ResMed Inc. (NYSE:RMD) had its price objective raised by BMO Capital Markets from $61.00 to $70.00 in a research note issued to investors on Wednesday. They currently have a market perform rating on the medical equipment provider’s stock.
Other equities analysts have also recently issued reports about the company. BidaskClub cut ResMed from a strong-buy rating to a buy rating in a research note on Monday, July 24th. Zacks Investment Research upgraded ResMed from a hold rating to a buy rating and set a $87.00 price objective on the stock in a research note on Thursday, July 6th. Citigroup Inc. upgraded ResMed from a neutral rating to a buy rating in a research note on Wednesday. Credit Suisse Group cut ResMed from an outperform rating to a neutral rating in a research note on Wednesday. Finally, Bank of America Corporation cut ResMed from a buy rating to a neutral rating in a research note on Wednesday. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company. The company has an average rating of Hold and a consensus target price of $65.63.
Shares of ResMed (NYSE RMD) traded up 1.30% during trading on Wednesday, reaching $73.45. 1,243,957 shares of the company were exchanged. ResMed has a one year low of $56.59 and a one year high of $79.63. The firm’s 50 day moving average price is $77.30 and its 200 day moving average price is $71.87. The company has a market capitalization of $10.42 billion, a PE ratio of 26.05 and a beta of 0.83.
ResMed (NYSE:RMD) last issued its quarterly earnings data on Tuesday, August 1st. The medical equipment provider reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.02. ResMed had a return on equity of 22.55% and a net margin of 16.56%. The business had revenue of $556.69 million for the quarter, compared to analysts’ expectations of $557.68 million. During the same period last year, the business earned $0.74 EPS. The business’s revenue was up 7.3% on a year-over-year basis. Equities research analysts forecast that ResMed will post $3.06 earnings per share for the current fiscal year.
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The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 21st. Stockholders of record on Thursday, August 17th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.91%. This is a boost from ResMed’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Tuesday, August 15th. ResMed’s payout ratio is presently 54.77%.
In other news, insider James Hollingshead sold 7,140 shares of ResMed stock in a transaction on Friday, July 14th. The stock was sold at an average price of $77.43, for a total transaction of $552,850.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Brett Sandercock sold 1,250 shares of ResMed stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $77.49, for a total value of $96,862.50. Following the sale, the chief financial officer now owns 59,258 shares in the company, valued at $4,591,902.42. The disclosure for this sale can be found here. Insiders have sold a total of 153,896 shares of company stock worth $11,753,799 over the last quarter. Company insiders own 1.97% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA boosted its stake in ResMed by 58.4% in the second quarter. BNP Paribas Arbitrage SA now owns 78,102 shares of the medical equipment provider’s stock worth $6,082,000 after buying an additional 28,801 shares during the last quarter. Comerica Bank boosted its stake in ResMed by 0.7% in the second quarter. Comerica Bank now owns 125,554 shares of the medical equipment provider’s stock worth $9,691,000 after buying an additional 854 shares during the last quarter. Legal & General Group Plc boosted its stake in ResMed by 7.5% in the second quarter. Legal & General Group Plc now owns 760,102 shares of the medical equipment provider’s stock worth $59,189,000 after buying an additional 53,156 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in ResMed by 1.2% in the second quarter. Bank of New York Mellon Corp now owns 2,266,663 shares of the medical equipment provider’s stock worth $176,505,000 after buying an additional 25,925 shares during the last quarter. Finally, State of Wisconsin Investment Board boosted its stake in ResMed by 31.6% in the second quarter. State of Wisconsin Investment Board now owns 121,929 shares of the medical equipment provider’s stock worth $9,495,000 after buying an additional 29,310 shares during the last quarter. Institutional investors own 60.65% of the company’s stock.
ResMed Company Profile
ResMed Inc is a holding company. The Company is engaged in the development, manufacturing, distribution and marketing of medical devices and cloud-based software applications that diagnose, treat and manage respiratory disorders, including sleep disordered breathing (SDB), chronic obstructive pulmonary disease (COPD), neuromuscular disease and other diseases.
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