ResMed (NYSE:RMD) Research Coverage Started at The Goldman Sachs Group

The Goldman Sachs Group began coverage on shares of ResMed (NYSE:RMD) in a research report released on Thursday morning, MarketBeat reports. The firm issued a buy rating on the medical equipment provider’s stock.

Other equities analysts have also recently issued research reports about the company. KeyCorp upped their price target on ResMed from $251.00 to $266.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Wolfe Research reiterated an “underperform” rating and set a $180.00 target price on shares of ResMed in a research note on Wednesday, September 18th. Bank of America upped their price objective on ResMed from $240.00 to $270.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Piper Sandler started coverage on ResMed in a report on Friday, January 10th. They issued a “neutral” rating and a $252.00 price objective for the company. Finally, Needham & Company LLC restated a “hold” rating on shares of ResMed in a research report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $233.09.

ResMed Stock Up 1.2 %

Shares of NYSE RMD opened at $239.89 on Thursday. The firm has a market cap of $35.22 billion, a P/E ratio of 31.77, a price-to-earnings-growth ratio of 1.69 and a beta of 0.70. 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 1 year low of $170.39 and a 1 year high of $260.49. The firm’s 50 day moving average price is $238.51 and its 200 day moving average price is $232.77.

ResMed (NYSE:RMD) last issued its earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.17. ResMed had a return on equity of 25.53% and a net margin of 23.15%. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same period last year, the company posted $1.64 EPS. The business’s quarterly revenue was up 11.1% on a year-over-year basis. As a group, sell-side analysts anticipate that ResMed will post 9.36 earnings per share for the current year.

ResMed Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Thursday, November 7th were given a $0.53 dividend. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $2.12 annualized dividend and a dividend yield of 0.88%. ResMed’s dividend payout ratio (DPR) is presently 28.08%.

Insider Activity

In related news, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $248.74, for a total transaction of $497,480.00. Following the completion of the sale, the director now 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Justin Leong sold 6,160 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $243.09, for a total value of $1,497,434.40. Following the completion of the transaction, the insider now owns 21,718 shares in the company, valued at $5,279,428.62. This represents a 22.10 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,099 shares of company stock worth $2,719,385. 0.71% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. True Wealth Design LLC increased its position in ResMed by 2,200.0% in 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 period. Ashton Thomas Securities LLC acquired a new position in shares of ResMed in the 3rd quarter worth approximately $34,000. Rosenberg Matthew Hamilton bought a new position in shares of ResMed during the fourth quarter valued at $54,000. Capital Performance Advisors LLP acquired a new position in ResMed in the third quarter valued at about $60,000. Finally, Quest Partners LLC grew its position in ResMed by 44.1% during the 2nd quarter. Quest Partners LLC now owns 327 shares of the medical equipment provider’s stock worth $63,000 after acquiring an additional 100 shares during the last quarter. 54.98% of the stock is currently owned by institutional investors and hedge funds.

About ResMed

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.