Piper Sandler Initiates Coverage on ResMed (NYSE:RMD)

Equities research analysts at Piper Sandler started coverage on shares of ResMed (NYSE:RMD) in a research report issued to clients and investors on Friday, Marketbeat.com reports. The brokerage set a “neutral” rating and a $252.00 price target on the medical equipment provider’s stock. Piper Sandler’s target price indicates a potential upside of 7.73% from the stock’s previous close.

Several other research firms have also commented on RMD. StockNews.com upgraded shares of ResMed from a “hold” rating to a “buy” rating in a research report on Tuesday, October 15th. Wolfe Research restated an “underperform” rating and set a $180.00 target price on shares of ResMed in a research report on Wednesday, September 18th. Baird R W raised ResMed to a “strong-buy” rating in a report on Tuesday, September 24th. KeyCorp raised their price objective on ResMed from $251.00 to $266.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of ResMed in a research note on Friday, October 25th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $233.09.

ResMed Stock Performance

NYSE RMD opened at $233.92 on Friday. The firm has a market capitalization of $34.34 billion, a P/E ratio of 30.98, a PEG ratio of 1.73 and a beta of 0.70. The stock has a 50-day simple moving average of $239.84 and a two-hundred day simple moving average of $231.21. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.92. ResMed has a fifty-two week low of $168.29 and a fifty-two week high of $260.49.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.17. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.19 billion. ResMed had a return on equity of 25.53% and a net margin of 23.15%. ResMed’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period last year, the business earned $1.64 earnings per share. On average, equities analysts forecast that ResMed will post 9.34 earnings per share for the current year.

Insider Transactions at ResMed

In related news, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $245.65, for a total transaction of $491,300.00. Following the transaction, the director now owns 81,218 shares in the company, valued at approximately $19,951,201.70. This trade represents a 2.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Witte Jan De sold 796 shares of the company’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $248.81, for a total value of $198,052.76. Following the completion of the sale, the director now owns 6,723 shares of the company’s stock, valued at approximately $1,672,749.63. The trade was a 10.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 11,099 shares of company stock valued at $2,719,385. Corporate insiders own 0.71% of the company’s stock.

Hedge Funds Weigh In On ResMed

A number of institutional investors have recently bought and sold shares of RMD. True Wealth Design LLC increased its holdings in shares of ResMed by 2,200.0% during the 3rd quarter. True Wealth Design LLC now owns 115 shares of the medical equipment provider’s stock worth $28,000 after buying an additional 110 shares during the last quarter. Ashton Thomas Securities LLC purchased a new position in shares of ResMed during the 3rd quarter worth $34,000. Capital Performance Advisors LLP acquired a new stake in shares of ResMed during the 3rd quarter worth about $60,000. Quest Partners LLC raised its holdings in ResMed by 44.1% in the 2nd quarter. Quest Partners LLC now owns 327 shares of the medical equipment provider’s stock valued at $63,000 after buying an additional 100 shares during the period. Finally, Quarry LP lifted its position in ResMed by 271.9% in the second quarter. Quarry LP now owns 331 shares of the medical equipment provider’s stock valued at $63,000 after buying an additional 242 shares during the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

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.