ResMed Inc. (RMD) Stock Price Down 1.5%
ResMed Inc. (NYSE:RMD) fell 1.5% during trading on Monday . The company traded as low as $65.65 and last traded at $67.98, with a volume of 917,876 shares changing hands. The stock had previously closed at $69.03.
A number of research firms have recently commented on RMD. Canaccord Genuity reiterated a “hold” rating and set a $57.00 price target on shares of ResMed in a report on Monday, July 25th. Zacks Investment Research upgraded shares of ResMed from a “sell” rating to a “hold” rating in a report on Tuesday, July 26th. Barclays PLC restated an “underweight” rating and issued a $55.00 target price on shares of ResMed in a report on Friday. Jefferies Group cut shares of ResMed from a “hold” rating to an “underperform” rating and dropped their target price for the stock from $60.00 to $58.00 in a report on Tuesday, August 23rd. Finally, Bank of America Corp. restated a “hold” rating and issued a $65.00 target price on shares of ResMed in a report on Sunday, July 10th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of C$58.60.
The stock has a market cap of $9.55 billion and a PE ratio of 27.27. The company’s 50 day moving average is $67.70 and its 200 day moving average is $61.00.
ResMed (NYSE:RMD) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.74 EPS for the quarter, meeting the consensus estimate of $0.74. The business earned $518.60 million during the quarter, compared to analysts’ expectations of $512.37 million. During the same period last year, the company earned $0.68 earnings per share. The firm’s revenue was up 14.5% on a year-over-year basis. 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 issued a dividend of $0.33 per share. 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 1.94%. The ex-dividend date is Tuesday, August 16th.
In related news, CFO Brett Sandercock sold 35,000 shares of the stock in a transaction on Thursday, August 11th. The shares were sold at an average price of C$70.50, for a total transaction of C$2,467,500.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Gary W. Pace sold 36,000 shares of the stock in a transaction on Friday, August 19th. The stock was sold at an average price of C$69.93, for a total transaction of C$2,517,480.00. Following the sale, the director now directly owns 129,158 shares in the company, valued at C$9,032,018.94. The disclosure for this sale can be found here.
A number of hedge funds have recently made changes to their positions in the company. Marshall Wace LLP purchased a new stake in shares of ResMed during the fourth quarter worth about $1,133,000. Advisors Asset Management Inc. increased its stake in shares of 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. Finally, KBC Group NV increased its stake in shares of 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.
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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