Brokerages Set ResMed Inc. (NYSE:RMD) Target Price at $246.25

Shares of ResMed Inc. (NYSE:RMD) have been given an average recommendation of “Hold” by the sixteen ratings firms that are covering the firm, MarketBeat Ratings reports. Nine equities research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $240.1667.

Several brokerages have recently weighed in on RMD. Piper Sandler dropped their price objective on shares of ResMed from $233.00 to $225.00 and set a “neutral” rating on the stock in a report on Friday, August 7th. Weiss Ratings downgraded ResMed from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, July 24th. Mizuho decreased their target price on ResMed from $235.00 to $220.00 and set an “outperform” rating for the company in a research report on Wednesday, July 15th. Wells Fargo & Company dropped their price target on ResMed from $225.00 to $215.00 and set an “equal weight” rating on the stock in a research note on Friday, August 7th. Finally, Royal Bank Of Canada increased their price target on ResMed from $234.00 to $244.00 and gave the stock a “sector perform” rating in a report on Friday, August 7th.

ResMed Stock Performance

Shares of RMD stock opened at $224.91 on Friday. The company has a market cap of $32.63 billion, a price-to-earnings ratio of 21.56, a price-to-earnings-growth ratio of 1.38 and a beta of 0.76. ResMed has a 52 week low of $180.26 and a 52 week high of $293.81. The company has a quick ratio of 2.42, a current ratio of 3.10 and a debt-to-equity ratio of 0.06. The firm has a 50 day moving average of $202.00 and a 200-day moving average of $221.50.

ResMed (NYSE:RMD) last released its earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.89 by $0.06. The company had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.46 billion. ResMed had a net margin of 26.94% and a return on equity of 25.58%. ResMed’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.55 EPS. On average, equities analysts forecast that ResMed will post 12 earnings per share for the current year.

ResMed Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, August 20th will be issued a $0.66 dividend. The ex-dividend date is Thursday, August 20th. This represents a $2.64 dividend on an annualized basis and a dividend yield of 1.2%. This is an increase from ResMed’s previous quarterly dividend of $0.60. ResMed’s dividend payout ratio (DPR) is 23.01%.

Insider Buying and Selling at ResMed

In other ResMed news, CEO Michael J. Farrell sold 4,991 shares of the business’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $205.69, for a total transaction of $1,026,598.79. Following the completion of the sale, the chief executive officer owned 466,256 shares in the company, valued at approximately $95,904,196.64. The trade was a 1.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 8,000 shares of the company’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $225.00, for a total transaction of $1,800,000.00. Following the transaction, the director owned 52,773 shares in the company, valued at approximately $11,873,925. The trade was a 13.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 22,973 shares of company stock valued at $4,885,436. 0.65% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ResMed

Large investors have recently added to or reduced their stakes in the business. Ieq Capital LLC bought a new stake in ResMed during the 2nd quarter worth approximately $1,829,000. Callan Family Office LLC bought a new position in shares of ResMed in the second quarter valued at approximately $1,905,000. C M Bidwell & Associates Ltd. purchased a new position in shares of ResMed during the second quarter valued at approximately $290,000. Keating Financial Advisory Services Inc. purchased a new position in shares of ResMed during the second quarter valued at approximately $105,000. Finally, Paralel Advisors LLC bought a new stake in ResMed during the second quarter worth $2,006,000. Institutional investors own 54.98% of the company’s stock.

ResMed Company Profile

ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.