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

ResMed (NYSE:RMD) had its price objective boosted by Piper Sandler from $252.00 to $260.00 in a research report sent to investors on Friday morning,Benzinga reports. The brokerage currently has a neutral rating on the medical equipment provider’s stock.

Other equities analysts have also recently issued reports about the company. The Goldman Sachs Group initiated coverage on ResMed in a report on Thursday, January 16th. They set a “buy” rating on the stock. KeyCorp increased 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. StockNews.com upgraded ResMed from a “hold” rating to a “buy” rating in a report on Tuesday, October 15th. Robert W. Baird increased their target price on ResMed from $280.00 to $283.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Finally, Stifel Nicolaus initiated coverage on ResMed in a report on Friday, December 13th. They issued a “hold” rating and a $250.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $244.73.

ResMed Stock Performance

NYSE:RMD opened at $236.66 on Friday. The company has a market capitalization of $34.74 billion, a PE ratio of 31.35, a P/E/G ratio of 1.83 and a beta of 0.70. The company has a 50 day simple moving average of $240.17 and a two-hundred day simple moving average of $236.41. 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 $170.56 and a fifty-two week high of $263.05.

ResMed (NYSE:RMD) last released its earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share for the quarter, beating analysts’ consensus estimates of $2.29 by $0.14. ResMed had a net margin of 23.15% and a return on equity of 25.53%. Research analysts anticipate that ResMed will post 9.35 earnings per share for the current year.

ResMed Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Thursday, February 13th will be paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 0.90%. The ex-dividend date of this dividend is Thursday, February 13th. ResMed’s dividend payout ratio (DPR) is presently 28.08%.

Insiders Place Their Bets

In other ResMed news, insider Justin Leong sold 6,160 shares of ResMed stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $243.09, for a total transaction of $1,497,434.40. Following the completion of the sale, the insider now directly owns 21,718 shares of the company’s stock, valued at $5,279,428.62. The trade was a 22.10 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Peter C. Farrell sold 2,000 shares of the business’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $245.65, for a total value of $491,300.00. Following the completion of the transaction, the director now directly owns 81,218 shares of the company’s stock, valued at approximately $19,951,201.70. The trade was a 2.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 11,030 shares of company stock valued at $2,702,687 in the last quarter. 0.71% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ResMed

A number of hedge funds have recently made changes to their positions in the company. True Wealth Design LLC grew its position in ResMed by 2,200.0% in the third quarter. True Wealth Design LLC now owns 115 shares of the medical equipment provider’s stock worth $28,000 after acquiring an additional 110 shares during the period. Ashton Thomas Securities LLC acquired a new stake in ResMed in the third quarter valued at $34,000. Rosenberg Matthew Hamilton acquired a new stake in shares of ResMed during the fourth quarter worth about $54,000. Capital Performance Advisors LLP acquired a new stake in shares of ResMed during the third quarter worth about $60,000. Finally, Quarry LP increased its position in ResMed by 271.9% in the 2nd quarter. Quarry LP now owns 331 shares of the medical equipment provider’s stock valued at $63,000 after acquiring an additional 242 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.