ResMed Inc. (NYSE:RMD) Stock Has Average Target Price of $241.69 According to Analysts

Shares of ResMed Inc. (NYSE:RMD) have been given an average recommendation of “Hold” by the sixteen ratings firms that are currently covering the firm, MarketBeat.com reports. Nine analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $241.69.

RMD has been the subject of a number of research analyst reports. The Goldman Sachs Group restated a “buy” rating on shares of ResMed in a research report on Wednesday, July 1st. Mizuho decreased their target price on ResMed from $235.00 to $220.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 15th. Morgan Stanley reissued an “equal weight” rating and set a $230.00 price target (down from $286.00) on shares of ResMed in a research note on Wednesday, June 17th. Weiss Ratings upgraded ResMed from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. Finally, Piper Sandler reduced their price objective on ResMed from $233.00 to $225.00 and set a “neutral” rating on the stock in a research note on Friday, August 7th.

ResMed Price Performance

RMD stock opened at $222.38 on Friday. ResMed has a one year low of $180.26 and a one year high of $284.87. The company’s fifty day moving average price is $221.85 and its 200-day moving average price is $214.36. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.42 and a current ratio of 3.10. The company has a market capitalization of $32.08 billion, a PE ratio of 21.32, a price-to-earnings-growth ratio of 1.40 and a beta of 0.77.

ResMed (NYSE:RMD) last issued its earnings results on Thursday, August 6th. The medical equipment provider reported $2.95 earnings per share for the quarter, topping analysts’ consensus estimates of $2.89 by $0.06. The firm had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.46 billion. ResMed had a net margin of 26.94% and a return on equity of 25.58%. ResMed’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.55 earnings per share. On average, equities analysts anticipate that ResMed will post 12.06 EPS for the current fiscal year.

ResMed Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 24th. Shareholders of record on Thursday, August 20th were given a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a yield of 1.2%. This is an increase from ResMed’s previous quarterly dividend of $0.60. The ex-dividend date was Thursday, August 20th. ResMed’s dividend payout ratio (DPR) is 25.31%.

Insider Transactions at ResMed

In other news, Director Peter C. Farrell sold 970 shares of the firm’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $234.73, for a total value of $227,688.10. Following the completion of the sale, the director directly owned 51,803 shares of the company’s stock, valued at $12,159,718.19. This trade represents a 1.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of the stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $222.44, for a total value of $1,110,198.04. Following the sale, the chief executive officer owned 466,256 shares in the company, valued at $103,713,984.64. The trade was a 1.06% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 23,943 shares of company stock worth $5,255,268. Insiders own 0.65% of the company’s stock.

Institutional Trading of ResMed

A number of hedge funds and other institutional investors have recently bought and sold shares of RMD. QRG Capital Management Inc. lifted its position in shares of ResMed by 2.8% in the 2nd quarter. QRG Capital Management Inc. now owns 25,169 shares of the medical equipment provider’s stock worth $4,905,000 after purchasing an additional 679 shares during the period. State Street Corp boosted its stake in shares of ResMed by 0.6% during the second quarter. State Street Corp now owns 6,680,735 shares of the medical equipment provider’s stock valued at $1,301,942,000 after purchasing an additional 37,567 shares in the last quarter. Tidal Investments LLC increased its holdings in ResMed by 21.1% during the second quarter. Tidal Investments LLC now owns 32,332 shares of the medical equipment provider’s stock valued at $6,301,000 after buying an additional 5,627 shares during the period. National Pension Service increased its holdings in ResMed by 15.5% during the second quarter. National Pension Service now owns 281,465 shares of the medical equipment provider’s stock valued at $54,852,000 after buying an additional 37,680 shares during the period. Finally, WINTON GROUP Ltd bought a new position in ResMed in the second quarter worth approximately $1,540,000. Hedge funds and other institutional investors own 54.98% of the company’s stock.

ResMed Company Profile

ResMed Inc (NYSE: RMD) develops, manufactures and distributes medical equipment and digital health solutions for sleep apnea, chronic obstructive pulmonary disease and other respiratory conditions. Its products include continuous positive airway pressure (CPAP), bilevel and other noninvasive ventilation devices, as well as masks, humidifiers, accessories and diagnostic equipment.

The company also provides cloud-connected software and digital health services that support patient monitoring, therapy management and communication among patients, clinicians and care providers.