ResMed (NYSE:RMD) Stock Rating Upgraded by StockNews.com

ResMed (NYSE:RMD) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday.

A number of other research analysts have also issued reports on the stock. Robert W. Baird started coverage on shares of ResMed in a research note on Tuesday, September 24th. They set an “outperform” rating and a $280.00 target price for the company. Bank of America upped their price target on shares of ResMed from $240.00 to $270.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Royal Bank of Canada upped their price target on shares of ResMed from $206.00 to $224.00 and gave the stock a “sector perform” rating in a research note on Tuesday, October 1st. Citigroup lowered shares of ResMed from a “buy” rating to a “neutral” rating in a research note on Monday, June 24th. Finally, KeyCorp boosted their target price on shares of ResMed from $238.00 to $251.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, five have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, ResMed has a consensus rating of “Moderate Buy” and an average target price of $218.18.

ResMed Stock Performance

ResMed stock opened at $238.46 on Tuesday. ResMed has a 12-month low of $132.24 and a 12-month high of $255.18. The company has a market capitalization of $35.03 billion, a price-to-earnings ratio of 36.63, a price-to-earnings-growth ratio of 2.14 and a beta of 0.69. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.59 and a quick ratio of 1.69. The firm’s fifty day moving average price is $237.80 and its 200 day moving average price is $215.36.

ResMed (NYSE:RMD) last released its earnings results on Thursday, August 1st. The medical equipment provider reported $2.08 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.05. ResMed had a net margin of 21.79% and a return on equity of 25.00%. The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the previous year, the firm earned $1.60 EPS. The company’s revenue was up 6.9% on a year-over-year basis. On average, research analysts forecast that ResMed will post 9.02 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Kaushik Ghoshal sold 4,260 shares of the firm’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $238.48, for a total value of $1,015,924.80. Following the transaction, the insider now directly owns 21,788 shares in the company, valued at approximately $5,196,002.24. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, CFO Brett Sandercock sold 1,000 shares of the firm’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $212.16, for a total transaction of $212,160.00. Following the completion of the transaction, the chief financial officer now directly owns 89,056 shares of the company’s stock, valued at approximately $18,894,120.96. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kaushik Ghoshal sold 4,260 shares of the firm’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $238.48, for a total transaction of $1,015,924.80. Following the transaction, the insider now directly owns 21,788 shares of the company’s stock, valued at $5,196,002.24. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 123,874 shares of company stock valued at $28,151,142 over the last ninety days. Corporate insiders own 1.21% of the company’s stock.

Hedge Funds Weigh In On ResMed

Several institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its holdings in ResMed by 51.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,772,761 shares of the medical equipment provider’s stock valued at $1,105,022,000 after purchasing an additional 1,959,642 shares during the last quarter. Los Angeles Capital Management LLC increased its position in ResMed by 48.3% in the 2nd quarter. Los Angeles Capital Management LLC now owns 740,226 shares of the medical equipment provider’s stock valued at $141,694,000 after acquiring an additional 241,195 shares in the last quarter. Greenvale Capital LLP increased its position in ResMed by 61.1% in the 2nd quarter. Greenvale Capital LLP now owns 725,000 shares of the medical equipment provider’s stock valued at $138,780,000 after acquiring an additional 275,000 shares in the last quarter. Dimensional Fund Advisors LP increased its position in ResMed by 19.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 661,717 shares of the medical equipment provider’s stock valued at $126,670,000 after acquiring an additional 107,279 shares in the last quarter. Finally, Congress Asset Management Co. MA increased its position in ResMed by 1.1% in the 1st quarter. Congress Asset Management Co. MA now owns 584,210 shares of the medical equipment provider’s stock valued at $115,691,000 after acquiring an additional 6,231 shares in the last quarter. 54.98% of the stock is owned by institutional investors.

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.