ResMed (NYSE:RMD) Rating Lowered to Neutral at Citigroup

Citigroup downgraded shares of ResMed (NYSE:RMD) from a buy rating to a neutral rating in a report issued on Monday morning, Marketbeat Ratings reports.

Several other research analysts have also issued reports on the stock. KeyCorp increased their price target on shares of ResMed from $227.00 to $238.00 and gave the stock an overweight rating in a research report on Friday, April 26th. Oppenheimer cut their target price on ResMed from $205.00 to $200.00 and set an outperform rating for the company in a research report on Friday, April 26th. Royal Bank of Canada increased their price objective on ResMed from $187.00 to $200.00 and gave the stock a sector perform rating in a research note on Friday, April 26th. Mizuho restated a buy rating and issued a $215.00 target price on shares of ResMed in a research note on Wednesday, March 27th. Finally, Needham & Company LLC reiterated a buy rating and set a $236.00 target price on shares of ResMed in a research report on Monday. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $202.80.

ResMed Stock Up 1.6 %

NYSE RMD opened at $186.69 on Monday. ResMed has a twelve month low of $132.24 and a twelve month high of $229.97. The stock has a market cap of $27.43 billion, a PE ratio of 28.68, a PEG ratio of 1.80 and a beta of 0.68. The firm has a 50-day simple moving average of $207.68 and a 200 day simple moving average of $190.93. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.97 and a current ratio of 3.04.

ResMed (NYSE:RMD) last announced its quarterly earnings data on Thursday, April 25th. The medical equipment provider reported $2.13 earnings per share for the quarter, topping the consensus estimate of $1.91 by $0.22. The company had revenue of $1.20 billion for 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%. ResMed’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.68 EPS. On average, research analysts forecast that ResMed will post 7.7 EPS for the current year.

ResMed Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 13th. Shareholders of record on Thursday, May 9th were paid a $0.48 dividend. The ex-dividend date of this dividend was Wednesday, May 8th. This represents a $1.92 dividend on an annualized basis and a yield of 1.03%. ResMed’s payout ratio is presently 29.49%.

Insider Buying and Selling

In other ResMed news, Director Witte Jan De sold 360 shares of the stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $218.29, for a total value of $78,584.40. Following the transaction, the director now owns 7,519 shares of the company’s stock, valued at $1,641,322.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other ResMed news, Director Witte Jan De sold 360 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $218.29, for a total value of $78,584.40. Following the completion of the sale, the director now owns 7,519 shares of the company’s stock, valued at $1,641,322.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brett Sandercock sold 1,000 shares of the business’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $209.81, for a total transaction of $209,810.00. Following the completion of the transaction, the chief financial officer now directly owns 91,056 shares of the company’s stock, valued at approximately $19,104,459.36. The disclosure for this sale can be found here. Insiders sold a total of 31,151 shares of company stock valued at $6,666,409 over the last three months. Company insiders own 1.21% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Atlantic Edge Private Wealth Management LLC bought a new stake in ResMed in the 4th quarter valued at $27,000. Hall Laurie J Trustee bought a new stake in shares of ResMed in the first quarter valued at about $32,000. BOK Financial Private Wealth Inc. acquired a new position in shares of ResMed during the first quarter worth about $35,000. Planned Solutions Inc. bought a new position in shares of ResMed during the fourth quarter worth about $34,000. Finally, Riverview Trust Co acquired a new stake in ResMed in the 1st quarter valued at approximately $42,000. Institutional investors and hedge funds own 54.98% of the company’s stock.

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.