ResMed (NYSE:RMD) Price Target Lowered to $270.00 at Citigroup

ResMed (NYSE:RMD) had its price objective lowered by equities research analysts at Citigroup to $270.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the medical equipment provider’s stock. Citigroup’s target price indicates a potential upside of 40.41% from the company’s previous close.

A number of other analysts have also recently commented on the company. Royal Bank Of Canada lifted their price objective on ResMed from $314.00 to $321.00 and gave the stock an “outperform” rating in a research report on Friday, May 1st. Robert W. Baird set a $225.00 price target on shares of ResMed in a report on Friday, May 1st. Evercore set a $255.00 target price on shares of ResMed and gave the stock an “outperform” rating in a research note on Monday, April 13th. Weiss Ratings lowered ResMed from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 22nd. Finally, JPMorgan Chase & Co. initiated coverage on ResMed in a research report on Wednesday, April 15th. They set an “overweight” rating on the stock. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $279.82.

ResMed Price Performance

Shares of ResMed stock traded down $2.49 on Monday, hitting $192.29. The company’s stock had a trading volume of 675,953 shares, compared to its average volume of 1,207,453. The company has a market capitalization of $27.89 billion, a P/E ratio of 18.56, a price-to-earnings-growth ratio of 1.24 and a beta of 0.80. ResMed has a 52-week low of $180.26 and a 52-week high of $293.81. The firm has a fifty day moving average price of $210.32 and a 200-day moving average price of $235.28. The company has a quick ratio of 2.33, a current ratio of 3.01 and a debt-to-equity ratio of 0.06.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 earnings per share for the quarter, beating the consensus estimate of $2.79 by $0.07. ResMed had a net margin of 27.44% and a return on equity of 25.35%. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same period last year, the firm posted $2.37 EPS. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. On average, equities research analysts expect that ResMed will post 11.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Michael J. Farrell sold 4,991 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $193.96, for a total transaction of $968,054.36. Following the sale, the chief executive officer directly owned 466,256 shares in the company, valued at approximately $90,435,013.76. This trade represents a 1.06% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $225.00, for a total transaction of $450,000.00. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 16,973 shares of company stock valued at $3,580,754. 0.65% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ResMed

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RMD. Terra Nova Asset Management LLC boosted its holdings in ResMed by 0.6% in the third quarter. Terra Nova Asset Management LLC now owns 7,805 shares of the medical equipment provider’s stock valued at $2,136,000 after purchasing an additional 46 shares during the last quarter. Occidental Asset Management LLC increased its position in shares of ResMed by 3.0% in the 4th quarter. Occidental Asset Management LLC now owns 1,699 shares of the medical equipment provider’s stock worth $409,000 after purchasing an additional 49 shares during the last quarter. Kera Capital Partners Inc. increased its position in shares of ResMed by 6.6% in the 4th quarter. Kera Capital Partners Inc. now owns 841 shares of the medical equipment provider’s stock worth $217,000 after purchasing an additional 52 shares during the last quarter. Andina Capital Management LLC raised its stake in shares of ResMed by 2.9% in the 4th quarter. Andina Capital Management LLC now owns 1,988 shares of the medical equipment provider’s stock valued at $479,000 after purchasing an additional 56 shares in the last quarter. Finally, Wedmont Private Capital lifted its holdings in ResMed by 2.7% during the 4th quarter. Wedmont Private Capital now owns 2,183 shares of the medical equipment provider’s stock worth $542,000 after buying an additional 57 shares during the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

About ResMed

ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.