Citigroup Lowers ResMed (NYSE:RMD) to Neutral

Citigroup cut shares of ResMed (NYSE:RMD) from a buy rating to a neutral rating in a research report released on Monday, Marketbeat reports.

A number of other equities research analysts have also recently issued reports on the company. Royal Bank of Canada boosted their price objective on ResMed from $187.00 to $200.00 and gave the stock a sector perform rating in a report on Friday, April 26th. Mizuho reiterated a buy rating and issued a $215.00 price target on shares of ResMed in a research note on Wednesday, March 27th. Needham & Company LLC reiterated a buy rating and set a $236.00 target price on shares of ResMed in a research report on Monday. KeyCorp upped their target price on ResMed from $227.00 to $238.00 and gave the stock an overweight rating in a research note on Friday, April 26th. Finally, Oppenheimer lowered their price objective on shares of ResMed from $205.00 to $200.00 and set an outperform rating for the company in a research report on Friday, April 26th. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $202.80.

ResMed Price Performance

Shares of NYSE RMD opened at $191.58 on Monday. ResMed has a fifty-two week low of $132.24 and a fifty-two week high of $229.97. The stock has a market capitalization of $28.15 billion, a price-to-earnings ratio of 29.43, a PEG ratio of 1.80 and a beta of 0.68. The company has a debt-to-equity ratio of 0.22, a current ratio of 3.04 and a quick ratio of 1.97. The business has a 50-day moving average of $208.22 and a 200-day moving average of $190.91.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, April 25th. The medical equipment provider reported $2.13 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the previous year, the business earned $1.68 earnings per share. The business’s revenue was up 7.2% compared to the same quarter last year. As a group, sell-side analysts predict that ResMed will post 7.7 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 13th. Stockholders of record on Thursday, May 9th were paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date was Wednesday, May 8th. ResMed’s dividend payout ratio is currently 29.49%.

Insider Activity at ResMed

In other ResMed news, Director Karen Drexler sold 425 shares of the firm’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of $214.92, for a total value of $91,341.00. Following the completion of the sale, the director now directly owns 8,446 shares in the company, valued at $1,815,214.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other ResMed news, CEO Michael J. Farrell sold 14,683 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $216.50, for a total transaction of $3,178,869.50. Following the transaction, the chief executive officer now directly owns 440,752 shares in the company, valued at approximately $95,422,808. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Karen Drexler sold 425 shares of the business’s stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $214.92, for a total transaction of $91,341.00. Following the transaction, the director now owns 8,446 shares in the company, valued at $1,815,214.32. The disclosure for this sale can be found here. Insiders have sold a total of 31,151 shares of company stock worth $6,666,409 in the last 90 days. Corporate insiders own 1.21% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of RMD. Atlantic Edge Private Wealth Management LLC purchased a new position in ResMed during the fourth quarter valued at approximately $27,000. Operose Advisors LLC bought a new stake in ResMed during the third quarter valued at $32,000. Hall Laurie J Trustee purchased a new position in shares of ResMed during the first quarter worth about $32,000. Planned Solutions Inc. purchased a new stake in shares of ResMed during the 4th quarter valued at $34,000. Finally, BOK Financial Private Wealth Inc. bought a new stake in shares of ResMed during the 1st quarter worth $35,000. Hedge funds and other institutional investors own 54.98% of the company’s stock.

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.