ResMed (NYSE:RMD) Earns Neutral Rating from Analysts at Piper Sandler

Stock analysts at Piper Sandler began coverage on shares of ResMed (NYSE:RMD) in a research note issued to investors on Friday,Benzinga reports. The firm set a “neutral” rating and a $252.00 price target on the medical equipment provider’s stock. Piper Sandler’s price target points to a potential upside of 6.84% from the stock’s current price.

Several other research analysts have also recently issued reports on the company. Royal Bank of Canada increased their price objective on ResMed from $224.00 to $232.00 and gave the stock a “sector perform” rating in a research report on Friday, October 25th. Stifel Nicolaus began coverage on shares of ResMed in a research note on Friday, December 13th. They issued a “hold” rating and a $250.00 price objective for the company. Needham & Company LLC reaffirmed a “hold” rating on shares of ResMed in a report on Friday, October 25th. KeyCorp lifted their price target on shares of ResMed from $251.00 to $266.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Finally, StockNews.com upgraded ResMed from a “hold” rating to a “buy” rating in a report on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $233.09.

ResMed Stock Down 0.2 %

Shares of NYSE:RMD opened at $235.87 on Friday. The company has a market cap of $34.62 billion, a price-to-earnings ratio of 31.24, a PEG ratio of 1.73 and a beta of 0.70. ResMed has a fifty-two week low of $168.29 and a fifty-two week high of $260.49. The firm’s 50-day simple moving average is $240.05 and its 200-day simple moving average is $230.52. The company has a quick ratio of 1.91, a current ratio of 2.92 and a debt-to-equity ratio of 0.13.

ResMed (NYSE:RMD) last released its earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.17. The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.19 billion. ResMed had a return on equity of 25.53% and a net margin of 23.15%. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.64 EPS. As a group, equities research analysts predict that ResMed will post 9.34 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Witte Jan De sold 796 shares of the firm’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $248.81, for a total transaction of $198,052.76. Following the sale, the director now owns 6,723 shares in the company, valued at $1,672,749.63. This trade represents a 10.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Justin Leong sold 6,160 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $243.09, for a total value of $1,497,434.40. Following the completion of the transaction, the insider now owns 21,718 shares of the company’s stock, valued at $5,279,428.62. The trade was a 22.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 11,099 shares of company stock valued at $2,719,385 in the last ninety days. Insiders own 0.71% of the company’s stock.

Institutional Investors Weigh In On ResMed

Hedge funds have recently modified their holdings of the stock. Principal Financial Group Inc. raised its stake in ResMed by 2.9% during the third quarter. Principal Financial Group Inc. now owns 186,776 shares of the medical equipment provider’s stock worth $45,596,000 after purchasing an additional 5,284 shares during the period. Retireful LLC purchased a new position in shares of ResMed in the 3rd quarter worth $742,000. Asset Management One Co. Ltd. boosted its holdings in ResMed by 5.1% in the third quarter. Asset Management One Co. Ltd. now owns 58,860 shares of the medical equipment provider’s stock valued at $14,369,000 after acquiring an additional 2,878 shares during the last quarter. Empowered Funds LLC boosted its holdings in ResMed by 284.3% in the third quarter. Empowered Funds LLC now owns 8,208 shares of the medical equipment provider’s stock valued at $2,004,000 after acquiring an additional 6,072 shares during the last quarter. Finally, Wellington Management Group LLP grew its position in ResMed by 35.7% during the third quarter. Wellington Management Group LLP now owns 59,926 shares of the medical equipment provider’s stock valued at $14,629,000 after acquiring an additional 15,772 shares during the period. 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. The company 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 ApneaLink Air, a portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow, and snoring; and NightOwl, a portable, cloud-connected, and disposable diagnostic device that measures AHI based on derived peripheral arterial tone, actigraphy, and oximetry over several nights.