Wolfe Research Reiterates “Underperform” Rating for ResMed (NYSE:RMD)

ResMed (NYSE:RMD)‘s stock had its “underperform” rating reissued by Wolfe Research in a research note issued to investors on Wednesday, Marketbeat.com reports. They currently have a $180.00 target price on the medical equipment provider’s stock. Wolfe Research’s price target would suggest a potential downside of 25.91% from the company’s previous close.

RMD has been the topic of several other research reports. Citigroup cut ResMed from a “buy” rating to a “neutral” rating in a research report on Monday, June 24th. Oppenheimer cut ResMed from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 25th. Royal Bank of Canada raised their price target on ResMed from $204.00 to $206.00 and gave the stock a “sector perform” rating in a research report on Friday, August 2nd. Needham & Company LLC restated a “hold” rating on shares of ResMed in a research report on Wednesday. Finally, KeyCorp raised their price target on ResMed from $238.00 to $251.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $199.70.

ResMed Trading Up 2.1 %

Shares of ResMed stock opened at $242.95 on Wednesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.59 and a quick ratio of 1.69. The company has a market capitalization of $35.69 billion, a price-to-earnings ratio of 37.32, a P/E/G ratio of 2.49 and a beta of 0.69. The business has a fifty day simple moving average of $226.11 and a two-hundred day simple moving average of $208.77. ResMed has a 1 year low of $132.24 and a 1 year high of $255.18.

ResMed (NYSE:RMD) last posted its quarterly earnings data on Thursday, August 1st. The medical equipment provider reported $2.08 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.05. The firm had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.22 billion. ResMed had a return on equity of 25.00% and a net margin of 21.79%. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the business earned $1.60 EPS. Research analysts forecast that ResMed will post 8.92 EPS for the current year.

Insider Activity

In other news, CFO Brett Sandercock sold 1,000 shares of ResMed stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $194.35, for a total transaction of $194,350.00. Following the sale, the chief financial officer now directly owns 90,056 shares of the company’s stock, valued at $17,502,383.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Brett Sandercock sold 1,000 shares of ResMed stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $194.35, for a total transaction of $194,350.00. Following the sale, the chief financial officer now directly owns 90,056 shares of the company’s stock, valued at $17,502,383.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kaushik Ghoshal sold 5,000 shares of ResMed stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $252.56, for a total value of $1,262,800.00. Following the completion of the transaction, the insider now directly owns 21,788 shares in the company, valued at $5,502,777.28. The disclosure for this sale can be found here. Over the last three months, insiders have sold 102,931 shares of company stock valued at $22,644,807. 1.21% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ResMed

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Sanctuary Advisors LLC bought a new stake in ResMed in the second quarter worth approximately $1,162,000. Dana Investment Advisors Inc. bought a new stake in ResMed in the second quarter worth approximately $4,728,000. Cetera Investment Advisers increased its holdings in ResMed by 26.8% in the second quarter. Cetera Investment Advisers now owns 9,721 shares of the medical equipment provider’s stock worth $1,861,000 after purchasing an additional 2,053 shares in the last quarter. Greenvale Capital LLP increased its holdings in ResMed by 61.1% in the second quarter. Greenvale Capital LLP now owns 725,000 shares of the medical equipment provider’s stock worth $138,780,000 after purchasing an additional 275,000 shares in the last quarter. Finally, Quarry LP increased its holdings in ResMed by 271.9% in the second quarter. Quarry LP now owns 331 shares of the medical equipment provider’s stock worth $63,000 after purchasing an additional 242 shares in the last quarter. 54.98% of the stock is owned by institutional investors and hedge funds.

About ResMed

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. It 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 technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.