ResMed Inc. (NYSE:RMD) Stock Has Average Target Price of $253.69

Shares of ResMed Inc. (NYSE:RMD) have been given a consensus recommendation of “Hold” by the eighteen research firms that are presently covering the stock, MarketBeat Ratings reports. Eleven investment analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $253.69.

Several analysts have weighed in on RMD shares. Canaccord Genuity Group downgraded ResMed from a “buy” rating to a “hold” rating in a research note on Monday, November 2nd. Piper Sandler decreased their price target on ResMed from $233.00 to $225.00 and set a “neutral” rating for the company in a research note on Friday, August 7th. Needham & Company LLC reissued a “hold” rating on shares of ResMed in a report on Friday, October 30th. Rothschild & Co Redburn started coverage on ResMed in a report on Wednesday, August 19th. They set a “neutral” rating and a $230.00 price target on the stock. Finally, Weiss Ratings upgraded shares of ResMed from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, October 8th.

Insider Buying and Selling at ResMed

In other ResMed news, Director Peter Farrell sold 970 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $234.73, for a total transaction of $227,688.10. Following the transaction, the director owned 51,803 shares of the company’s stock, valued at approximately $12,159,718.19. This trade represents a 1.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Michael Rider sold 400 shares of the business’s stock in a transaction dated Friday, October 23rd. The stock was sold at an average price of $255.00, for a total transaction of $102,000.00. Following the sale, the general counsel owned 12,318 shares in the company, valued at $3,141,090. This trade represents a 3.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 16,345 shares of company stock valued at $3,744,602. Company insiders own 0.58% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new position in ResMed during the 2nd quarter valued at $2,400,375,000. State Street Corp raised its stake in shares of ResMed by 0.6% in the 2nd quarter. State Street Corp now owns 6,680,735 shares of the medical equipment provider’s stock worth $1,301,942,000 after buying an additional 37,567 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in shares of ResMed in the 2nd quarter worth $818,030,000. First Trust Advisors LP raised its stake in shares of ResMed by 18.0% in the 3rd quarter. First Trust Advisors LP now owns 2,688,777 shares of the medical equipment provider’s stock worth $594,489,000 after buying an additional 410,081 shares in the last quarter. Finally, Deutsche Bank AG bought a new position in ResMed during the second quarter valued at about $257,692,000. Institutional investors and hedge funds own 54.98% of the company’s stock.

ResMed Stock Performance

Shares of NYSE RMD traded up $0.68 during midday trading on Friday, hitting $239.57. 853,163 shares of the company’s stock were exchanged, compared to its average volume of 1,510,457. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.65 and a quick ratio of 1.88. The stock’s 50 day moving average price is $232.20 and its 200-day moving average price is $224.41. The firm has a market cap of $33.70 billion, a P/E ratio of 21.82, a PEG ratio of 1.45 and a beta of 0.77. ResMed has a twelve month low of $180.26 and a twelve month high of $277.67.

ResMed (NYSE:RMD) last issued its quarterly earnings data on Thursday, October 29th. The medical equipment provider reported $2.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.67 by $0.24. ResMed had a return on equity of 26.42% and a net margin of 27.79%. The business had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.39 billion. During the same period in the prior year, the company posted $2.55 EPS. The business’s revenue for the quarter was up 5.9% compared to the same quarter last year. Equities research analysts anticipate that ResMed will post 12.14 EPS for the current year.

ResMed Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 17th. Investors of record on Thursday, November 12th will be given a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Thursday, November 12th. ResMed’s dividend payout ratio is currently 24.04%.

ResMed Company Profile

ResMed is a medical technology company that develops products and software for people with sleep apnea, chronic obstructive pulmonary disease and other respiratory conditions. Its devices include continuous positive airway pressure (CPAP) and bilevel machines, ventilators and related masks and accessories. The company also provides cloud-connected software for managing sleep and respiratory care, along with digital tools used by home medical equipment providers and post-acute care organizations.