Shares of ResMed Inc. (NYSE:RMD – Get Free Report) have been assigned a consensus rating of “Moderate Buy” from the seventeen analysts that are presently covering the company, Marketbeat Ratings reports. Nine equities research analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $250.00.
Several brokerages recently commented on RMD. Robert W. Baird set a $225.00 price target on shares of ResMed in a report on Friday, May 1st. Wells Fargo & Company decreased their price objective on shares of ResMed from $227.00 to $225.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 8th. Royal Bank Of Canada lowered ResMed from an “outperform” rating to a “sector perform” rating and set a $234.00 target price for the company. in a research report on Thursday. Citigroup reaffirmed a “neutral” rating and set a $235.00 target price (down from $270.00) on shares of ResMed in a research note on Sunday, July 12th. Finally, Mizuho reduced their price target on ResMed from $235.00 to $220.00 and set an “outperform” rating on the stock in a report on Wednesday.
Check Out Our Latest Analysis on ResMed
ResMed Stock Down 1.9%
ResMed (NYSE:RMD – Get Free Report) last announced its earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 earnings per share for the quarter, beating the consensus estimate of $2.79 by $0.07. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.42 billion. ResMed had a net margin of 27.44% and a return on equity of 25.35%. The business’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.37 earnings per share. On average, analysts predict that ResMed will post 11.13 earnings per share for the current year.
ResMed Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Thursday, May 14th were given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Thursday, May 14th. ResMed’s dividend payout ratio is 23.14%.
Insiders Place Their Bets
In other ResMed news, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $218.55, for a total value of $1,090,783.05. Following the sale, the chief executive officer owned 466,223 shares in the company, valued at $101,893,036.65. This trade represents a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 14,973 shares of company stock valued at $3,096,067 in the last 90 days. Company insiders own 0.65% of the company’s stock.
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in RMD. Tema ETFs LLC increased its stake in ResMed by 50.8% in the 2nd quarter. Tema ETFs LLC now owns 3,174 shares of the medical equipment provider’s stock worth $619,000 after buying an additional 1,069 shares during the period. Handelsbanken Fonder AB boosted its position in ResMed by 36.6% in the 2nd quarter. Handelsbanken Fonder AB now owns 94,895 shares of the medical equipment provider’s stock valued at $18,493,000 after buying an additional 25,419 shares during the period. Czech National Bank boosted its position in ResMed by 4.1% in the 2nd quarter. Czech National Bank now owns 41,288 shares of the medical equipment provider’s stock valued at $8,046,000 after buying an additional 1,613 shares during the period. PensionDanmark Pensionsforsikringsaktieselskab grew its stake in ResMed by 1.6% in the 2nd quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 28,330 shares of the medical equipment provider’s stock worth $5,521,000 after acquiring an additional 450 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in ResMed by 48.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 83,852 shares of the medical equipment provider’s stock worth $16,341,000 after acquiring an additional 27,282 shares in the last quarter. 54.98% of the stock is currently owned by institutional investors.
About ResMed
ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.
ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.
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