Royal Bank of Canada Increases ResMed (NYSE:RMD) Price Target to $232.00

ResMed (NYSE:RMD) had its price objective boosted by stock analysts at Royal Bank of Canada from $224.00 to $232.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has a “sector perform” rating on the medical equipment provider’s stock. Royal Bank of Canada’s price target suggests a potential downside of 9.40% from the stock’s previous close.

A number of other research firms also recently issued reports on RMD. Needham & Company LLC reissued a “hold” rating on shares of ResMed in a report on Friday. StockNews.com upgraded shares of ResMed from a “hold” rating to a “buy” rating in a research report on Tuesday, October 15th. Baird R W raised ResMed to a “strong-buy” rating in a research report on Tuesday, September 24th. KeyCorp lifted their price objective on ResMed from $238.00 to $251.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Finally, Bank of America upped their target price on ResMed from $240.00 to $270.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $220.55.

ResMed Price Performance

Shares of NYSE RMD opened at $256.07 on Friday. The firm has a market cap of $37.58 billion, a P/E ratio of 36.95, a price-to-earnings-growth ratio of 1.94 and a beta of 0.69. The business’s 50 day moving average is $240.79 and its 200-day moving average is $217.83. The company has a current ratio of 2.59, a quick ratio of 1.69 and a debt-to-equity ratio of 0.14. ResMed has a 1-year low of $132.24 and a 1-year high of $260.49.

ResMed (NYSE:RMD) last posted its quarterly earnings data on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.17. The firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.19 billion. ResMed had a return on equity of 25.00% and a net margin of 21.79%. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the business earned $1.64 EPS. Equities research analysts predict that ResMed will post 9.08 earnings per share for the current year.

Insider Transactions at ResMed

In related news, insider Kaushik Ghoshal sold 5,000 shares of ResMed stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $252.56, for a total transaction of $1,262,800.00. Following the sale, the insider now directly owns 21,788 shares of the company’s stock, valued at approximately $5,502,777.28. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other ResMed news, insider Kaushik Ghoshal sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $252.56, for a total value of $1,262,800.00. Following the sale, the insider now owns 21,788 shares in the company, valued at $5,502,777.28. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Brett Sandercock sold 1,000 shares of the business’s stock in a transaction on Tuesday, October 8th. The stock was sold at an average price of $233.47, for a total transaction of $233,470.00. Following the sale, the chief financial officer now directly owns 95,812 shares in the company, valued at approximately $22,369,227.64. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 123,874 shares of company stock valued at $28,151,142. 0.71% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ResMed

Several large investors have recently bought and sold shares of the company. BOK Financial Private Wealth Inc. acquired a new position in shares of ResMed in the first quarter valued at approximately $35,000. OFI Invest Asset Management bought a new stake in ResMed during the 2nd quarter worth approximately $32,000. Versant Capital Management Inc increased its position in ResMed by 196.7% in the 2nd quarter. Versant Capital Management Inc now owns 181 shares of the medical equipment provider’s stock valued at $35,000 after acquiring an additional 120 shares during the period. Financial Connections Group Inc. bought a new position in shares of ResMed during the second quarter valued at $37,000. Finally, Blue Trust Inc. lifted its holdings in shares of ResMed by 182.7% during the second quarter. Blue Trust Inc. now owns 212 shares of the medical equipment provider’s stock worth $42,000 after purchasing an additional 137 shares during the period. 54.98% of the stock is currently owned by institutional investors.

About ResMed

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. The company 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 ApneaLink Air, a portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow, and snoring; and NightOwl, a portable, cloud-connected, and disposable diagnostic device that measures AHI based on derived peripheral arterial tone, actigraphy, and oximetry over several nights.