ResMed (NYSE:RMD) Price Target Raised to $224.00 at Royal Bank of Canada

ResMed (NYSE:RMD) had its price objective boosted by Royal Bank of Canada from $206.00 to $224.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has a “sector perform” rating on the medical equipment provider’s stock. Royal Bank of Canada’s price target suggests a potential downside of 6.53% from the company’s previous close.

A number of other analysts also recently commented on RMD. Citigroup downgraded shares of ResMed from a “buy” rating to a “neutral” rating in a research report on Monday, June 24th. KeyCorp upped their target price on ResMed from $238.00 to $251.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Baird R W raised shares of ResMed to a “strong-buy” rating in a report on Tuesday, September 24th. Bank of America raised their price objective on shares of ResMed from $240.00 to $270.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Finally, Robert W. Baird started coverage on shares of ResMed in a report on Tuesday, September 24th. They issued an “outperform” rating and a $280.00 target price on the stock. One analyst has rated the stock with a sell rating, six 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, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $213.75.

ResMed Stock Performance

Shares of NYSE RMD traded down $4.47 during midday trading on Tuesday, hitting $239.65. 229,693 shares of the company’s stock were exchanged, compared to its average volume of 1,046,707. ResMed has a twelve month low of $132.24 and a twelve month high of $255.18. The firm has a market cap of $35.21 billion, a P/E ratio of 36.82, a PEG ratio of 2.46 and a beta of 0.69. The stock’s 50 day moving average price is $231.46 and its 200-day moving average price is $211.80. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.59 and a quick ratio of 1.69.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, August 1st. The medical equipment provider reported $2.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.05. ResMed had a return on equity of 25.00% and a net margin of 21.79%. The company had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the prior year, the business posted $1.60 earnings per share. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. Equities research analysts anticipate that ResMed will post 8.92 EPS for the current year.

Insiders Place Their Bets

In other news, insider Justin Leong sold 48,000 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $217.07, for a total value of $10,419,360.00. Following the completion of the sale, the insider now owns 18,741 shares in the company, valued at $4,068,108.87. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Michael J. Farrell sold 14,683 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $192.97, for a total transaction of $2,833,378.51. Following the completion of the sale, the chief executive officer now directly owns 440,799 shares in the company, valued at $85,060,983.03. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Justin Leong sold 48,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $217.07, for a total transaction of $10,419,360.00. Following the completion of the transaction, the insider now owns 18,741 shares in the company, valued at approximately $4,068,108.87. The disclosure for this sale can be found here. In the last three months, insiders have sold 102,931 shares of company stock worth $22,644,807. Corporate insiders own 1.21% of the company’s stock.

Institutional Investors Weigh In On ResMed

A number of institutional investors have recently modified their holdings of RMD. OFI Invest Asset Management purchased a new stake in shares of ResMed during the second quarter worth $32,000. BOK Financial Private Wealth Inc. acquired a new position in ResMed in the 1st quarter worth about $35,000. Versant Capital Management Inc raised its stake in shares of ResMed by 196.7% during the 2nd quarter. Versant Capital Management Inc now owns 181 shares of the medical equipment provider’s stock worth $35,000 after purchasing an additional 120 shares in the last quarter. Financial Connections Group Inc. acquired a new stake in shares of ResMed during the 2nd quarter valued at about $37,000. Finally, Riverview Trust Co bought a new stake in shares of ResMed in the 1st quarter valued at approximately $42,000. Institutional investors and hedge funds own 54.98% of the company’s stock.

About ResMed

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. It 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 technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.