ResMed Inc. (RMD) Trading 1.5% Higher
ResMed Inc. (NYSE:RMD) shares traded up 1.5% during trading on Wednesday . The company traded as high as $68.55 and last traded at $68.32, with a volume of 844,484 shares changing hands. The stock had previously closed at $67.32.
A number of analysts recently weighed in on the stock. Jefferies Group cut shares of ResMed from a “hold” rating to an “underperform” rating and decreased their price target for the stock from $60.00 to $58.00 in a research note on Tuesday. Zacks Investment Research upgraded shares of ResMed from a “sell” rating to a “hold” rating in a research note on Tuesday, July 26th. Canaccord Genuity reiterated a “hold” rating and set a $57.00 price target on shares of ResMed in a research note on Monday, July 25th. Bank of America Corp. reiterated a “hold” rating and set a $65.00 price target on shares of ResMed in a research note on Sunday, July 10th. Finally, BMO Capital Markets reiterated a “hold” rating on shares of ResMed in a research note on Wednesday, April 27th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company. ResMed currently has a consensus rating of “Hold” and an average target price of C$59.56.
The stock’s 50-day moving average price is $67.42 and its 200 day moving average price is $60.86. The company has a market capitalization of $9.57 billion and a price-to-earnings ratio of 27.31.
ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.74 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.74. The firm had revenue of $518.60 million for the quarter, compared to analyst estimates of $512.37 million. During the same period last year, the firm posted $0.68 EPS. The business’s revenue was up 14.5% compared to the same quarter last year. Analysts forecast 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. Stockholders of record on Thursday, August 18th will be issued a dividend of $0.33 per share. This is a positive change from ResMed’s previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a dividend yield of 1.94%. The ex-dividend date is Tuesday, August 16th.
In related news, CFO Brett Sandercock sold 35,000 shares of the company’s stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of C$70.50, for a total value of C$2,467,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider David Pendarvis sold 6,000 shares of the company’s stock in a transaction dated Friday, June 3rd. The stock was sold at an average price of C$59.41, for a total transaction of C$356,460.00. Following the completion of the sale, the insider now directly owns 80,512 shares of the company’s stock, valued at approximately C$4,783,217.92. The disclosure for this sale can be found here.
A number of large investors recently bought and sold shares of RMD. KBC Group NV increased 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 last quarter. 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 last quarter. Marshall Wace LLP bought a new stake in ResMed during the fourth quarter valued at $1,133,000. Finally, Airain ltd bought a new stake in ResMed during the fourth quarter valued at $2,500,000.
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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