Needham & Company LLC Reaffirms “Hold” Rating for ResMed (NYSE:RMD)

Needham & Company LLC reaffirmed their hold rating on shares of ResMed (NYSE:RMD) in a research note issued to investors on Wednesday morning, Benzinga reports.

RMD has been the subject of several other research reports. Citigroup cut shares of ResMed from a buy rating to a neutral rating in a report on Monday, June 24th. StockNews.com downgraded ResMed from a buy rating to a hold rating in a research note on Friday, August 30th. Royal Bank of Canada boosted their price target on ResMed from $204.00 to $206.00 and gave the company a sector perform rating in a report on Friday, August 2nd. Oppenheimer downgraded ResMed from an outperform rating to a market perform rating in a report on Tuesday, June 25th. Finally, KeyCorp boosted their target price on ResMed from $238.00 to $251.00 and gave the company an overweight rating in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $199.70.

ResMed Stock Performance

Shares of ResMed stock opened at $244.90 on Wednesday. The stock’s fifty day simple moving average is $226.91 and its 200 day simple moving average is $209.22. The company has a current ratio of 2.59, a quick ratio of 1.69 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $35.98 billion, a PE ratio of 37.62, a PEG ratio of 2.50 and a beta of 0.69. ResMed has a 12 month low of $132.24 and a 12 month high of $255.18.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, August 1st. The medical equipment provider reported $2.08 EPS for the quarter, topping 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 company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same quarter last year, the firm posted $1.60 earnings per share. ResMed’s revenue was up 6.9% compared to the same quarter last year. On average, research analysts predict that ResMed will post 8.92 EPS for the current year.

ResMed Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 19th. Shareholders of record on Thursday, August 15th were paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 0.87%. This is an increase from ResMed’s previous quarterly dividend of $0.48. The ex-dividend date was Thursday, August 15th. ResMed’s dividend payout ratio (DPR) is currently 32.57%.

Insider Transactions at ResMed

In related news, General Counsel Michael J. Rider sold 882 shares of the firm’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $231.00, for a total value of $203,742.00. Following the completion of the transaction, the general counsel now directly owns 10,512 shares of the company’s stock, valued at $2,428,272. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other ResMed news, General Counsel Michael J. Rider sold 882 shares of the stock in a transaction on Tuesday, August 20th. The shares were 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 $2,428,272. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Peter C. Farrell sold 2,000 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $239.90, for a total transaction of $479,800.00. Following the transaction, the director now owns 87,204 shares in the company, valued at $20,920,239.60. The disclosure for this sale can be found here. Insiders have sold a total of 102,931 shares of company stock worth $22,644,807 in the last 90 days. Corporate insiders own 1.21% of the company’s stock.

Institutional Trading of ResMed

A number of hedge funds have recently made changes to their positions in the business. Sanctuary Advisors LLC acquired a new stake in ResMed during the 2nd quarter valued at $1,162,000. Dana Investment Advisors Inc. bought a new position in shares of ResMed in the second quarter valued at about $4,728,000. Cetera Investment Advisers lifted its stake in shares of ResMed by 26.8% during the 2nd quarter. Cetera Investment Advisers now owns 9,721 shares of the medical equipment provider’s stock worth $1,861,000 after buying an additional 2,053 shares during the last quarter. Greenvale Capital LLP boosted its holdings 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 buying an additional 275,000 shares during the period. Finally, Quarry LP grew its stake in ResMed by 271.9% in the 2nd quarter. Quarry LP now owns 331 shares of the medical equipment provider’s stock valued at $63,000 after buying an additional 242 shares during 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.