KeyCorp Boosts ResMed (NYSE:RMD) Price Target to $251.00

ResMed (NYSE:RMD) had its target price raised by KeyCorp from $238.00 to $251.00 in a report issued on Friday, Benzinga reports. The brokerage currently has an overweight rating on the medical equipment provider’s stock.

A number of other analysts have also recently weighed in on RMD. Needham & Company LLC reiterated a buy rating and set a $236.00 price target on shares of ResMed in a research report on Friday. Royal Bank of Canada increased their price target on ResMed from $200.00 to $204.00 and gave the stock a sector perform rating in a research report on Tuesday, July 23rd. Oppenheimer cut ResMed from an outperform rating to a market perform rating in a research report on Tuesday, June 25th. Finally, Citigroup cut ResMed from a buy rating to a neutral rating in a research report on Monday, June 24th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $204.70.

ResMed Stock Up 1.9 %

RMD traded up $4.19 on Friday, reaching $219.87. The company’s stock had a trading volume of 521,788 shares, compared to its average volume of 1,063,797. The stock has a market cap of $32.30 billion, a price-to-earnings ratio of 33.77, a price-to-earnings-growth ratio of 1.93 and a beta of 0.66. ResMed has a 1 year low of $132.24 and a 1 year high of $225.68. The company has a debt-to-equity ratio of 0.22, a current ratio of 3.04 and a quick ratio of 1.97. The business’s 50 day moving average is $203.94 and its 200 day moving average is $196.95.

ResMed (NYSE:RMD) last announced its quarterly earnings data on Thursday, August 1st. The medical equipment provider reported $2.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.05. ResMed had a return on equity of 25.58% and a net margin of 21.79%. The firm had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the prior year, the firm posted $1.60 earnings per share. ResMed’s revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, research analysts forecast that ResMed will post 8.79 EPS for the current fiscal year.

ResMed Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Thursday, August 15th will be paid a dividend of $0.53 per share. This is a positive change from ResMed’s previous quarterly dividend of $0.48. This represents a $2.12 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date is Thursday, August 15th. ResMed’s dividend payout ratio (DPR) is presently 29.49%.

Insider Buying and Selling at ResMed

In other ResMed news, Director Witte Jan De sold 360 shares of the stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $218.29, for a total transaction of $78,584.40. Following the completion of the transaction, the director now directly owns 7,519 shares of the company’s stock, valued at approximately $1,641,322.51. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CFO Brett Sandercock sold 1,000 shares of the firm’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $194.35, for a total transaction of $194,350.00. Following the completion of the sale, the chief financial officer now directly owns 90,056 shares of the company’s stock, valued at approximately $17,502,383.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Witte Jan De sold 360 shares of the firm’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $218.29, for a total value of $78,584.40. Following the sale, the director now directly owns 7,519 shares of the company’s stock, valued at $1,641,322.51. The disclosure for this sale can be found here. In the last ninety days, insiders sold 31,726 shares of company stock valued at $6,423,927. 1.21% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ResMed

Several large investors have recently modified their holdings of RMD. Vanguard Group Inc. boosted its position in shares of ResMed by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 17,743,457 shares of the medical equipment provider’s stock worth $3,052,229,000 after buying an additional 173,635 shares during the period. Bank of New York Mellon Corp boosted its position in shares of ResMed by 51.4% in the second quarter. Bank of New York Mellon Corp now owns 5,772,761 shares of the medical equipment provider’s stock worth $1,105,022,000 after buying an additional 1,959,642 shares during the period. Norges Bank acquired a new stake in shares of ResMed in the fourth quarter worth $233,966,000. Charles Schwab Investment Management Inc. boosted its position in shares of ResMed by 5.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 863,289 shares of the medical equipment provider’s stock worth $148,503,000 after buying an additional 46,113 shares during the period. Finally, Los Angeles Capital Management LLC boosted its position in shares of ResMed by 48.3% in the second quarter. Los Angeles Capital Management LLC now owns 740,226 shares of the medical equipment provider’s stock worth $141,694,000 after buying an additional 241,195 shares during the period. 54.98% of the stock is owned by institutional investors.

About ResMed

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.