ResMed (NYSE:RMD) Cut to Hold at Citigroup

ResMed (NYSE:RMD) was downgraded by research analysts at Citigroup from a “strong-buy” rating to a “hold” rating in a report released on Sunday,Zacks.com reports.

Several other research firms have also weighed in on RMD. Royal Bank Of Canada decreased their price target on ResMed from $321.00 to $276.00 and set an “outperform” rating on the stock in a report on Wednesday, July 8th. KeyCorp dropped their price objective on shares of ResMed from $290.00 to $266.00 and set an “overweight” rating for the company in a research note on Monday, June 22nd. JPMorgan Chase & Co. assumed coverage on shares of ResMed in a research report on Wednesday, April 15th. They set an “overweight” rating on the stock. Robert W. Baird set a $225.00 target price on shares of ResMed in a research note on Friday, May 1st. Finally, Evercore set a $255.00 target price on shares of ResMed and gave the stock an “outperform” rating in a report on Monday, April 13th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $260.17.

ResMed Trading Down 2.7%

Shares of RMD stock opened at $198.38 on Friday. ResMed has a 1 year low of $180.26 and a 1 year high of $293.81. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.01 and a quick ratio of 2.33. The stock’s 50 day simple moving average is $200.16 and its two-hundred day simple moving average is $227.81. The company has a market cap of $28.78 billion, a PE ratio of 19.13, a price-to-earnings-growth ratio of 1.22 and a beta of 0.78.

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

Insiders Place Their Bets

In related news, CEO Michael J. Farrell sold 4,991 shares of the company’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $218.55, for a total value of $1,090,783.05. Following the completion of the sale, the chief executive officer directly owned 466,223 shares of the company’s stock, valued at $101,893,036.65. This represents a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 14,973 shares of company stock valued at $3,096,067 over the last ninety days. 0.65% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ResMed

Large investors have recently modified their holdings of the business. Imprint Wealth LLC purchased a new stake in shares of ResMed in the 3rd quarter worth approximately $26,000. WFA of San Diego LLC bought a new position in shares of ResMed during the second quarter valued at approximately $26,000. International Assets Investment Management LLC purchased a new position in ResMed during the fourth quarter valued at approximately $25,000. ORG Partners LLC increased its holdings in ResMed by 181.6% during the fourth quarter. ORG Partners LLC now owns 107 shares of the medical equipment provider’s stock valued at $26,000 after buying an additional 69 shares during the period. Finally, Sunbelt Securities Inc. bought a new position in ResMed in the third quarter worth approximately $31,000. Institutional investors own 54.98% of the company’s stock.

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.