ResMed (NYSE:RMD) Sets New 1-Year Low at $151.45

ResMed Inc. (NYSE:RMD) shares hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $151.45 and last traded at $151.48, with a volume of 47213 shares changing hands. The stock had previously closed at $153.33.

Analyst Ratings Changes

RMD has been the topic of several research analyst reports. Royal Bank of Canada reduced their price objective on shares of ResMed from $284.00 to $273.00 and set an “outperform” rating on the stock in a report on Monday, August 14th. Needham & Company LLC raised ResMed from a “hold” rating to a “buy” rating in a research report on Wednesday. StockNews.com initiated coverage on ResMed in a research report on Thursday, August 17th. They set a “hold” rating for the company. UBS Group cut ResMed from a “buy” rating to a “neutral” rating in a research note on Tuesday. Finally, TheStreet cut ResMed from a “b-” rating to a “c+” rating in a research note on Thursday, August 24th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $261.86.

ResMed Stock Performance

The company has a debt-to-equity ratio of 0.35, a current ratio of 3.12 and a quick ratio of 1.81. The stock has a 50 day simple moving average of $194.59 and a two-hundred day simple moving average of $210.91. The company has a market cap of $22.29 billion, a PE ratio of 25.14, a PEG ratio of 2.36 and a beta of 0.52.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, August 3rd. The medical equipment provider reported $1.60 EPS for the quarter, missing the consensus estimate of $1.67 by ($0.07). ResMed had a return on equity of 24.94% and a net margin of 21.25%. The company had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter last year, the company earned $1.49 EPS. ResMed’s revenue for the quarter was up 22.7% compared to the same quarter last year. Equities analysts predict that ResMed Inc. will post 7.07 EPS for the current year.

ResMed Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 21st. Stockholders of record on Thursday, August 17th will be paid a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 1.27%. The ex-dividend date of this dividend is Wednesday, August 16th. This is a boost from ResMed’s previous quarterly dividend of $0.44. ResMed’s dividend payout ratio is 31.48%.

Insider Transactions at ResMed

In related news, COO Robert Andrew Douglas sold 1,500 shares of the company’s stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $216.27, for a total transaction of $324,405.00. Following the transaction, the chief operating officer now owns 253,526 shares of the company’s stock, valued at $54,830,068.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other ResMed news, COO Robert Andrew Douglas sold 1,500 shares of the company’s stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $216.27, for a total value of $324,405.00. Following the sale, the chief operating officer now owns 253,526 shares of the company’s stock, valued at $54,830,068.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael J. Farrell sold 5,675 shares of the company’s stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $217.39, for a total value of $1,233,688.25. Following the completion of the sale, the chief executive officer now directly owns 436,930 shares in the company, valued at approximately $94,984,212.70. The disclosure for this sale can be found here. Insiders sold 22,075 shares of company stock worth $4,579,339 over the last 90 days. 1.39% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ResMed

Several large investors have recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of ResMed in the 4th quarter worth about $244,477,000. Bank Julius Baer & Co. Ltd Zurich grew its stake in ResMed by 59,600.0% during the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,020,870 shares of the medical equipment provider’s stock valued at $223,060,000 after purchasing an additional 1,019,160 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in ResMed by 356.1% during the 2nd quarter. Assenagon Asset Management S.A. now owns 526,195 shares of the medical equipment provider’s stock valued at $114,974,000 after purchasing an additional 410,815 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of ResMed by 202.4% in the 2nd quarter. Renaissance Technologies LLC now owns 390,700 shares of the medical equipment provider’s stock worth $85,368,000 after acquiring an additional 261,500 shares in the last quarter. Finally, abrdn plc grew its position in shares of ResMed by 104.4% in the 2nd quarter. abrdn plc now owns 503,183 shares of the medical equipment provider’s stock worth $109,945,000 after acquiring an additional 256,980 shares in the last quarter. 63.79% 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. 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.