Royal Bank of Canada Boosts ResMed (NYSE:RMD) Price Target to $224.00

ResMed (NYSE:RMD) had its target price boosted by investment analysts at Royal Bank of Canada from $206.00 to $224.00 in a report issued on Tuesday, Benzinga reports. The brokerage presently has a “sector perform” rating on the medical equipment provider’s stock. Royal Bank of Canada’s price target points to a potential downside of 6.53% from the stock’s current price.

A number of other analysts have also recently weighed in on the stock. Baird R W upgraded shares of ResMed to a “strong-buy” rating in a research note on Tuesday, September 24th. Bank of America boosted their target price on shares of ResMed from $240.00 to $270.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Oppenheimer downgraded ResMed from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 25th. Wolfe Research reissued an “underperform” rating and set a $180.00 price objective on shares of ResMed in a research report on Wednesday, September 18th. Finally, KeyCorp raised their target price on ResMed from $238.00 to $251.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $213.75.

ResMed Stock Down 1.8 %

NYSE RMD traded down $4.47 during trading on Tuesday, hitting $239.65. 229,693 shares of the company traded hands, compared to its average volume of 1,046,707. ResMed has a 12 month low of $132.24 and a 12 month high of $255.18. The business has a fifty day simple moving average of $231.46 and a 200 day simple moving average of $211.80. The company has a market capitalization of $35.21 billion, a P/E ratio of 36.82, 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 (NYSE:RMD) last issued its quarterly earnings data on Thursday, August 1st. The medical equipment provider reported $2.08 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.05. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.22 billion. ResMed had a return on equity of 25.00% and a net margin of 21.79%. The firm’s revenue was up 6.9% compared to the same quarter last year. During the same period last year, the business earned $1.60 EPS. As a group, sell-side analysts predict that ResMed will post 8.92 EPS for the current year.

Insider Buying and Selling

In other ResMed news, CEO Michael J. Farrell sold 14,683 shares of the business’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 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 legal filing with the Securities & Exchange Commission, which is available at this link. In other ResMed news, CEO Michael J. Farrell sold 14,683 shares of the firm’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $192.97, for a total transaction 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 $85,060,983.03. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Brett Sandercock sold 1,000 shares of ResMed stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $194.35, for a total value of $194,350.00. Following the sale, the chief financial officer now directly owns 90,056 shares in the company, valued at $17,502,383.60. The disclosure for this sale can be found here. Insiders sold a total of 102,931 shares of company stock valued at $22,644,807 over the last ninety days. 1.21% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of ResMed by 24.9% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 177,083 shares of the medical equipment provider’s stock valued at $35,068,000 after purchasing an additional 35,273 shares in the last quarter. Mediolanum International Funds Ltd bought a new stake in ResMed during the first quarter worth about $2,246,000. Janney Montgomery Scott LLC increased its holdings in shares of ResMed by 5.3% during the first quarter. Janney Montgomery Scott LLC now owns 81,313 shares of the medical equipment provider’s stock worth $16,102,000 after buying an additional 4,075 shares in the last quarter. Los Angeles Capital Management LLC raised its stake in shares of ResMed by 3,599.0% in the first quarter. Los Angeles Capital Management LLC now owns 499,031 shares of the medical equipment provider’s stock valued at $98,823,000 after acquiring an additional 485,540 shares during the last quarter. Finally, Wellington Management Group LLP acquired a new position in shares of ResMed in the 4th quarter worth approximately $7,535,000. 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.