ResMed (NYSE:RMD) Price Target Raised to $260.00 at Piper Sandler

ResMed (NYSE:RMD) had its price target hoisted by stock analysts at Piper Sandler from $252.00 to $260.00 in a report released on Friday,Benzinga reports. The firm presently has a “neutral” rating on the medical equipment provider’s stock. Piper Sandler’s price target indicates a potential upside of 7.81% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on RMD. KeyCorp raised their target price on ResMed from $251.00 to $266.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Stifel Nicolaus started coverage on shares of ResMed in a research note on Friday, December 13th. They issued a “hold” rating and a $250.00 target price for the company. Needham & Company LLC reaffirmed a “hold” rating on shares of ResMed in a research report on Friday. StockNews.com raised shares of ResMed from a “hold” rating to a “buy” rating in a research report on Tuesday, October 15th. Finally, Robert W. Baird lifted their target price on ResMed from $280.00 to $283.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $239.20.

ResMed Stock Performance

ResMed stock traded down $16.49 during trading hours on Friday, hitting $241.16. The stock had a trading volume of 884,318 shares, compared to its average volume of 879,422. ResMed has a fifty-two week low of $170.56 and a fifty-two week high of $263.05. The company has a market cap of $35.40 billion, a PE ratio of 31.78, a price-to-earnings-growth ratio of 1.83 and a beta of 0.70. The company has a 50-day moving average of $240.32 and a two-hundred day moving average of $235.99. The company has a quick ratio of 1.91, a current ratio of 2.92 and a debt-to-equity ratio of 0.13.

ResMed (NYSE:RMD) last posted its quarterly earnings data on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share for the quarter, beating the consensus estimate of $2.29 by $0.14. ResMed had a net margin of 23.15% and a return on equity of 25.53%. On average, equities research analysts anticipate that ResMed will post 9.35 EPS for the current fiscal year.

Insider Activity at ResMed

In other ResMed news, Director Witte Jan De sold 796 shares of the firm’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $248.81, for a total transaction of $198,052.76. Following the transaction, the director now owns 6,723 shares in the company, valued at $1,672,749.63. This trade represents a 10.59 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Peter C. Farrell sold 2,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $248.74, for a total value of $497,480.00. Following the completion of the transaction, the director now directly owns 83,204 shares of the company’s stock, valued at approximately $20,696,162.96. This trade represents a 2.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,030 shares of company stock worth $2,702,687 in the last ninety days. 0.71% of the stock is owned by company insiders.

Institutional Investors Weigh In On ResMed

Hedge funds have recently added to or reduced their stakes in the company. Peak Financial Advisors LLC purchased a new position in shares of ResMed in the fourth quarter valued at $2,972,000. Principal Financial Group Inc. boosted its position in ResMed by 2.9% during the 3rd quarter. Principal Financial Group Inc. now owns 186,776 shares of the medical equipment provider’s stock valued at $45,596,000 after buying an additional 5,284 shares during the period. Retireful LLC bought a new stake in shares of ResMed in the 3rd quarter worth approximately $742,000. Asset Management One Co. Ltd. lifted its position in shares of ResMed by 5.1% in the 3rd quarter. Asset Management One Co. Ltd. now owns 58,860 shares of the medical equipment provider’s stock worth $14,369,000 after purchasing an additional 2,878 shares during the period. Finally, Empowered Funds LLC lifted its holdings in ResMed by 284.3% in the third quarter. Empowered Funds LLC now owns 8,208 shares of the medical equipment provider’s stock worth $2,004,000 after buying an additional 6,072 shares during the period. Institutional investors and hedge funds 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. 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.