Zacks Investment Research upgraded shares of ResMed Inc. (NYSE:RMD) from a sell rating to a hold rating in a report issued on Monday, October 30th.
According to Zacks, “ResMed exited the first quarter fiscal 2018 on a promising note with better-than-expected earnings and revenue performances. The company achieved solid double-digit global revenue growth this quarter, led by sales from Software-as-a-Service businesses as well as its new mask products and devices. We are encouraged to note that the company is working on product innovation through extensive research and development. The company also recently launched the AirFit N20 Classic nasal mask for positive airway pressure (PAP) treatment in Europe. In the past six months, ResMed has traded above the broader industry. However, challenges like competitive bidding and reimbursement issues continue to plague the stock. The company also remains exposed to foreign exchange fluctuations. Rising operating expenses and a weak operating margin are other major concerns.”
A number of other analysts have also recently issued reports on RMD. BMO Capital Markets increased their price objective on ResMed from $61.00 to $70.00 and gave the stock a market perform rating in a report on Wednesday, August 2nd. Needham & Company LLC reissued a sell rating on shares of ResMed in a report on Wednesday, August 2nd. Credit Suisse Group cut ResMed from an outperform rating to a neutral rating in a report on Wednesday, August 2nd. Barclays PLC increased their price objective on ResMed from $68.00 to $70.00 and gave the stock an underweight rating in a report on Friday, October 27th. Finally, Citigroup Inc. raised ResMed from a neutral rating to a buy rating in a report on Wednesday, August 2nd. Four investment analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the stock. ResMed currently has a consensus rating of Hold and a consensus price target of $67.57.
Shares of ResMed (NYSE:RMD) opened at $84.63 on Monday. The stock has a market capitalization of $11,951.15, a PE ratio of 29.34, a P/E/G ratio of 1.87 and a beta of 0.79. The company has a debt-to-equity ratio of 0.50, a quick ratio of 3.86 and a current ratio of 4.72. ResMed has a 1-year low of $57.45 and a 1-year high of $87.81.
ResMed (NYSE:RMD) last issued its quarterly earnings data on Thursday, October 26th. The medical equipment provider reported $0.66 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.66. The business had revenue of $523.66 million for the quarter, compared to analysts’ expectations of $506.08 million. ResMed had a return on equity of 21.53% and a net margin of 16.58%. The firm’s quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.62 EPS. analysts expect that ResMed will post 3 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 14th. Shareholders of record on Thursday, November 9th will be issued a $0.35 dividend. The ex-dividend date is Wednesday, November 8th. This represents a $1.40 annualized dividend and a dividend yield of 1.65%. ResMed’s payout ratio is currently 56.68%.
In other news, CFO Brett Sandercock sold 1,250 shares of the stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $77.56, for a total transaction of $96,950.00. Following the transaction, the chief financial officer now directly owns 65,941 shares in the company, valued at approximately $5,114,383.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Peter C. Farrell sold 20,000 shares of the stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $76.74, for a total value of $1,534,800.00. Following the transaction, the director now owns 314,800 shares in the company, valued at $24,157,752. The disclosure for this sale can be found here. In the last ninety days, insiders sold 201,234 shares of company stock worth $16,339,637. Insiders own 1.77% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Cubist Systematic Strategies LLC bought a new position in shares of ResMed during the 3rd quarter valued at about $113,000. YorkBridge Wealth Partners LLC increased its position in shares of ResMed by 4.9% during the 2nd quarter. YorkBridge Wealth Partners LLC now owns 1,476 shares of the medical equipment provider’s stock valued at $115,000 after purchasing an additional 69 shares during the last quarter. Creative Planning increased its position in shares of ResMed by 97.1% during the 2nd quarter. Creative Planning now owns 1,671 shares of the medical equipment provider’s stock valued at $130,000 after purchasing an additional 823 shares during the last quarter. Toronto Dominion Bank increased its position in shares of ResMed by 12.8% during the 2nd quarter. Toronto Dominion Bank now owns 1,740 shares of the medical equipment provider’s stock valued at $135,000 after purchasing an additional 197 shares during the last quarter. Finally, Huntington National Bank bought a new position in ResMed during the 2nd quarter worth approximately $156,000. Hedge funds and other institutional investors own 58.86% of the company’s stock.
ResMed Company Profile
ResMed Inc is a holding company. The Company is engaged in the development, manufacturing, distribution and marketing of medical devices and cloud-based software applications that diagnose, treat and manage respiratory disorders, including sleep disordered breathing (SDB), chronic obstructive pulmonary disease (COPD), neuromuscular disease and other diseases.
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