ResMed Inc. (RMD) Hits New 52-Week High at $70.90
ResMed Inc. (NYSE:RMD) hit a new 52-week high on Monday . The stock traded as high as $70.90 and last traded at $70.67, with a volume of 389,352 shares trading hands. The stock had previously closed at $70.42.
RMD has been the topic of several recent analyst reports. Citigroup Inc. raised shares of ResMed from a “neutral” rating to a “buy” rating in a research note on Wednesday, April 27th. Zacks Investment Research downgraded shares of ResMed from a “buy” rating to a “hold” rating in a research note on Wednesday, April 27th. Needham & Company LLC downgraded shares of ResMed from a “hold” rating to an “underperform” rating in a research note on Monday, June 27th. BMO Capital Markets reissued a “hold” rating on shares of ResMed in a research note on Wednesday, April 27th. Finally, Bank of America Corp. reissued a “hold” rating and issued a $65.00 target price on shares of ResMed in a research note on Sunday, July 10th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of C$59.78.
The stock has a 50-day moving average of $65.91 and a 200 day moving average of $60.16. The firm has a market cap of $9.93 billion and a P/E ratio of 28.35.
ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.74 earnings per share 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. The company’s revenue was up 14.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.68 EPS. On average, equities analysts anticipate that ResMed Inc. will post $2.88 earnings per share for the current 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 given a dividend of $0.33 per share. The ex-dividend date is Tuesday, August 16th. 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 1.87%.
In other news, insider David Pendarvis sold 6,000 shares of the business’s stock in a transaction dated Friday, June 3rd. The shares were sold at an average price of C$59.41, for a total transaction of C$356,460.00. Following the transaction, the insider now owns 80,512 shares of the company’s stock, valued at approximately C$4,783,217.92. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider James Hollingshead sold 2,753 shares of the business’s stock in a transaction dated Thursday, July 14th. The shares were sold at an average price of C$65.02, for a total transaction of C$179,000.06. Following the transaction, the insider now directly owns 40,669 shares in the company, valued at approximately C$2,644,298.38. The disclosure for this sale can be found here.
Other hedge funds and institutional investors have recently made changes to their positions in the company. First Trust Advisors LP boosted its position in shares of 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 during the last quarter. Principal Financial Group Inc. boosted its position in shares of 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 last quarter. Marshall Wace LLP bought a new stake in shares of ResMed during the fourth quarter valued at about $1,133,000. Advisors Asset Management Inc. raised 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 valued at $1,121,000 after buying an additional 16,436 shares during the period. Finally, KBC Group NV raised 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 valued at $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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