ResMed (NYSE:RMD) Shares Gap Up After Analyst Upgrade

ResMed Inc. (NYSE:RMD)’s share price gapped up prior to trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $270.00 to $286.00. The stock had previously closed at $236.18, but opened at $242.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. ResMed shares last traded at $236.57, with a volume of 219,519 shares traded.

A number of other research firms have also recently commented on RMD. Robert W. Baird lifted their target price on shares of ResMed from $280.00 to $283.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. Royal Bank of Canada lifted their price objective on shares of ResMed from $224.00 to $232.00 and gave the stock a “sector perform” rating in a research note on Friday, October 25th. Stifel Nicolaus assumed coverage on ResMed in a research report on Friday, December 13th. They issued a “hold” rating and a $250.00 target price on the stock. KeyCorp lifted their price target on ResMed from $266.00 to $280.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Needham & Company LLC reissued a “hold” rating on shares of ResMed in a report on Friday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $244.73.

Insider Transactions at ResMed

In other ResMed news, Director Witte Jan De sold 796 shares of the stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $248.81, for a total transaction of $198,052.76. Following the transaction, the director now owns 6,723 shares in the company, valued at approximately $1,672,749.63. This represents a 10.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Peter C. Farrell sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $245.65, for a total value of $491,300.00. Following the completion of the sale, the director now owns 81,218 shares of the company’s stock, valued at $19,951,201.70. This trade represents a 2.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 11,030 shares of company stock valued at $2,702,687 in the last 90 days. 0.71% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ResMed

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. True Wealth Design LLC raised its holdings 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 valued at $28,000 after acquiring an additional 110 shares during the last quarter. Ashton Thomas Securities LLC acquired a new stake in shares of ResMed in the third quarter valued at approximately $34,000. Rosenberg Matthew Hamilton purchased a new position in ResMed during the fourth quarter worth approximately $54,000. Capital Performance Advisors LLP acquired a new position in ResMed during the third quarter worth $60,000. Finally, Venturi Wealth Management LLC grew its holdings in ResMed by 55.7% in the 3rd quarter. Venturi Wealth Management LLC now owns 341 shares of the medical equipment provider’s stock valued at $83,000 after buying an additional 122 shares in the last quarter. Institutional investors and hedge funds own 54.98% of the company’s stock.

ResMed Stock Up 2.1 %

The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.29 and a current ratio of 3.33. The business has a 50 day simple moving average of $240.17 and a 200-day simple moving average of $236.63. The firm has a market capitalization of $35.40 billion, a price-to-earnings ratio of 28.47, a P/E/G ratio of 1.69 and a beta of 0.70.

ResMed (NYSE:RMD) last released its quarterly earnings data on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.29 by $0.14. ResMed had a net margin of 25.34% and a return on equity of 26.17%. On average, equities analysts expect that ResMed Inc. will post 9.41 EPS for the current year.

ResMed Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Shareholders of record on Thursday, February 13th will be paid a $0.53 dividend. The ex-dividend date is Thursday, February 13th. This represents a $2.12 annualized dividend and a dividend yield of 0.88%. ResMed’s dividend payout ratio (DPR) is 25.03%.

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.