ResMed Inc. (RMD) Reaches New 52-Week High at $70.90
ResMed Inc. (NYSE:RMD)’s share price reached a new 52-week high during mid-day trading 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.
Several research firms have recently issued reports on RMD. Zacks Investment Research downgraded shares of ResMed from a “buy” rating to a “hold” rating in a research note on Wednesday, April 27th. Canaccord Genuity reaffirmed a “hold” rating and set a $57.00 price target on shares of ResMed in a research note on Monday, July 25th. BMO Capital Markets reaffirmed a “hold” rating on shares of ResMed in a research note on Wednesday, April 27th. Needham & Company LLC reaffirmed a “hold” rating on shares of ResMed in a research note on Wednesday, April 27th. Finally, Citigroup Inc. raised shares of ResMed from a “neutral” rating to a “buy” rating in a research note on Wednesday, April 27th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. ResMed currently has an average rating of “Hold” and a consensus price target of C$59.78.
The firm’s 50 day moving average is $66.48 and its 200-day moving average is $60.39. The company has a market capitalization of $9.72 billion and a PE ratio of 27.75.
ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.74 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.74. During the same period in the prior year, the firm earned $0.68 EPS. The company earned $518.60 million during the quarter, compared to analysts’ expectations of $512.37 million. ResMed’s quarterly revenue was up 14.5% on a year-over-year basis. On average, analysts predict that ResMed Inc. will post $2.88 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 22nd. Stockholders of record on Thursday, August 18th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Tuesday, August 16th. This is an increase from ResMed’s previous quarterly dividend of $0.30. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.91%.
In other news, Director Richard Sulpizio sold 36,000 shares of the company’s stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of C$70.15, for a total value of C$2,525,400.00. Following the completion of the sale, the director now owns 101,887 shares of the company’s stock, valued at approximately C$7,147,373.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James Hollingshead sold 2,753 shares of the company’s stock in a transaction on 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 completion of the sale, the insider now directly owns 40,669 shares of the company’s stock, valued at approximately C$2,644,298.38. The disclosure for this sale can be found here.
Several large investors have made changes to their positions in RMD. Airain ltd acquired a new stake in shares of ResMed during the fourth quarter worth about $2,500,000. KBC Group NV boosted 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. Advisors Asset Management Inc. boosted 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. Marshall Wace LLP acquired a new stake in shares of ResMed during the fourth quarter worth about $1,133,000. Finally, Principal Financial Group Inc. boosted its stake 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 worth $24,159,000 after buying an additional 14,894 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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