ResMed Inc. (RMD) Reaches New 1-Year High at $66.47
ResMed Inc. (NYSE:RMD) reached a new 52-week high during trading on Wednesday . The stock traded as high as $66.47 and last traded at $66.01, with a volume of 147,218 shares changing hands. The stock had previously closed at $65.51.
Several research firms have recently commented on RMD. Bank of America Corp. restated a “hold” rating and issued a $65.00 price target on shares of ResMed in a report on Sunday, July 10th. Zacks Investment Research lowered shares of ResMed from a “hold” rating to a “sell” rating in a research note on Friday, July 8th. Needham & Company LLC lowered shares of ResMed from a “hold” rating to an “underperform” rating in a research note on Monday, June 27th. BMO Capital Markets reiterated a “hold” rating on shares of ResMed in a research note on Wednesday, April 27th. Finally, Canaccord Genuity reiterated a “hold” rating on shares of ResMed in a research note on Wednesday, April 27th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. ResMed currently has a consensus rating of “Hold” and a consensus price target of C$59.69.
The firm has a market cap of $9.29 billion and a price-to-earnings ratio of 27.10. The company’s 50 day moving average is $61.68 and its 200-day moving average is $58.38.
ResMed (NYSE:RMD) last announced its earnings results on Tuesday, April 26th. The company reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.69 by $0.01. The company had revenue of $453.90 million for the quarter, compared to analysts’ expectations of $455.32 million. During the same period last year, the firm earned $0.65 earnings per share. The company’s revenue was up 7.4% compared to the same quarter last year. On average, analysts predict that ResMed Inc. will post $2.66 earnings per share for the current fiscal year.
In related news, CEO Michael J. Farrell sold 5,975 shares of the business’s stock in a transaction dated Monday, May 16th. The shares were sold at an average price of C$57.64, for a total value of C$344,399.00. Following the completion of the transaction, the chief executive officer now owns 154,723 shares of the company’s stock, valued at approximately C$8,918,233.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Peter C. Farrell sold 20,000 shares of the company’s stock in a transaction dated Wednesday, May 4th. The shares were sold at an average price of C$55.90, for a total transaction of C$1,118,000.00. Following the transaction, the director now directly owns 367,978 shares of the company’s stock, valued at approximately C$20,569,970.20. The disclosure for this sale can be found here.
Several hedge funds and institutional investors recently bought and sold shares of the stock. Advisors Asset Management Inc. increased 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 in the last quarter. Marshall Wace LLP bought a new position in ResMed during the fourth quarter worth approximately $1,133,000. Sawtooth Asset Management Inc. bought a new position in ResMed during the fourth quarter worth approximately $1,175,000. First Trust Advisors LP increased its position in ResMed by 65.0% in the fourth quarter. First Trust Advisors LP now owns 37,518 shares of the company’s stock worth $2,014,000 after buying an additional 14,786 shares in the last quarter. Finally, TrimTabs Asset Management LLC bought a new position in ResMed during the fourth quarter worth approximately $2,189,000.
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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