ResMed Inc. (RMD) Reaches New 52-Week High at $70.55
ResMed Inc. (NYSE:RMD) reached a new 52-week high on Monday . The company traded as high as $70.55 and last traded at $70.38, with a volume of 308,283 shares. The stock had previously closed at $69.85.
RMD has been the topic of a number of recent research reports. Piper Jaffray Cos. downgraded shares of ResMed from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $65.00 to $57.00 in a research note on Wednesday, April 27th. Citigroup Inc. upgraded shares of ResMed from a “neutral” rating to a “buy” rating in a research note on Wednesday, April 27th. Macquarie upgraded shares of ResMed from an “underperform” rating to a “neutral” rating in a research note on Wednesday, April 27th. Zacks Investment Research downgraded shares of ResMed from a “buy” rating to a “hold” rating in a research note on Wednesday, April 27th. Finally, Needham & Company LLC restated a “hold” rating on shares of ResMed in a research note on Wednesday, April 27th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of C$59.78.
The firm has a 50 day moving average of $64.59 and a 200 day moving average of $59.63. The stock has a market capitalization of $9.89 billion and a PE ratio of 28.27.
ResMed (NYSE:RMD) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.74 earnings per share for the quarter, hitting the consensus estimate of $0.74. During the same quarter in the previous year, the business earned $0.68 EPS. The firm had revenue of $518.60 million for the quarter, compared to the consensus estimate of $512.37 million. The firm’s quarterly revenue was up 14.5% on a year-over-year basis. Equities analysts anticipate that ResMed Inc. will post $2.89 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 22nd. Shareholders of record on Thursday, August 18th will be given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend is Tuesday, August 16th. This is a positive change from ResMed’s previous quarterly dividend of $0.30.
In other ResMed news, CEO Michael J. Farrell sold 5,975 shares of the stock in a transaction on Monday, May 16th. The stock was sold at an average price of C$57.64, for a total transaction of C$344,399.00. Following the transaction, the chief executive officer now owns 154,723 shares in the company, valued at approximately C$8,918,233.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider David Pendarvis sold 6,000 shares of the stock in a transaction on Friday, June 3rd. The stock was sold at an average price of C$59.41, for a total value of C$356,460.00. Following the transaction, the insider now owns 80,512 shares in the company, valued at approximately C$4,783,217.92. The disclosure for this sale can be found here.
Other hedge funds recently added to or reduced their stakes in the company. Airain ltd bought a new stake in ResMed during the fourth quarter valued at about $2,500,000. KBC Group NV raised its stake in ResMed by 36.7% in the fourth quarter. KBC Group NV now owns 43,904 shares of the company’s stock valued at $2,357,000 after buying an additional 11,795 shares during the period. TrimTabs Asset Management LLC bought a new stake in ResMed during the fourth quarter valued at about $2,189,000. Advisors Asset Management Inc. raised its stake in ResMed by 370.0% in the fourth quarter. Advisors Asset Management Inc. now owns 20,878 shares of the company’s stock valued at $1,121,000 after buying an additional 16,436 shares during the period. Finally, Marshall Wace LLP bought a new stake in ResMed during the fourth quarter valued at about $1,133,000.
ResMed Inc is engaged in the development, manufacturing, distribution and marketing of medical products for the diagnosis, treatment and management of respiratory disorders, with a focus on sleep-disordered breathing (SDB). The Company develops various products for SDB and other respiratory disorders, including airflow generators, diagnostic products, mask systems, headgear and other accessories.
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