ResMed (NYSE:RMD) Downgraded to “Hold” Rating by StockNews.com

ResMed (NYSE:RMD) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

Several other analysts have also recently weighed in on the company. Piper Sandler raised their price target on ResMed from $252.00 to $260.00 and gave the company a “neutral” rating in a report on Friday, January 31st. Morgan Stanley began coverage on shares of ResMed in a research note on Wednesday, March 19th. They issued an “overweight” rating and a $280.00 target price on the stock. JPMorgan Chase & Co. boosted their price target on shares of ResMed from $270.00 to $286.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Citigroup upgraded shares of ResMed from a “neutral” rating to a “buy” rating in a research report on Wednesday, March 5th. Finally, KeyCorp increased their target price on ResMed from $266.00 to $280.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, ResMed presently has an average rating of “Moderate Buy” and an average price target of $249.73.

ResMed Price Performance

RMD traded up $0.48 during trading on Wednesday, reaching $222.78. 624,998 shares of the company were exchanged, compared to its average volume of 998,957. ResMed has a 12-month low of $172.19 and a 12-month high of $263.05. The company’s 50-day moving average is $232.37 and its two-hundred day moving average is $237.54. The company has a quick ratio of 2.29, a current ratio of 3.33 and a debt-to-equity ratio of 0.13. The company has a market cap of $32.72 billion, a price-to-earnings ratio of 26.30, a P/E/G ratio of 1.53 and a beta of 0.74.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 EPS for the quarter, beating analysts’ consensus estimates of $2.29 by $0.14. ResMed had a net margin of 25.34% and a return on equity of 26.17%. Research analysts forecast that ResMed will post 9.47 earnings per share for the current fiscal year.

Insider Activity at ResMed

In other news, insider Kaushik Ghoshal sold 9,745 shares of ResMed stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $239.31, for a total transaction of $2,332,075.95. Following the sale, the insider now owns 9,725 shares of the company’s stock, valued at approximately $2,327,289.75. The trade was a 50.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $242.11, for a total value of $484,220.00. Following the sale, the director now directly owns 77,218 shares in the company, valued at approximately $18,695,249.98. The trade was a 2.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 38,940 shares of company stock worth $9,164,385 in the last three months. 0.71% of the stock is owned by insiders.

Hedge Funds Weigh In On ResMed

Several institutional investors and hedge funds have recently added to or reduced their stakes in RMD. Vanguard Group Inc. increased its stake in shares of ResMed by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 18,173,462 shares of the medical equipment provider’s stock worth $4,156,089,000 after acquiring an additional 160,590 shares in the last quarter. State Street Corp boosted its holdings in ResMed by 1.9% in the third quarter. State Street Corp now owns 6,261,633 shares of the medical equipment provider’s stock worth $1,528,590,000 after acquiring an additional 116,918 shares in the last quarter. Geode Capital Management LLC grew its position in ResMed by 2.2% during the 4th quarter. Geode Capital Management LLC now owns 3,944,084 shares of the medical equipment provider’s stock valued at $899,860,000 after purchasing an additional 85,270 shares during the last quarter. Invesco Ltd. increased its position in shares of ResMed by 32.2% during the fourth quarter. Invesco Ltd. now owns 2,325,009 shares of the medical equipment provider’s stock valued at $531,706,000 after acquiring an additional 566,046 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in ResMed by 20.6% during the 4th quarter. Northern Trust Corp now owns 1,702,590 shares of the medical equipment provider’s stock valued at $389,365,000 after purchasing an additional 290,664 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. 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.