ResMed (RMD) Upgraded by Zacks Investment Research to “Hold”

Zacks Investment Research upgraded shares of ResMed (NYSE:RMD) from a sell rating to a hold rating in a report published on Friday, January 5th. Zacks Investment Research currently has $99.00 price objective on the medical equipment provider’s stock.

According to Zacks, “Challenges like competitive bidding and reimbursement issues continue to plague ResMed. The company also remains exposed to foreign exchange fluctuations. Rising operating expenses and a weak operating margin are other major concerns. However, over the recent past, ResMed has been observed to achieve strong global revenue growth 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.”

Several other brokerages have also commented on RMD. Northland Securities restated a sell rating and issued a $55.00 price target on shares of ResMed in a research note on Friday, October 27th. Barclays raised their price objective on shares of ResMed from $65.00 to $68.00 and gave the company an underweight rating in a research note on Monday, September 25th. BMO Capital Markets raised their price objective on shares of ResMed to $82.00 and gave the company a market perform rating in a research note on Tuesday, December 12th. Needham & Company LLC reiterated a sell rating on shares of ResMed in a research note on Friday, October 27th. Finally, JPMorgan Chase & Co. raised their price objective on shares of ResMed from $72.00 to $73.00 and gave the company an overweight rating in a research note on Monday, October 30th. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company’s stock. ResMed presently has an average rating of Hold and a consensus price target of $70.57.

Shares of ResMed (RMD) traded up $0.74 during mid-day trading on Friday, hitting $87.78. 339,100 shares of the stock traded hands, compared to its average volume of 463,300. The company has a quick ratio of 3.86, a current ratio of 4.72 and a debt-to-equity ratio of 0.50. ResMed has a twelve month low of $62.64 and a twelve month high of $88.49. The company has a market capitalization of $12,460.00, a PE ratio of 35.54, a price-to-earnings-growth ratio of 2.22 and a beta of 0.78.

ResMed (NYSE:RMD) last issued its earnings results on Thursday, October 26th. The medical equipment provider reported $0.66 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.66. ResMed had a net margin of 16.58% and a return on equity of 21.53%. The firm had revenue of $523.66 million for the quarter, compared to analysts’ expectations of $506.08 million. During the same quarter last year, the company posted $0.62 earnings per share. ResMed’s revenue was up 12.5% on a year-over-year basis. equities research analysts expect that ResMed will post 3.04 earnings per share for the current fiscal year.

In related news, CFO Brett Sandercock sold 1,250 shares of ResMed stock in a transaction on Friday, December 1st. The shares were sold at an average price of $85.36, for a total value of $106,700.00. Following the completion of the sale, the chief financial officer now owns 79,572 shares of the company’s stock, valued at approximately $6,792,265.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider David Pendarvis sold 6,364 shares of ResMed stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $82.20, for a total transaction of $523,120.80. The disclosure for this sale can be found here. Insiders sold a total of 158,929 shares of company stock valued at $13,181,009 in the last ninety days. Company insiders own 1.77% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Cubist Systematic Strategies LLC bought a new position in shares of ResMed during the 3rd quarter worth about $113,000. YorkBridge Wealth Partners LLC increased its holdings 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 worth $115,000 after purchasing an additional 69 shares during the period. Toronto Dominion Bank increased its holdings 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 worth $135,000 after purchasing an additional 197 shares during the period. BB&T Investment Services Inc. bought a new position in shares of ResMed during the 2nd quarter worth about $214,000. Finally, Visionary Asset Management Inc. bought a new position in shares of ResMed during the 3rd quarter worth about $214,000. Hedge funds and other institutional investors own 61.81% of the company’s stock.

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About ResMed

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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