ResMed (NYSE:RMD) Stock Price Down 2.8% – Here’s What Happened

ResMed Inc. (NYSE:RMD)’s stock price dropped 2.8% during trading on Monday . The stock traded as low as $248.09 and last traded at $248.84. Approximately 727,312 shares were traded during mid-day trading, a decline of 30% from the average daily volume of 1,044,494 shares. The stock had previously closed at $256.07.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Robert W. Baird upped their price objective on ResMed from $280.00 to $283.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Baird R W raised ResMed to a “strong-buy” rating in a research report on Tuesday, September 24th. Bank of America boosted their price objective on ResMed from $240.00 to $270.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. KeyCorp raised their target price on shares of ResMed from $251.00 to $266.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Finally, Royal Bank of Canada raised their price objective on shares of ResMed from $224.00 to $232.00 and gave the company a “sector perform” rating in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $225.70.

ResMed Stock Down 0.6 %

The firm has a market capitalization of $35.67 billion, a PE ratio of 32.37, a PEG ratio of 2.05 and a beta of 0.69. The business’s fifty day moving average price is $241.53 and its 200 day moving average price is $218.98. 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 posted its quarterly earnings data on Thursday, October 24th. The medical equipment provider reported $2.20 EPS for the quarter, beating the consensus estimate of $2.03 by $0.17. ResMed had a return on equity of 25.53% and a net margin of 23.15%. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same period in the prior year, the business earned $1.64 EPS. The firm’s revenue was up 11.1% compared to the same quarter last year. On average, equities research analysts forecast that ResMed Inc. will post 9.16 earnings per share for the current fiscal year.

ResMed Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 7th will be given a $0.53 dividend. The ex-dividend date is Thursday, November 7th. This represents a $2.12 dividend on an annualized basis and a yield of 0.87%. ResMed’s dividend payout ratio (DPR) is 28.08%.

Insiders Place Their Bets

In other news, CEO Michael J. Farrell sold 14,683 shares of ResMed stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $214.25, for a total value of $3,145,832.75. Following the sale, the chief executive officer now owns 440,799 shares of the company’s stock, valued at $94,441,185.75. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Kaushik Ghoshal sold 5,000 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $252.56, for a total value of $1,262,800.00. Following the completion of the transaction, the insider now owns 21,788 shares in the company, valued at $5,502,777.28. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael J. Farrell sold 14,683 shares of the company’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $214.25, for a total transaction of $3,145,832.75. Following the transaction, the chief executive officer now owns 440,799 shares in the company, valued at $94,441,185.75. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 123,874 shares of company stock worth $28,151,142. 0.71% of the stock is owned by insiders.

Institutional Investors Weigh In On ResMed

Several institutional investors have recently modified their holdings of RMD. Wealth Enhancement Advisory Services LLC grew its holdings in ResMed by 22.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 5,104 shares of the medical equipment provider’s stock valued at $1,011,000 after purchasing an additional 923 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in ResMed by 0.5% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 350,541 shares of the medical equipment provider’s stock valued at $69,418,000 after acquiring an additional 1,797 shares in the last quarter. Norden Group LLC raised its position in ResMed by 3,620.0% during the first quarter. Norden Group LLC now owns 52,080 shares of the medical equipment provider’s stock worth $10,315,000 after acquiring an additional 50,680 shares during the last quarter. First Trust Direct Indexing L.P. lifted its holdings in shares of ResMed by 13.3% in the first quarter. First Trust Direct Indexing L.P. now owns 4,290 shares of the medical equipment provider’s stock valued at $850,000 after purchasing an additional 505 shares in the last quarter. Finally, Marshall Financial Group LLC grew its position in shares of ResMed by 4.4% in the first quarter. Marshall Financial Group LLC now owns 10,472 shares of the medical equipment provider’s stock valued at $2,074,000 after purchasing an additional 441 shares during the last quarter. Hedge funds and other 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. 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.