ResMed (NYSE:RMD) Stock Rating Lowered by Oppenheimer

Oppenheimer downgraded shares of ResMed (NYSE:RMD) from an outperform rating to a market perform rating in a report published on Tuesday, MarketBeat Ratings reports.

RMD has been the subject of a number of other research reports. KeyCorp increased their price objective on ResMed from $227.00 to $238.00 and gave the stock an overweight rating in a report on Friday, April 26th. Mizuho reiterated a buy rating and issued a $215.00 price objective on shares of ResMed in a report on Wednesday, March 27th. Needham & Company LLC reiterated a buy rating and issued a $236.00 price objective on shares of ResMed in a report on Monday, June 24th. Royal Bank of Canada raised their price target on ResMed from $187.00 to $200.00 and gave the company a sector perform rating in a report on Friday, April 26th. Finally, Citigroup downgraded ResMed from a buy rating to a neutral rating in a report on Monday, June 24th. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, ResMed currently has an average rating of Moderate Buy and an average price target of $202.80.

ResMed Stock Performance

Shares of RMD stock opened at $191.42 on Tuesday. The stock has a fifty day moving average of $208.47 and a 200 day moving average of $191.10. ResMed has a 52 week low of $132.24 and a 52 week high of $229.97. The firm has a market capitalization of $28.12 billion, a price-to-earnings ratio of 29.40, a PEG ratio of 1.83 and a beta of 0.68. The company has a quick ratio of 1.97, a current ratio of 3.04 and a debt-to-equity ratio of 0.22.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, April 25th. The medical equipment provider reported $2.13 EPS for the quarter, topping analysts’ consensus estimates of $1.91 by $0.22. The company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.17 billion. ResMed had a return on equity of 24.43% and a net margin of 20.91%. The firm’s revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.68 earnings per share. As a group, research analysts expect that ResMed will post 7.7 earnings per share for the current year.

ResMed Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 13th. Investors of record on Thursday, May 9th were issued a $0.48 dividend. The ex-dividend date of this dividend was Wednesday, May 8th. This represents a $1.92 annualized dividend and a yield of 1.00%. ResMed’s payout ratio is 29.49%.

Insider Buying and Selling

In other ResMed news, CEO Michael J. Farrell sold 14,683 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $216.50, for a total value of $3,178,869.50. Following the transaction, the chief executive officer now directly owns 440,752 shares of the company’s stock, valued at $95,422,808. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other ResMed news, CFO Brett Sandercock sold 1,000 shares of the firm’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $209.81, for a total value of $209,810.00. Following the transaction, the chief financial officer now directly owns 91,056 shares of the company’s stock, valued at $19,104,459.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael J. Farrell sold 14,683 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $216.50, for a total value of $3,178,869.50. Following the completion of the transaction, the chief executive officer now directly owns 440,752 shares in the company, valued at $95,422,808. The disclosure for this sale can be found here. In the last ninety days, insiders sold 31,151 shares of company stock worth $6,666,409. 1.21% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of ResMed by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 17,743,457 shares of the medical equipment provider’s stock valued at $3,052,229,000 after buying an additional 173,635 shares in the last quarter. Bank of New York Mellon Corp raised its stake in ResMed by 230.3% during the 1st quarter. Bank of New York Mellon Corp now owns 3,813,119 shares of the medical equipment provider’s stock valued at $755,112,000 after purchasing an additional 2,658,709 shares during the period. Morgan Stanley raised its stake in ResMed by 102.4% during the 3rd quarter. Morgan Stanley now owns 2,329,618 shares of the medical equipment provider’s stock valued at $344,481,000 after purchasing an additional 1,178,547 shares during the period. Norges Bank bought a new stake in ResMed during the 4th quarter valued at approximately $233,966,000. Finally, Charles Schwab Investment Management Inc. raised its stake in ResMed by 5.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 863,289 shares of the medical equipment provider’s stock valued at $148,503,000 after purchasing an additional 46,113 shares during the period. 54.98% of the stock is owned by hedge funds and other institutional investors.

ResMed Company Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. It operates in two segments, Sleep and Respiratory Care, and Software as a Service. It offers various products and solutions for a range of respiratory disorders, including technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.