Piper Sandler Initiates Coverage on ResMed (NYSE:RMD)

Stock analysts at Piper Sandler began coverage on shares of ResMed (NYSE:RMD) in a research note issued to investors on Friday, MarketBeat.com reports. The firm set a “neutral” rating and a $252.00 price target on the medical equipment provider’s stock. Piper Sandler’s target price suggests a potential upside of 7.73% from the stock’s previous close.

A number of other research analysts also recently issued reports on RMD. StockNews.com upgraded ResMed from a “hold” rating to a “buy” rating in a research note on Tuesday, October 15th. Needham & Company LLC reissued a “hold” rating on shares of ResMed in a report on Friday, October 25th. Baird R W upgraded ResMed to a “strong-buy” rating in a research report on Tuesday, September 24th. KeyCorp increased their target price on shares of ResMed from $251.00 to $266.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Finally, Royal Bank of Canada boosted their price target on ResMed from $224.00 to $232.00 and gave the stock a “sector perform” rating in a research note on Friday, October 25th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $233.09.

ResMed Trading Down 1.0 %

NYSE:RMD opened at $233.92 on Friday. The stock has a fifty day moving average price of $239.84 and a 200 day moving average price of $231.21. The company has a current ratio of 2.92, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13. The firm has a market cap of $34.34 billion, a PE ratio of 30.98, a price-to-earnings-growth ratio of 1.73 and a beta of 0.70. ResMed has a 12-month low of $168.29 and a 12-month high of $260.49.

ResMed (NYSE:RMD) last released its quarterly earnings data on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.17. The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.19 billion. ResMed had a net margin of 23.15% and a return on equity of 25.53%. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.64 EPS. Sell-side analysts anticipate that ResMed will post 9.34 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Witte Jan De sold 796 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $248.81, for a total transaction of $198,052.76. Following the transaction, the director now owns 6,723 shares of the company’s stock, valued at approximately $1,672,749.63. This represents a 10.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Justin Leong sold 6,160 shares of ResMed stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $243.09, for a total transaction of $1,497,434.40. Following the completion of the sale, the insider now directly owns 21,718 shares of the company’s stock, valued at $5,279,428.62. The trade was a 22.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 11,099 shares of company stock worth $2,719,385 over the last three months. 0.71% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ResMed

Large investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. increased its stake in shares of ResMed by 2.9% during the 3rd quarter. Principal Financial Group Inc. now owns 186,776 shares of the medical equipment provider’s stock valued at $45,596,000 after acquiring an additional 5,284 shares during the last quarter. Retireful LLC purchased a new stake in ResMed in the third quarter valued at approximately $742,000. Asset Management One Co. Ltd. increased its position in ResMed by 5.1% during the third quarter. Asset Management One Co. Ltd. now owns 58,860 shares of the medical equipment provider’s stock worth $14,369,000 after purchasing an additional 2,878 shares during the last quarter. Empowered Funds LLC increased its position in ResMed by 284.3% during the third quarter. Empowered Funds LLC now owns 8,208 shares of the medical equipment provider’s stock worth $2,004,000 after purchasing an additional 6,072 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake in ResMed by 35.7% during the third quarter. Wellington Management Group LLP now owns 59,926 shares of the medical equipment provider’s stock worth $14,629,000 after purchasing an additional 15,772 shares during the period. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

ResMed Company Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. The company 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 ApneaLink Air, a portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow, and snoring; and NightOwl, a portable, cloud-connected, and disposable diagnostic device that measures AHI based on derived peripheral arterial tone, actigraphy, and oximetry over several nights.