosted its position in shares of ResMed by 4.9% in the 2nd quarter. YorkBridge Wealth Partners LLC now owns 1,476 shares of the medical equipment provider’s stock valued at $115,000 after purchasing an additional 69 shares during the period. Creative Planning boosted its position in shares of ResMed by 97.1% in the 2nd quarter. Creative Planning now owns 1,671 shares of the medical equipment provider’s stock valued at $130,000 after purchasing an additional 823 shares during the period. Toronto Dominion Bank boosted its position in shares of ResMed by 12.8% in the 2nd quarter. Toronto Dominion Bank now owns 1,740 shares of the medical equipment provider’s stock valued at $135,000 after purchasing an additional 197 shares during the period. Huntington National Bank acquired a new position in shares of ResMed in the 2nd quarter valued at $156,000. Finally, Nomura Holdings Inc. acquired a new position in shares of ResMed in the 1st quarter valued at $201,000. Institutional investors and hedge funds own 59.66% of the company’s stock.

About ResMed

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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