KeyCorp Increases ResMed (NYSE:RMD) Price Target to $238.00

ResMed (NYSE:RMD) had its price objective hoisted by KeyCorp from $227.00 to $238.00 in a report released on Friday morning, Benzinga reports. The brokerage currently has an overweight rating on the medical equipment provider’s stock.

RMD has been the subject of several other reports. JPMorgan Chase & Co. upped their price objective on ResMed from $160.00 to $195.00 and gave the company an overweight rating in a research note on Tuesday, January 9th. Mizuho restated a buy rating and set a $215.00 price target on shares of ResMed in a research note on Wednesday, March 27th. UBS Group increased their price target on ResMed from $175.00 to $180.00 and gave the stock a neutral rating in a report on Thursday, January 25th. Oppenheimer boosted their price objective on shares of ResMed from $185.00 to $205.00 and gave the company an outperform rating in a research note on Tuesday, January 30th. Finally, Royal Bank of Canada raised their target price on shares of ResMed from $181.00 to $182.00 and gave the stock a sector perform rating in a research note on Thursday, January 25th. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $202.80.

ResMed Stock Performance

Shares of ResMed stock opened at $218.06 on Friday. The stock has a market capitalization of $32.07 billion, a price-to-earnings ratio of 33.50, a PEG ratio of 2.26 and a beta of 0.67. The firm’s fifty day simple moving average is $187.07 and its 200-day simple moving average is $171.97. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.11 and a quick ratio of 1.89. ResMed has a 12 month low of $132.24 and a 12 month high of $243.52.

ResMed (NYSE:RMD) last posted its quarterly earnings data on Thursday, April 25th. The medical equipment provider reported $2.13 EPS for the quarter, beating analysts’ consensus estimates of $1.91 by $0.22. ResMed had a net margin of 20.91% and a return on equity of 24.92%. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same period in the previous year, the business posted $1.68 earnings per share. ResMed’s quarterly revenue was up 7.2% on a year-over-year basis. As a group, equities analysts forecast that ResMed will post 7.44 earnings per share for the current year.

ResMed Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 13th. Stockholders of record on Thursday, May 9th will be issued a $0.48 dividend. The ex-dividend date is Wednesday, May 8th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 0.88%. ResMed’s dividend payout ratio is presently 29.49%.

Insider Buying and Selling

In other ResMed news, Director Peter C. Farrell sold 10,935 shares of the stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $182.66, for a total value of $1,997,387.10. Following the completion of the transaction, the director now directly owns 157,404 shares of the company’s stock, valued at $28,751,414.64. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, General Counsel Michael J. Rider sold 200 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $173.25, for a total value of $34,650.00. Following the sale, the general counsel now directly owns 6,688 shares in the company, valued at approximately $1,158,696. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Peter C. Farrell sold 10,935 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $182.66, for a total transaction of $1,997,387.10. Following the transaction, the director now owns 157,404 shares of the company’s stock, valued at $28,751,414.64. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,216 shares of company stock valued at $2,046,617. Corporate insiders own 1.21% of the company’s stock.

Institutional Trading of ResMed

Several institutional investors and hedge funds have recently modified their holdings of the business. Handelsbanken Fonder AB lifted its stake in ResMed by 22.5% in the 4th quarter. Handelsbanken Fonder AB now owns 70,272 shares of the medical equipment provider’s stock valued at $12,088,000 after buying an additional 12,899 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of ResMed by 13.9% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 45,231 shares of the medical equipment provider’s stock valued at $7,781,000 after acquiring an additional 5,517 shares in the last quarter. Vaughan David Investments LLC IL acquired a new stake in shares of ResMed during the fourth quarter valued at $29,322,000. International Assets Investment Management LLC increased its position in ResMed by 11,960.3% during the 4th quarter. International Assets Investment Management LLC now owns 22,191 shares of the medical equipment provider’s stock worth $3,817,000 after purchasing an additional 22,007 shares in the last quarter. Finally, Illinois Municipal Retirement Fund raised its stake in ResMed by 33.7% in the 4th quarter. Illinois Municipal Retirement Fund now owns 72,893 shares of the medical equipment provider’s stock valued at $12,539,000 after purchasing an additional 18,368 shares during the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

About ResMed

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.