ResMed Inc. (NYSE:RMD) Receives $294.55 Consensus Price Target from Brokerages

Shares of ResMed Inc. (NYSE:RMD) have been given an average recommendation of “Moderate Buy” by the fifteen brokerages that are covering the stock, Marketbeat reports. Five analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $286.1818.

Several brokerages have recently issued reports on RMD. Wells Fargo & Company lowered their price target on ResMed from $270.00 to $227.00 and set an “equal weight” rating on the stock in a research report on Friday, May 1st. Robert W. Baird set a $225.00 target price on ResMed in a research note on Friday. Evercore set a $255.00 target price on ResMed and gave the stock an “outperform” rating in a report on Monday, April 13th. Stifel Nicolaus upped their price target on shares of ResMed from $260.00 to $265.00 and gave the company a “hold” rating in a report on Friday, January 30th. Finally, Wall Street Zen cut shares of ResMed from a “buy” rating to a “hold” rating in a research note on Saturday, March 14th.

Insiders Place Their Bets

In other news, CEO Michael J. Farrell sold 4,991 shares of the firm’s stock in a transaction on Tuesday, April 7th. The stock was sold at an average price of $225.50, for a total transaction of $1,125,470.50. Following the completion of the sale, the chief executive officer directly owned 466,223 shares of the company’s stock, valued at $105,133,286.50. This trade represents a 1.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 2,000 shares of the company’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $225.00, for a total value of $450,000.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 18,973 shares of company stock valued at $4,715,237 in the last quarter. Insiders own 0.65% of the company’s stock.

Hedge Funds Weigh In On ResMed

Institutional investors and hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC raised its holdings in shares of ResMed by 4.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 10,039 shares of the medical equipment provider’s stock worth $2,237,000 after acquiring an additional 424 shares in the last quarter. Independent Financial Group LLC acquired a new position in ResMed in the first quarter worth approximately $319,000. Aware Super Pty Ltd as trustee of Aware Super acquired a new stake in ResMed in the first quarter valued at approximately $33,604,000. D.A. Davidson & CO. increased its stake in shares of ResMed by 33.7% during the 1st quarter. D.A. Davidson & CO. now owns 5,169 shares of the medical equipment provider’s stock worth $1,160,000 after purchasing an additional 1,302 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of ResMed by 0.7% in the 1st quarter. Bank of New York Mellon Corp now owns 4,925,386 shares of the medical equipment provider’s stock valued at $1,105,651,000 after purchasing an additional 34,732 shares during the last quarter. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

ResMed Stock Down 0.7%

ResMed stock opened at $207.92 on Wednesday. The company’s 50-day moving average price is $232.33 and its two-hundred day moving average price is $245.90. The stock has a market cap of $30.29 billion, a price-to-earnings ratio of 20.05, a PEG ratio of 1.33 and a beta of 0.84. ResMed has a 52 week low of $198.64 and a 52 week high of $293.81. The company has a current ratio of 3.01, a quick ratio of 2.33 and a debt-to-equity ratio of 0.06.

ResMed (NYSE:RMD) last posted its quarterly earnings data on Thursday, April 30th. The medical equipment provider reported $2.86 EPS for the quarter, beating analysts’ consensus estimates of $2.79 by $0.07. ResMed had a net margin of 27.44% and a return on equity of 25.35%. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same quarter last year, the business earned $2.37 earnings per share. The business’s revenue for the quarter was up 10.8% on a year-over-year basis. On average, analysts expect that ResMed will post 11.13 EPS for the current fiscal year.

ResMed Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Thursday, May 14th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Thursday, May 14th. This represents a $2.40 annualized dividend and a dividend yield of 1.2%. ResMed’s dividend payout ratio is currently 23.14%.

ResMed Company Profile

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.