ResMed Inc. (RMD) Shares Up 1.5%
Shares of ResMed Inc. (NYSE:RMD) traded up 1.5% during trading on Wednesday . The stock traded as high as $68.55 and last traded at $68.32, with a volume of 844,484 shares. The stock had previously closed at $67.32.
Several analysts recently commented on the company. Canaccord Genuity reaffirmed a “hold” rating and set a $57.00 price objective on shares of ResMed in a research note on Monday, July 25th. Jefferies Group lifted their price target on ResMed from $56.00 to $60.00 and gave the company a “hold” rating in a research note on Friday, July 29th. Bank of America Corp. reissued a “hold” rating and issued a $65.00 price target on shares of ResMed in a research note on Sunday, July 10th. Zacks Investment Research raised ResMed from a “sell” rating to a “hold” rating in a research note on Tuesday, July 26th. Finally, Needham & Company LLC downgraded ResMed from a “hold” rating to an “underperform” rating in a research note on Monday, June 27th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of C$59.56.
The firm has a market capitalization of $9.67 billion and a price-to-earnings ratio of 27.61. The company has a 50-day moving average price of $67.55 and a 200-day moving average price of $60.91.
ResMed (NYSE:RMD) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.74 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.74. During the same period last year, the company posted $0.68 EPS. The firm had revenue of $518.60 million for the quarter, compared to the consensus estimate of $512.37 million. The business’s revenue was up 14.5% compared to the same quarter last year. On average, equities analysts forecast that ResMed Inc. will post $2.88 EPS for the current fiscal year.
The company also recently declared 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. The ex-dividend date of this dividend is Tuesday, August 16th. This is a boost from ResMed’s previous quarterly dividend of $0.30. This represents a $1.32 dividend on an annualized basis and a yield of 1.93%.
In other news, CEO Michael J. Farrell sold 5,975 shares of the stock in a transaction dated Monday, August 15th. The shares were sold at an average price of C$70.41, for a total transaction of C$420,699.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Brett Sandercock sold 35,000 shares of the stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of C$70.50, for a total transaction of C$2,467,500.00. The disclosure for this sale can be found here.
Other institutional investors recently added to or reduced their stakes in the company. Advisors Asset Management Inc. boosted its position in ResMed by 370.0% in the fourth quarter. Advisors Asset Management Inc. now owns 20,878 shares of the company’s stock worth $1,121,000 after buying an additional 16,436 shares during the period. Marshall Wace LLP bought a new position in ResMed during the fourth quarter worth about $1,133,000. KBC Group NV boosted its position in ResMed by 36.7% in the fourth quarter. KBC Group NV now owns 43,904 shares of the company’s stock worth $2,357,000 after buying an additional 11,795 shares during the period. Finally, Airain ltd bought a new position in ResMed during the fourth quarter worth about $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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