Brokerages Set ResMed Inc. (NYSE:RMD) Target Price at $259.33

ResMed Inc. (NYSE:RMD) has received a consensus rating of “Moderate Buy” from the fifteen brokerages that are presently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $259.33.

A number of analysts recently weighed in on the stock. Citigroup upgraded shares of ResMed from a “neutral” rating to a “buy” rating in a research report on Wednesday, March 5th. KeyCorp set a $274.00 price target on shares of ResMed in a research report on Thursday, April 24th. Piper Sandler cut their price target on shares of ResMed from $260.00 to $248.00 and set a “neutral” rating on the stock in a research report on Thursday, April 24th. Royal Bank of Canada increased their price target on shares of ResMed from $247.00 to $255.00 and gave the company a “sector perform” rating in a research report on Thursday, April 24th. Finally, JPMorgan Chase & Co. raised their target price on shares of ResMed from $286.00 to $290.00 and gave the stock an “overweight” rating in a report on Thursday, April 24th.

ResMed Stock Performance

ResMed stock opened at $252.59 on Friday. The company has a market cap of $37.04 billion, a PE ratio of 29.82, a PEG ratio of 1.53 and a beta of 0.78. The company’s 50-day moving average is $234.21 and its two-hundred day moving average is $234.72. The company has a current ratio of 3.33, a quick ratio of 2.29 and a debt-to-equity ratio of 0.13. ResMed has a 1 year low of $179.42 and a 1 year high of $263.05.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Wednesday, April 23rd. The medical equipment provider reported $2.37 earnings per share for the quarter, beating analysts’ consensus estimates of $2.36 by $0.01. The business had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.28 billion. ResMed had a net margin of 25.34% and a return on equity of 26.17%. ResMed’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period last year, the company posted $2.13 EPS. Equities analysts anticipate that ResMed will post 9.47 earnings per share for the current year.

ResMed Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Thursday, May 8th will be issued a dividend of $0.53 per share. The ex-dividend date of this dividend is Thursday, May 8th. This represents a $2.12 annualized dividend and a yield of 0.84%. ResMed’s dividend payout ratio (DPR) is currently 23.79%.

Insider Transactions at ResMed

In other news, CEO Michael J. Farrell sold 8,009 shares of the firm’s stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $243.23, for a total transaction of $1,948,029.07. Following the completion of the transaction, the chief executive officer now directly owns 455,503 shares of the company’s stock, valued at $110,791,994.69. This trade represents a 1.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Peter C. Farrell sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $219.74, for a total transaction of $439,480.00. Following the transaction, the director now directly owns 73,218 shares of the company’s stock, valued at $16,088,923.32. This represents a 2.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 30,132 shares of company stock valued at $7,075,837 in the last ninety days. 0.71% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ResMed

Several hedge funds have recently made changes to their positions in the business. First Horizon Advisors Inc. increased its holdings in ResMed by 285.1% during the fourth quarter. First Horizon Advisors Inc. now owns 593 shares of the medical equipment provider’s stock worth $136,000 after buying an additional 439 shares during the last quarter. Asset Management One Co. Ltd. increased its holdings in ResMed by 2.8% during the fourth quarter. Asset Management One Co. Ltd. now owns 60,489 shares of the medical equipment provider’s stock worth $14,105,000 after buying an additional 1,629 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in ResMed by 38.6% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,830 shares of the medical equipment provider’s stock worth $2,989,000 after buying an additional 3,576 shares during the last quarter. Cumberland Partners Ltd increased its holdings in ResMed by 550.0% during the fourth quarter. Cumberland Partners Ltd now owns 13,000 shares of the medical equipment provider’s stock worth $2,973,000 after buying an additional 11,000 shares during the last quarter. Finally, Alberta Investment Management Corp acquired a new position in ResMed during the fourth quarter worth $2,378,000. 54.98% of the stock is owned by institutional investors.

About ResMed

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.