ResMed Inc. (RMD) Reaches New 1-Year High at $70.55
ResMed Inc. (NYSE:RMD)’s share price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $70.55 and last traded at $70.38, with a volume of 308,283 shares traded. The stock had previously closed at $69.85.
A number of equities analysts recently issued reports on the company. Jefferies Group increased their target price on ResMed from $56.00 to $60.00 and gave the stock a “hold” rating in a report on Friday, July 29th. Needham & Company LLC cut ResMed from a “hold” rating to an “underperform” rating in a report on Monday, June 27th. Bank of America Corp. reiterated a “hold” rating and issued a $65.00 target price on shares of ResMed in a report on Sunday, July 10th. Macquarie upgraded ResMed from an “underperform” rating to a “neutral” rating in a report on Wednesday, April 27th. Finally, Zacks Investment Research cut ResMed from a “hold” rating to a “sell” rating in a report on Friday, July 8th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of C$59.78.
The company’s 50 day moving average price is $65.25 and its 200-day moving average price is $59.93. The company has a market capitalization of $9.93 billion and a price-to-earnings ratio of 28.34.
ResMed (NYSE:RMD) last posted its earnings results on Thursday, July 28th. The company reported $0.74 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.74. During the same period last year, the firm posted $0.68 earnings per share. The business had revenue of $518.60 million for the quarter, compared to analysts’ expectations of $512.37 million. ResMed’s quarterly revenue was up 14.5% on a year-over-year basis. On average, equities research analysts anticipate that ResMed Inc. will post $2.88 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 22nd. Investors of record on Thursday, August 18th will be given a dividend of $0.33 per share. This is a positive change from ResMed’s previous quarterly dividend of $0.30. The ex-dividend date is Tuesday, August 16th. This represents a $1.32 annualized dividend and a dividend yield of 1.87%.
In related news, Director Peter C. Farrell sold 20,000 shares of ResMed stock in a transaction that occurred on Monday, June 6th. The stock was sold at an average price of C$59.82, for a total transaction of C$1,196,400.00. Following the sale, the director now directly owns 367,978 shares in the company, valued at C$22,012,443.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider James Hollingshead sold 2,753 shares of ResMed stock in a transaction that occurred on Thursday, July 14th. The shares were sold at an average price of C$65.02, for a total value of C$179,000.06. Following the sale, the insider now owns 40,669 shares in the company, valued at C$2,644,298.38. The disclosure for this sale can be found here.
Other large investors have recently added to or reduced their stakes in the company. First Trust Advisors LP raised its stake in ResMed by 65.0% in the fourth quarter. First Trust Advisors LP now owns 37,518 shares of the company’s stock valued at $2,014,000 after buying an additional 14,786 shares in the last quarter. Gulf International Bank UK Ltd increased its stake in ResMed by 1.0% in the fourth quarter. Gulf International Bank UK Ltd now owns 40,849 shares of the company’s stock valued at $2,193,000 after buying an additional 400 shares during the period. Principal Financial Group Inc. increased its stake in ResMed by 3.4% in the fourth quarter. Principal Financial Group Inc. now owns 449,971 shares of the company’s stock valued at $24,159,000 after buying an additional 14,894 shares during the period. Marshall Wace LLP bought a new stake in ResMed during the fourth quarter valued at approximately $1,133,000. Finally, Advisors Asset Management Inc. increased 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.
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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