Royal Bank of Canada Increases ResMed (NYSE:RMD) Price Target to $224.00

ResMed (NYSE:RMD) had its price target increased by investment analysts at Royal Bank of Canada from $206.00 to $224.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “sector perform” rating on the medical equipment provider’s stock. Royal Bank of Canada’s target price indicates a potential downside of 6.22% from the stock’s previous close.

RMD has been the topic of several other reports. Baird R W raised ResMed to a “strong-buy” rating in a research note on Tuesday, September 24th. Wolfe Research reissued an “underperform” rating and set a $180.00 price target on shares of ResMed in a research report on Wednesday, September 18th. Citigroup cut shares of ResMed from a “buy” rating to a “neutral” rating in a report on Monday, June 24th. Robert W. Baird initiated coverage on shares of ResMed in a report on Tuesday, September 24th. They set an “outperform” rating and a $280.00 target price for the company. Finally, KeyCorp increased their price target on shares of ResMed from $238.00 to $251.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $213.75.

ResMed Stock Up 0.0 %

Shares of NYSE RMD opened at $238.86 on Tuesday. The firm has a fifty day simple moving average of $232.69 and a two-hundred day simple moving average of $212.33. The firm has a market capitalization of $35.10 billion, a PE ratio of 36.69, a price-to-earnings-growth ratio of 2.36 and a beta of 0.69. The company has a current ratio of 2.59, a quick ratio of 1.69 and a debt-to-equity ratio of 0.14. ResMed has a 12 month low of $132.24 and a 12 month high of $255.18.

ResMed (NYSE:RMD) last issued its quarterly earnings data on Thursday, August 1st. The medical equipment provider reported $2.08 EPS for the quarter, topping the consensus estimate of $2.03 by $0.05. ResMed had a net margin of 21.79% and a return on equity of 25.00%. The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same period last year, the business posted $1.60 earnings per share. ResMed’s quarterly revenue was up 6.9% compared to the same quarter last year. Equities analysts expect that ResMed will post 8.97 earnings per share for the current year.

Insider Activity at ResMed

In other news, CFO Brett Sandercock sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $194.35, for a total transaction of $194,350.00. Following the sale, the chief financial officer now directly owns 90,056 shares of the company’s stock, valued at approximately $17,502,383.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other ResMed news, CEO Michael J. Farrell sold 14,683 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $192.97, for a total transaction of $2,833,378.51. Following the completion of the transaction, the chief executive officer now owns 440,799 shares in the company, valued at $85,060,983.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brett Sandercock sold 1,000 shares of ResMed stock in a transaction on Monday, July 8th. The stock was sold at an average price of $194.35, for a total value of $194,350.00. Following the sale, the chief financial officer now owns 90,056 shares of the company’s stock, valued at $17,502,383.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 104,931 shares of company stock valued at $23,119,207. 1.21% of the stock is owned by company insiders.

Institutional Trading of ResMed

Several institutional investors and hedge funds have recently modified their holdings of RMD. OFI Invest Asset Management purchased a new position in ResMed during the 2nd quarter valued at about $32,000. BOK Financial Private Wealth Inc. acquired a new position in shares of ResMed during the first quarter valued at about $35,000. Versant Capital Management Inc lifted its stake in shares of ResMed by 196.7% during the second quarter. Versant Capital Management Inc now owns 181 shares of the medical equipment provider’s stock worth $35,000 after buying an additional 120 shares during the period. Financial Connections Group Inc. acquired a new position in shares of ResMed in the second quarter valued at about $37,000. Finally, Riverview Trust Co purchased a new position in ResMed during the 1st quarter worth approximately $42,000. Institutional investors own 54.98% of the company’s stock.

ResMed Company Profile

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.