ResMed Inc. (RMD) Stock Rating Upgraded by Zacks Investment Research

ResMed Inc. (NYSE:RMD) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Monday.

According to Zacks, “ResMed exited the first quarter fiscal 2018 on a promising note with better-than-expected earnings and revenue performances. The company achieved solid double-digit global revenue growth this quarter, led by sales from Software-as-a-Service businesses as well as its new mask products and devices. We are encouraged to note that the company is working on product innovation through extensive research and development. The company also recently launched the AirFit N20 Classic nasal mask for positive airway pressure (PAP) treatment in Europe. In the past six months, ResMed has traded above the broader industry. However, challenges like competitive bidding and reimbursement issues continue to plague the stock. The company also remains exposed to foreign exchange fluctuations. Rising operating expenses and a weak operating margin are other major concerns.”

Other research analysts have also issued research reports about the company. Northland Securities reaffirmed a “sell” rating and set a $55.00 price target on shares of ResMed in a research report on Friday, October 27th. Credit Suisse Group lowered ResMed from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 8th. Barclays PLC boosted their price target on ResMed from $68.00 to $70.00 and gave the stock an “underweight” rating in a research report on Friday, October 27th. Jefferies Group LLC reaffirmed a “sell” rating and set a $56.00 price target on shares of ResMed in a research report on Thursday, October 12th. Finally, BMO Capital Markets boosted their price target on ResMed from $61.00 to $70.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 2nd. Four research analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $67.57.

ResMed (RMD) opened at 84.18 on Monday. The stock has a 50 day moving average price of $78.51 and a 200-day moving average price of $75.05. The firm has a market cap of $11.97 billion, a P/E ratio of 35.07 and a beta of 0.77. ResMed has a one year low of $56.59 and a one year 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 for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.66. The firm had revenue of $523.66 million for the quarter, compared to analyst estimates of $506.08 million. ResMed had a return on equity of 21.53% and a net margin of 16.58%. The business’s quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.62 EPS. Analysts predict that ResMed will post $3.07 EPS for the current fiscal year.

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In related news, CFO Brett Sandercock sold 1,250 shares of the business’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $77.56, for a total transaction of $96,950.00. Following the transaction, the chief financial officer now directly owns 65,941 shares of the company’s stock, valued at approximately $5,114,383.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard Sulpizio sold 24,390 shares of the business’s stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $73.85, for a total value of $1,801,201.50. Following the transaction, the director now directly owns 28,819 shares in the company, valued at $2,128,283.15. The disclosure for this sale can be found here. Insiders have sold a total of 105,982 shares of company stock worth $8,012,319 over the last three months. 1.77% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sawtooth Solutions LLC boosted its stake in ResMed by 1.6% in the 2nd quarter. Sawtooth Solutions LLC now owns 3,167 shares of the medical equipment provider’s stock valued at $247,000 after purchasing an additional 49 shares during the period. YorkBridge Wealth Partners LLC boosted its stake in 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. Northwestern Mutual Wealth Management Co. boosted its stake in ResMed by 2.4% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,489 shares of the medical equipment provider’s stock valued at $272,000 after purchasing an additional 82 shares during the period. Atria Investments LLC boosted its stake in ResMed by 3.9% in the 2nd quarter. Atria Investments LLC now owns 4,742 shares of the medical equipment provider’s stock valued at $369,000 after purchasing an additional 178 shares during the period. Finally, Toronto Dominion Bank boosted its stake in 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. 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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