ResMed Inc. (NYSE:RMD) Stock Rated “Hold” by Wall Street Brokerages

Shares of ResMed Inc. (NYSE:RMD) have received an average recommendation of “Hold” from the sixteen ratings firms that are presently covering the company, Marketbeat.com reports. Nine research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $241.69.

Several research firms have weighed in on RMD. Citigroup reaffirmed a “neutral” rating on shares of ResMed in a research report on Thursday, September 10th. Mizuho decreased their price objective on shares of ResMed from $235.00 to $220.00 and set an “outperform” rating for the company in a research report on Wednesday, July 15th. Jefferies Financial Group lowered their price objective on shares of ResMed from $240.00 to $225.00 and set a “hold” rating on the stock in a research note on Friday, July 10th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of ResMed in a report on Wednesday, July 1st. Finally, Piper Sandler dropped their price objective on ResMed from $233.00 to $225.00 and set a “neutral” rating on the stock in a research note on Friday, August 7th.

Insider Activity

In related news, Director Peter Farrell sold 8,000 shares of ResMed stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $225.00, for a total transaction of $1,800,000.00. Following the completion of the sale, the director owned 52,773 shares of the company’s stock, valued at approximately $11,873,925. The trade was a 13.16% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Farrell sold 4,991 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $205.69, for a total value of $1,026,598.79. Following the completion of the transaction, the chief executive officer directly owned 466,256 shares in the company, valued at $95,904,196.64. The trade was a 1.06% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 23,943 shares of company stock worth $5,255,268 over the last three months. Insiders own 0.65% of the company’s stock.

Hedge Funds Weigh In On ResMed

A number of hedge funds have recently bought and sold shares of the business. BlackRock Inc. bought a new stake in ResMed during the 2nd quarter valued at $2,400,375,000. State Street Corp grew its holdings in ResMed by 0.6% during the second quarter. State Street Corp now owns 6,680,735 shares of the medical equipment provider’s stock worth $1,301,942,000 after buying an additional 37,567 shares in the last quarter. Bank of New York Mellon Corp raised its position in 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 buying an additional 34,732 shares during the last quarter. Geode Capital Management LLC lifted its stake in ResMed by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 4,302,906 shares of the medical equipment provider’s stock valued at $1,032,877,000 after acquiring an additional 51,218 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in shares of ResMed by 1.3% in the first quarter. First Trust Advisors LP now owns 1,537,825 shares of the medical equipment provider’s stock valued at $345,211,000 after purchasing an additional 20,233 shares during the last quarter. 54.98% of the stock is owned by institutional investors.

ResMed Stock Performance

Shares of RMD stock opened at $218.90 on Friday. The company’s fifty day simple moving average is $224.02 and its 200-day simple moving average is $214.13. The company has a quick ratio of 2.42, a current ratio of 3.10 and a debt-to-equity ratio of 0.06. The firm has a market cap of $31.58 billion, a PE ratio of 20.99, a P/E/G ratio of 1.39 and a beta of 0.75. ResMed has a 12 month low of $180.26 and a 12 month high of $284.87.

ResMed (NYSE:RMD) last released its earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share for the quarter, beating analysts’ consensus estimates of $2.89 by $0.06. ResMed had a net margin of 26.94% and a return on equity of 25.58%. The business had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter last year, the firm earned $2.55 earnings per share. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year. Equities research analysts expect that ResMed will post 12.07 EPS for the current fiscal year.

ResMed Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 24th. Stockholders of record on Thursday, August 20th were given a $0.66 dividend. The ex-dividend date of this dividend was Thursday, August 20th. This is a boost from ResMed’s previous quarterly dividend of $0.60. This represents a $2.64 annualized dividend and a dividend yield of 1.2%. ResMed’s payout ratio is currently 25.31%.

About ResMed

ResMed Inc (NYSE: RMD) develops, manufactures and distributes medical equipment and digital health solutions for sleep apnea, chronic obstructive pulmonary disease and other respiratory conditions. Its products include continuous positive airway pressure (CPAP), bilevel and other noninvasive ventilation devices, as well as masks, humidifiers, accessories and diagnostic equipment.

The company also provides cloud-connected software and digital health services that support patient monitoring, therapy management and communication among patients, clinicians and care providers.