ResMed (NYSE:RMD) Price Target Raised to $280.00

ResMed (NYSE:RMD) had its price objective upped by KeyCorp from $266.00 to $280.00 in a research report released on Friday,Benzinga reports. KeyCorp currently has an overweight rating on the medical equipment provider’s stock.

Several other research analysts also recently weighed in on RMD. StockNews.com raised shares of ResMed from a “hold” rating to a “buy” rating in a research report on Tuesday, October 15th. Stifel Nicolaus assumed coverage on shares of ResMed in a research note on Friday, December 13th. They issued a “hold” rating and a $250.00 target price for the company. Piper Sandler lifted their target price on ResMed from $252.00 to $260.00 and gave the company a “neutral” rating in a research report on Friday. Needham & Company LLC reissued a “hold” rating on shares of ResMed in a research note on Friday. Finally, The Goldman Sachs Group initiated coverage on ResMed in a research report on Thursday, January 16th. They issued a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $244.73.

ResMed Price Performance

ResMed stock opened at $236.66 on Friday. The company has a quick ratio of 1.91, a current ratio of 2.92 and a debt-to-equity ratio of 0.13. ResMed has a 52-week low of $170.56 and a 52-week high of $263.05. The company has a market cap of $34.74 billion, a price-to-earnings ratio of 31.35, a PEG ratio of 1.83 and a beta of 0.70. The firm’s fifty day moving average is $240.17 and its 200 day moving average is $236.41.

ResMed (NYSE:RMD) last posted its earnings results 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 23.15% and a return on equity of 25.53%. Sell-side analysts forecast that ResMed will post 9.35 EPS for the current fiscal year.

ResMed Announces Dividend

The firm also recently disclosed 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 of this dividend is Thursday, February 13th. This represents a $2.12 dividend on an annualized basis and a yield of 0.90%. ResMed’s dividend payout ratio is presently 28.08%.

Insider Transactions at ResMed

In other news, Director Peter C. Farrell sold 2,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $248.74, for a total value of $497,480.00. Following the sale, the director now directly owns 83,204 shares in the company, valued at $20,696,162.96. This 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 available through the SEC website. Also, Director Witte Jan De sold 796 shares of the firm’s 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 sale, the director now owns 6,723 shares in the company, valued at approximately $1,672,749.63. This trade represents a 10.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 11,030 shares of company stock worth $2,702,687 over the last ninety days. 0.71% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC lifted its position in ResMed by 50.8% in the 4th quarter. Global Retirement Partners LLC now owns 582 shares of the medical equipment provider’s stock valued at $133,000 after purchasing an additional 196 shares during the last quarter. Convergence Investment Partners LLC purchased a new position in shares of ResMed in the fourth quarter worth approximately $1,026,000. Bfsg LLC increased its position in shares of ResMed by 2.3% in the fourth quarter. Bfsg LLC now owns 17,562 shares of the medical equipment provider’s stock worth $4,016,000 after acquiring an additional 395 shares in the last quarter. Atria Wealth Solutions Inc. purchased a new position in ResMed during the fourth quarter valued at approximately $601,000. Finally, Venturi Wealth Management LLC grew its position in ResMed by 59.8% during the fourth quarter. Venturi Wealth Management LLC now owns 545 shares of the medical equipment provider’s stock valued at $125,000 after purchasing an additional 204 shares in the last quarter. 54.98% of the stock is owned by institutional investors and hedge funds.

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.