ResMed (NYSE:RMD) Downgraded by Oppenheimer to “Market Perform”

ResMed (NYSE:RMD) was downgraded by stock analysts at Oppenheimer from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Tuesday, MarketBeat reports.

Several other research firms have also recently weighed in on RMD. KeyCorp raised their target price on shares of ResMed from $227.00 to $238.00 and gave the company an “overweight” rating in a research note on Friday, April 26th. Mizuho restated a “buy” rating and set a $215.00 price objective on shares of ResMed in a research report on Wednesday, March 27th. Royal Bank of Canada boosted their target price on ResMed from $187.00 to $200.00 and gave the stock a “sector perform” rating in a research report on Friday, April 26th. Needham & Company LLC reaffirmed a “buy” rating and issued a $236.00 price objective on shares of ResMed in a research note on Monday. Finally, Citigroup downgraded ResMed from a “buy” rating to a “neutral” rating in a research report on Monday. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $202.80.

ResMed Trading Up 1.6 %

Shares of RMD stock opened at $186.69 on Tuesday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.97 and a current ratio of 3.04. The stock has a fifty day simple moving average of $207.68 and a two-hundred day simple moving average of $190.93. The firm has a market capitalization of $27.43 billion, a PE ratio of 28.68, a PEG ratio of 1.80 and a beta of 0.68. ResMed has a 52-week low of $132.24 and a 52-week high of $229.97.

ResMed (NYSE:RMD) last released its earnings results on Thursday, April 25th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.91 by $0.22. ResMed had a return on equity of 24.43% and a net margin of 20.91%. The firm had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter last year, the business posted $1.68 earnings per share. The firm’s revenue was up 7.2% on a year-over-year basis. On average, analysts predict that ResMed will post 7.7 EPS for the current fiscal year.

Insider Activity

In other news, Director Witte Jan De sold 360 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $218.29, for a total transaction of $78,584.40. Following the completion of the sale, the director now directly owns 7,519 shares of the company’s stock, valued at $1,641,322.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other ResMed news, CFO Brett Sandercock sold 1,000 shares of ResMed stock in a transaction on Monday, June 10th. The stock was sold at an average price of $209.81, for a total transaction of $209,810.00. Following the completion of the sale, the chief financial officer now directly owns 91,056 shares of the company’s stock, valued at approximately $19,104,459.36. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Witte Jan De sold 360 shares of the stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $218.29, for a total value of $78,584.40. Following the transaction, the director now directly owns 7,519 shares in the company, valued at approximately $1,641,322.51. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 31,151 shares of company stock valued at $6,666,409. 1.21% of the stock is currently owned by insiders.

Institutional Trading of ResMed

A number of hedge funds have recently added to or reduced their stakes in RMD. Envestnet Portfolio Solutions Inc. purchased a new stake in ResMed during the third quarter valued at approximately $437,000. Acadian Asset Management LLC boosted its position in shares of ResMed by 439.6% in the 3rd quarter. Acadian Asset Management LLC now owns 3,151 shares of the medical equipment provider’s stock worth $465,000 after purchasing an additional 2,567 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. grew its stake in ResMed by 17.0% during the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 1,617 shares of the medical equipment provider’s stock worth $239,000 after buying an additional 235 shares during the last quarter. Operose Advisors LLC acquired a new position in ResMed during the 3rd quarter valued at about $32,000. Finally, Trexquant Investment LP raised its stake in ResMed by 46.3% in the third quarter. Trexquant Investment LP now owns 65,127 shares of the medical equipment provider’s stock valued at $9,630,000 after buying an additional 20,608 shares during the last quarter. 54.98% of the stock is 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.