ResMed (NYSE:RMD) Upgraded to Buy by StockNews.com

StockNews.com upgraded shares of ResMed (NYSE:RMD) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning.

A number of other brokerages have also recently weighed in on RMD. KeyCorp boosted their price target on ResMed from $238.00 to $251.00 and gave the stock an overweight rating in a research report on Friday, August 2nd. Needham & Company LLC reaffirmed a hold rating on shares of ResMed in a research report on Tuesday, October 1st. Royal Bank of Canada boosted their price target on ResMed from $206.00 to $224.00 and gave the stock a sector perform rating in a research report on Tuesday, October 1st. Bank of America boosted their price target on ResMed from $240.00 to $270.00 and gave the stock a buy rating in a research report on Thursday, September 26th. Finally, Citigroup cut ResMed from a buy rating to a neutral rating in a research report on Monday, June 24th. One research analyst has rated the stock with a sell rating, five have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $218.18.

ResMed Stock Performance

Shares of NYSE RMD opened at $239.18 on Tuesday. The business’s 50-day moving average price is $237.25 and its two-hundred day moving average price is $215.20. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.59 and a quick ratio of 1.69. ResMed has a one year low of $132.24 and a one year high of $255.18. The company has a market capitalization of $35.14 billion, a P/E ratio of 36.74, a price-to-earnings-growth ratio of 2.14 and a beta of 0.69.

ResMed (NYSE:RMD) last issued its earnings results on Thursday, August 1st. The medical equipment provider reported $2.08 EPS for the quarter, beating analysts’ consensus estimates of $2.03 by $0.05. ResMed had a return on equity of 25.00% and a net margin of 21.79%. The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the previous year, the company posted $1.60 earnings per share. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. Analysts anticipate that ResMed will post 9.02 earnings per share for the current fiscal year.

ResMed Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Shareholders of record on Thursday, August 15th were given a $0.53 dividend. 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%. This is an increase from ResMed’s previous quarterly dividend of $0.48. ResMed’s dividend payout ratio (DPR) is currently 32.57%.

Insiders Place Their Bets

In other ResMed news, General Counsel Michael J. Rider sold 882 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $231.00, for a total value of $203,742.00. Following the completion of the sale, the general counsel now owns 10,512 shares in the company, valued at approximately $2,428,272. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other ResMed news, General Counsel Michael J. Rider sold 882 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $231.00, for a total value of $203,742.00. Following the completion of the sale, the general counsel now owns 10,512 shares in the company, valued at approximately $2,428,272. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kaushik Ghoshal sold 4,260 shares of the firm’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $238.48, for a total value of $1,015,924.80. Following the completion of the sale, the insider now owns 21,788 shares of the company’s stock, valued at $5,196,002.24. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 123,874 shares of company stock worth $28,151,142. 1.21% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ResMed

A number of hedge funds have recently modified their holdings of the stock. Birch Capital Management LLC raised its holdings in shares of ResMed by 7.6% in the 3rd quarter. Birch Capital Management LLC now owns 29,275 shares of the medical equipment provider’s stock worth $7,147,000 after buying an additional 2,080 shares in the last quarter. Creative Planning increased its holdings in ResMed by 15.4% during the 3rd quarter. Creative Planning now owns 28,021 shares of the medical equipment provider’s stock valued at $6,840,000 after purchasing an additional 3,739 shares in the last quarter. CHICAGO TRUST Co NA acquired a new stake in ResMed during the 3rd quarter valued at $234,000. Exchange Traded Concepts LLC acquired a new stake in ResMed during the 3rd quarter valued at $119,000. Finally, Inspire Investing LLC increased its holdings in ResMed by 5.6% during the 3rd quarter. Inspire Investing LLC now owns 22,591 shares of the medical equipment provider’s stock valued at $5,515,000 after purchasing an additional 1,204 shares in the last quarter. 54.98% of the stock is owned by institutional investors and hedge funds.

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.