ResMed’s (RMD) “Hold” Rating Reaffirmed at Needham & Company LLC

ResMed (NYSE:RMD)‘s stock had its “hold” rating restated by analysts at Needham & Company LLC in a note issued to investors on Tuesday, Benzinga reports.

Several other equities research analysts have also recently commented on RMD. StockNews.com cut ResMed from a “buy” rating to a “hold” rating in a report on Friday, August 30th. Citigroup cut ResMed from a “buy” rating to a “neutral” rating in a research note on Monday, June 24th. Wolfe Research reiterated an “underperform” rating and issued a $180.00 price target on shares of ResMed in a research report on Wednesday, September 18th. Baird R W upgraded shares of ResMed to a “strong-buy” rating in a report on Tuesday, September 24th. Finally, Royal Bank of Canada increased their price objective on ResMed from $204.00 to $206.00 and gave the company a “sector perform” rating in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $212.25.

ResMed Price Performance

Shares of NYSE:RMD opened at $244.13 on Tuesday. The firm’s 50 day moving average is $231.46 and its two-hundred day moving average is $211.80. The firm has a market capitalization of $35.86 billion, a P/E ratio of 37.50, a PEG ratio of 2.46 and a beta of 0.69. 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 52 week low of $132.24 and a 52 week high of $255.18.

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

Insider Buying and Selling at ResMed

In related news, CEO Michael J. Farrell sold 14,683 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $192.97, for a total value of $2,833,378.51. Following the completion of the sale, the chief executive officer now owns 440,799 shares of the company’s stock, valued at approximately $85,060,983.03. The sale was disclosed in a document filed with the SEC, which is available at this link. In other ResMed news, insider Kaushik Ghoshal sold 5,000 shares of the business’s stock in a transaction dated 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 sale, the insider now owns 21,788 shares of the company’s stock, valued at $5,502,777.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael J. Farrell sold 14,683 shares of the firm’s stock in a transaction that occurred 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 directly owns 440,799 shares in the company, valued at $85,060,983.03. The disclosure for this sale can be found here. Insiders have sold 102,931 shares of company stock worth $22,644,807 over the last 90 days. 1.21% of the stock is currently owned by corporate insiders.

Institutional Trading of ResMed

A number of institutional investors and hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp raised its stake in ResMed by 51.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,772,761 shares of the medical equipment provider’s stock valued at $1,105,022,000 after purchasing an additional 1,959,642 shares during the last quarter. Los Angeles Capital Management LLC increased its holdings in shares of ResMed by 3,599.0% during the 1st quarter. Los Angeles Capital Management LLC now owns 499,031 shares of the medical equipment provider’s stock worth $98,823,000 after purchasing an additional 485,540 shares during the period. Marshall Wace LLP bought a new stake in shares of ResMed in the second quarter valued at about $77,285,000. Greenvale Capital LLP grew its position in ResMed by 198.3% during the fourth quarter. Greenvale Capital LLP now owns 551,901 shares of the medical equipment provider’s stock worth $94,938,000 after buying an additional 366,901 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new position in ResMed during the second quarter valued at about $42,036,000. 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.