Oppenheimer Lowers ResMed (NYSE:RMD) Price Target to $200.00

ResMed (NYSE:RMD) had its price target reduced by Oppenheimer from $205.00 to $200.00 in a research report sent to investors on Friday, Benzinga reports. They currently have an outperform rating on the medical equipment provider’s stock.

A number of other research firms also recently issued reports on RMD. Mizuho reissued a buy rating and issued a $215.00 price target on shares of ResMed in a research note on Wednesday, March 27th. JPMorgan Chase & Co. lifted their price objective on shares of ResMed from $160.00 to $195.00 and gave the company an overweight rating in a report on Tuesday, January 9th. UBS Group lifted their price objective on shares of ResMed from $175.00 to $180.00 and gave the company a neutral rating in a report on Thursday, January 25th. KeyCorp lifted their price objective on shares of ResMed from $227.00 to $238.00 and gave the company an overweight rating in a report on Friday. Finally, Needham & Company LLC lifted their price objective on shares of ResMed from $224.00 to $236.00 and gave the company a buy rating in a report on Friday. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $202.80.

ResMed Price Performance

ResMed stock opened at $218.06 on Friday. The company’s 50 day simple moving average is $187.07 and its 200-day simple moving average is $171.97. The company has a market capitalization of $32.07 billion, a price-to-earnings ratio of 33.50, a price-to-earnings-growth ratio of 2.26 and a beta of 0.67. ResMed has a 1 year low of $132.24 and a 1 year high of $243.52. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.89 and a current ratio of 3.11.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, April 25th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.91 by $0.22. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.17 billion. ResMed had a net margin of 20.91% and a return on equity of 24.92%. The business’s revenue was up 7.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.68 EPS. As a group, equities research analysts expect that ResMed will post 7.44 earnings per share for the current year.

ResMed Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 13th. Stockholders of record on Thursday, May 9th will be issued a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 0.88%. The ex-dividend date is Wednesday, May 8th. ResMed’s payout ratio is 29.49%.

Insider Activity

In other news, General Counsel Michael J. Rider sold 200 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $173.25, for a total value of $34,650.00. Following the completion of the transaction, the general counsel now owns 6,688 shares in the company, valued at approximately $1,158,696. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Peter C. Farrell sold 10,935 shares of the company’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $182.66, for a total value of $1,997,387.10. Following the completion of the sale, the director now owns 157,404 shares in the company, valued at approximately $28,751,414.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Michael J. Rider sold 200 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $173.25, for a total transaction of $34,650.00. Following the completion of the sale, the general counsel now owns 6,688 shares of the company’s stock, valued at approximately $1,158,696. The disclosure for this sale can be found here. In the last quarter, insiders sold 11,216 shares of company stock worth $2,046,617. Corporate insiders own 1.21% of the company’s stock.

Hedge Funds Weigh In On ResMed

A number of large investors have recently bought and sold shares of RMD. AE Wealth Management LLC raised its position in ResMed by 35.9% during the 3rd quarter. AE Wealth Management LLC now owns 6,573 shares of the medical equipment provider’s stock worth $972,000 after buying an additional 1,738 shares during the last quarter. Caprock Group LLC raised its position in ResMed by 7.6% during the 3rd quarter. Caprock Group LLC now owns 1,991 shares of the medical equipment provider’s stock worth $294,000 after buying an additional 141 shares during the last quarter. Czech National Bank raised its position in ResMed by 47.7% during the 3rd quarter. Czech National Bank now owns 25,681 shares of the medical equipment provider’s stock worth $3,797,000 after buying an additional 8,288 shares during the last quarter. Handelsbanken Fonder AB raised its position in ResMed by 1.1% during the 3rd quarter. Handelsbanken Fonder AB now owns 57,373 shares of the medical equipment provider’s stock worth $8,484,000 after buying an additional 644 shares during the last quarter. Finally, Simplicity Solutions LLC raised its position in ResMed by 41.6% during the 3rd quarter. Simplicity Solutions LLC now owns 2,928 shares of the medical equipment provider’s stock worth $433,000 after buying an additional 860 shares during the last quarter. Hedge funds and other institutional investors own 54.98% of the company’s stock.

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.