Stifel Nicolaus Cuts ResMed (NYSE:RMD) Price Target to $240.00

ResMed (NYSE:RMD) had its target price reduced by Stifel Nicolaus from $250.00 to $240.00 in a research report released on Wednesday morning,Benzinga reports. Stifel Nicolaus currently has a hold rating on the medical equipment provider’s stock.

RMD has been the subject of a number of other research reports. JPMorgan Chase & Co. lifted their price objective on ResMed from $270.00 to $286.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. The Goldman Sachs Group started coverage on ResMed in a report on Thursday, January 16th. They set a “buy” rating on the stock. Needham & Company LLC restated a “hold” rating on shares of ResMed in a report on Friday, January 31st. Piper Sandler raised their target price on ResMed from $252.00 to $260.00 and gave the company a “neutral” rating in a report on Friday, January 31st. Finally, KeyCorp raised their target price on ResMed from $266.00 to $280.00 and gave the company an “overweight” rating in a report on Friday, January 31st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $243.82.

ResMed Price Performance

RMD opened at $232.40 on Wednesday. The stock has a market cap of $34.13 billion, a price-to-earnings ratio of 27.44, a PEG ratio of 1.53 and a beta of 0.74. ResMed has a 1 year low of $172.19 and a 1 year high of $263.05. The company has a current ratio of 3.33, a quick ratio of 2.29 and a debt-to-equity ratio of 0.13. The stock has a fifty day moving average price of $236.70 and a 200 day moving average price of $239.81.

ResMed (NYSE:RMD) last released its quarterly earnings data on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.29 by $0.14. ResMed had a return on equity of 26.17% and a net margin of 25.34%. Analysts forecast that ResMed will post 9.47 EPS for the current fiscal year.

ResMed Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 20th. Stockholders of record on Thursday, February 13th will be paid a $0.53 dividend. The ex-dividend date of this dividend is Thursday, February 13th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.91%. ResMed’s payout ratio is presently 25.03%.

Insider Transactions at ResMed

In related news, insider Kaushik Ghoshal sold 9,113 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $235.40, for a total transaction of $2,145,200.20. Following the transaction, the insider now directly owns 9,725 shares in the company, valued at $2,289,265. The trade was a 48.38 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Peter C. Farrell sold 2,000 shares of the business’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $227.71, for a total value of $455,420.00. Following the transaction, the director now owns 75,218 shares in the company, valued at $17,127,890.78. This represents a 2.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 21,186 shares of company stock worth $4,996,646. Company insiders own 0.71% of the company’s stock.

Hedge Funds Weigh In On ResMed

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in ResMed by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 18,173,462 shares of the medical equipment provider’s stock valued at $4,156,089,000 after acquiring an additional 160,590 shares during the period. State Street Corp boosted its holdings in ResMed by 1.9% during the third quarter. State Street Corp now owns 6,261,633 shares of the medical equipment provider’s stock valued at $1,528,590,000 after purchasing an additional 116,918 shares in the last quarter. Geode Capital Management LLC boosted its holdings in ResMed by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 3,944,084 shares of the medical equipment provider’s stock valued at $899,860,000 after purchasing an additional 85,270 shares in the last quarter. Invesco Ltd. boosted its holdings in ResMed by 32.2% during the fourth quarter. Invesco Ltd. now owns 2,325,009 shares of the medical equipment provider’s stock valued at $531,706,000 after purchasing an additional 566,046 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in ResMed by 20.6% during the fourth quarter. Northern Trust Corp now owns 1,702,590 shares of the medical equipment provider’s stock valued at $389,365,000 after purchasing an additional 290,664 shares in the last quarter. 54.98% of the stock is currently owned by institutional investors.

ResMed Company Profile

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.