ResMed (NYSE:RMD) PT Raised to $206.00

ResMed (NYSE:RMD) had its price target hoisted by Royal Bank of Canada from $204.00 to $206.00 in a research note issued on Friday, Benzinga reports. The firm currently has a “sector perform” rating on the medical equipment provider’s stock. Royal Bank of Canada’s target price suggests a potential downside of 7.89% from the stock’s current price.

A number of other brokerages have also recently issued reports on RMD. Citigroup cut shares of ResMed from a “buy” rating to a “neutral” rating in a research report on Monday, June 24th. Needham & Company LLC restated a “buy” rating and set a $236.00 target price on shares of ResMed in a research report on Friday. Oppenheimer cut shares of ResMed from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 25th. Finally, KeyCorp boosted their price objective on shares of ResMed from $238.00 to $251.00 and gave the company an “overweight” rating in a research report on Friday. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $204.70.

ResMed Stock Up 4.2 %

NYSE:RMD traded up $9.08 during midday trading on Friday, hitting $223.64. 2,644,082 shares of the company were exchanged, compared to its average volume of 1,064,086. The company has a fifty day simple moving average of $203.68 and a 200 day simple moving average of $195.94. ResMed has a fifty-two week low of $132.24 and a fifty-two week high of $225.68. The company has a current ratio of 3.04, a quick ratio of 1.97 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $32.85 billion, a PE ratio of 34.35, a price-to-earnings-growth ratio of 1.84 and a beta of 0.66.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, August 1st. The medical equipment provider reported $2.08 EPS for the quarter, topping the consensus estimate of $2.03 by $0.05. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.22 billion. ResMed had a net margin of 20.91% and a return on equity of 24.43%. ResMed’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period last year, the business earned $1.60 EPS. As a group, equities analysts anticipate that ResMed will post 7.7 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Michael J. Farrell sold 14,683 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $216.50, for a total transaction of $3,178,869.50. Following the completion of the transaction, the chief executive officer now owns 440,752 shares in the company, valued at approximately $95,422,808. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other ResMed news, CEO Michael J. Farrell sold 14,683 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $216.50, for a total value of $3,178,869.50. Following the completion of the transaction, the chief executive officer now directly owns 440,752 shares in the company, valued at $95,422,808. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Brett Sandercock sold 1,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief financial officer now owns 91,056 shares of the company’s stock, valued at $19,104,459.36. The disclosure for this sale can be found here. Insiders have sold a total of 46,409 shares of company stock valued at $9,602,796 in the last quarter. Company insiders own 1.21% of the company’s stock.

Institutional Trading of ResMed

Several institutional investors have recently made changes to their positions in the stock. Raymond James & Associates raised its position in shares of ResMed by 21.3% in the fourth quarter. Raymond James & Associates now owns 6,842 shares of the medical equipment provider’s stock valued at $1,177,000 after purchasing an additional 1,200 shares during the period. Raymond James Financial Services Advisors Inc. increased its position in ResMed by 11.6% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 21,519 shares of the medical equipment provider’s stock worth $3,702,000 after acquiring an additional 2,239 shares during the period. Oak Thistle LLC bought a new position in ResMed during the fourth quarter worth $332,000. Ballentine Partners LLC bought a new position in ResMed during the fourth quarter worth $223,000. Finally, Asset Management One Co. Ltd. increased its position in ResMed by 2.4% during the fourth quarter. Asset Management One Co. Ltd. now owns 60,869 shares of the medical equipment provider’s stock worth $10,530,000 after acquiring an additional 1,434 shares during the period. 54.98% of the stock is currently owned by institutional investors and hedge funds.

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.