ResMed (NYSE:RMD) Price Target Raised to $270.00 at Bank of America

ResMed (NYSE:RMD) had its price objective upped by Bank of America from $240.00 to $270.00 in a report issued on Thursday morning, Benzinga reports. They currently have a buy rating on the medical equipment provider’s stock.

RMD has been the subject of a number of other research reports. Needham & Company LLC reaffirmed a hold rating on shares of ResMed in a research note on Wednesday, September 18th. Royal Bank of Canada raised their target price on shares of ResMed from $204.00 to $206.00 and gave the stock a sector perform rating in a research note on Friday, August 2nd. Wolfe Research reiterated an underperform rating and issued a $180.00 price target on shares of ResMed in a research report on Wednesday, September 18th. Robert W. Baird started coverage on shares of ResMed in a research report on Tuesday, September 24th. They set an outperform rating and a $280.00 price objective on the stock. Finally, Citigroup cut shares of ResMed from a buy rating to a neutral rating in a research note on Monday, June 24th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and one has issued a strong buy 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 $212.25.

ResMed Price Performance

Shares of NYSE:RMD opened at $239.00 on Thursday. The company has a quick ratio of 1.69, a current ratio of 2.59 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $35.12 billion, a PE ratio of 36.71, a price-to-earnings-growth ratio of 2.46 and a beta of 0.69. The firm’s 50 day moving average price is $230.72 and its 200-day moving average price is $211.44. ResMed has a twelve month low of $132.24 and a twelve month high of $255.18.

ResMed (NYSE:RMD) last issued its quarterly earnings results on Thursday, August 1st. The medical equipment provider reported $2.08 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.05. ResMed had a net margin of 21.79% and a return on equity of 25.00%. The business had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter last year, the company posted $1.60 EPS. The company’s revenue was up 6.9% compared to the same quarter last year. Equities research analysts expect that ResMed will post 8.92 EPS for the current year.

ResMed Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Stockholders of record on Thursday, August 15th were given a dividend of $0.53 per share. This is a positive change from ResMed’s previous quarterly dividend of $0.48. The ex-dividend date was Thursday, August 15th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.89%. ResMed’s dividend payout ratio (DPR) is presently 32.57%.

Insider Transactions at ResMed

In related news, CFO Brett Sandercock sold 1,000 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 90,056 shares of the company’s stock, valued at $17,502,383.60. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, CFO Brett Sandercock sold 1,000 shares of the company’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $194.35, for a total transaction of $194,350.00. Following the sale, the chief financial officer now owns 90,056 shares of the company’s stock, valued at $17,502,383.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Justin Leong sold 48,000 shares of ResMed stock in a transaction on Monday, August 5th. The stock was sold at an average price of $217.07, for a total transaction of $10,419,360.00. Following the completion of the transaction, the insider now directly owns 18,741 shares of the company’s stock, valued at $4,068,108.87. The disclosure for this sale can be found here. Over the last three months, insiders have sold 102,931 shares of company stock valued at $22,644,807. 1.21% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ResMed

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RMD. Sanctuary Advisors LLC purchased a new stake in ResMed during the 2nd quarter valued at $1,162,000. Dana Investment Advisors Inc. bought a new position in ResMed during the second quarter valued at $4,728,000. Cetera Investment Advisers lifted its holdings in shares of ResMed by 26.8% in the 2nd quarter. Cetera Investment Advisers now owns 9,721 shares of the medical equipment provider’s stock worth $1,861,000 after acquiring an additional 2,053 shares during the last quarter. Greenvale Capital LLP boosted its stake in shares of ResMed by 61.1% during the 2nd quarter. Greenvale Capital LLP now owns 725,000 shares of the medical equipment provider’s stock worth $138,780,000 after purchasing an additional 275,000 shares during the period. Finally, Quarry LP grew its holdings in ResMed by 271.9% during the 2nd quarter. Quarry LP now owns 331 shares of the medical equipment provider’s stock valued at $63,000 after purchasing an additional 242 shares during the last quarter. 54.98% of the stock is currently owned by hedge funds and other 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.