ResMed (NYSE:RMD) Stock Rating Upgraded by Baird R W

ResMed (NYSE:RMD) was upgraded by Baird R W to a “strong-buy” rating in a research note issued to investors on Tuesday, Zacks.com reports.

Several other research analysts also recently commented on the company. Oppenheimer downgraded ResMed from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 25th. Royal Bank of Canada raised their price objective on shares of ResMed from $204.00 to $206.00 and gave the stock a “sector perform” rating in a report on Friday, August 2nd. Citigroup lowered shares of ResMed from a “buy” rating to a “neutral” rating in a report on Monday, June 24th. Needham & Company LLC reaffirmed a “hold” rating on shares of ResMed in a research report on Wednesday, September 18th. Finally, Bank of America increased their target price on ResMed from $240.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $212.25.

ResMed Stock Up 0.7 %

ResMed stock opened at $242.48 on Tuesday. The firm has a 50 day simple moving average of $229.23 and a 200 day simple moving average of $210.62. The company has a current ratio of 2.59, a quick ratio of 1.69 and a debt-to-equity ratio of 0.14. ResMed has a 1-year low of $132.24 and a 1-year high of $255.18. The firm has a market capitalization of $35.62 billion, a price-to-earnings ratio of 37.25, a P/E/G ratio of 2.45 and a beta of 0.69.

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

Insiders Place Their Bets

In other news, insider Justin Leong sold 48,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $217.07, for a total transaction of $10,419,360.00. Following the sale, the insider now directly owns 18,741 shares in the company, valued at approximately $4,068,108.87. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other ResMed news, insider Justin Leong sold 48,000 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $217.07, for a total transaction of $10,419,360.00. Following the completion of the sale, the insider now directly owns 18,741 shares in the company, valued at approximately $4,068,108.87. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Michael J. Farrell sold 14,683 shares of the firm’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $192.97, for a total value of $2,833,378.51. Following the completion of the transaction, the chief executive officer now owns 440,799 shares in the company, valued at approximately $85,060,983.03. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 102,931 shares of company stock worth $22,644,807. Corporate insiders own 1.21% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Sanctuary Advisors LLC purchased a new position in ResMed during the second quarter worth approximately $1,162,000. Dana Investment Advisors Inc. purchased a new position in shares of ResMed during the 2nd quarter worth $4,728,000. Cetera Investment Advisers boosted its position in shares of ResMed by 26.8% during the 2nd quarter. Cetera Investment Advisers now owns 9,721 shares of the medical equipment provider’s stock valued at $1,861,000 after acquiring an additional 2,053 shares during the last quarter. Greenvale Capital LLP grew its holdings in shares of ResMed by 61.1% in the second quarter. Greenvale Capital LLP now owns 725,000 shares of the medical equipment provider’s stock valued at $138,780,000 after purchasing an additional 275,000 shares during the period. Finally, Quarry LP increased its position in ResMed by 271.9% during 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 during the last quarter. 54.98% of the stock is currently owned by institutional investors and hedge funds.

ResMed Company Profile

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.