ResMed Inc. (NYSE:RMD) Given Average Recommendation of “Hold” by Brokerages
ResMed Inc. (NYSE:RMD) has received an average rating of “Hold” from the fourteen research firms that are presently covering the company. Five analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is C$58.63.
RMD has been the topic of several recent research reports. Needham & Company LLC cut shares of ResMed from a “hold” rating to an “underperform” rating in a research report on Monday, June 27th. Zacks Investment Research cut shares of ResMed from a “hold” rating to a “sell” rating in a research report on Friday, July 8th. Bank of America Corp. restated a “hold” rating and set a $65.00 target price on shares of ResMed in a research report on Sunday, July 10th. Canaccord Genuity restated a “hold” rating and set a $57.00 target price on shares of ResMed in a research report on Monday, July 25th. Finally, Jefferies Group upped their target price on shares of ResMed from $56.00 to $60.00 and gave the company a “hold” rating in a research report on Friday, July 29th.
In other ResMed news, Director Ronald R. Taylor purchased 2,487 shares of the stock in a transaction dated Wednesday, August 17th. The stock was purchased at an average price of C$69.13 per share, with a total value of C$171,926.31. Following the transaction, the director now owns 16,729 shares of the company’s stock, valued at C$1,156,475.77. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Brett Sandercock sold 35,000 shares of the company’s stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of C$70.50, for a total transaction of C$2,467,500.00. The disclosure for this sale can be found here. 1.97% of the stock is currently owned by insiders.
Large investors have recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its stake in shares of ResMed by 6.0% in the first quarter. JPMorgan Chase & Co. now owns 211,743 shares of the company’s stock valued at $12,244,000 after buying an additional 11,994 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its stake in shares of ResMed by 9.3% in the first quarter. Massmutual Trust Co. FSB ADV now owns 21,820 shares of the company’s stock valued at $1,262,000 after buying an additional 1,865 shares during the last quarter. Tobam boosted its stake in shares of ResMed by 10.7% in the first quarter. Tobam now owns 1,185,280 shares of the company’s stock valued at $68,533,000 after buying an additional 114,759 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in shares of ResMed by 3.6% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 4,270,372 shares of the company’s stock valued at $246,913,000 after buying an additional 149,999 shares during the last quarter. Finally, BlackRock Group LTD boosted its stake in shares of ResMed by 3.8% in the first quarter. BlackRock Group LTD now owns 520,284 shares of the company’s stock valued at $30,082,000 after buying an additional 19,230 shares during the last quarter. 61.07% of the stock is owned by hedge funds and other institutional investors.
Shares of ResMed (NYSE:RMD) traded down 0.12% during mid-day trading on Tuesday, reaching $64.25. 351,576 shares of the company’s stock traded hands. ResMed has a 12-month low of $50.77 and a 12-month high of $70.90. The stock has a 50-day moving average price of $66.37 and a 200 day moving average price of $62.35. The firm has a market capitalization of $9.04 billion, a price-to-earnings ratio of 25.80 and a beta of 0.68.
ResMed (NYSE:RMD) last announced its earnings results on Thursday, July 28th. The company reported $0.74 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.74. The firm had revenue of $518.60 million for the quarter, compared to analysts’ expectations of $512.37 million. ResMed had a net margin of 18.63% and a return on equity of 23.89%. The business’s revenue was up 14.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.68 EPS. Analysts anticipate that ResMed will post $2.88 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 22nd. Stockholders of record on Thursday, August 18th were given a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 2.05%. The ex-dividend date of this dividend was Tuesday, August 16th. This is a boost from ResMed’s previous quarterly dividend of $0.30. ResMed’s dividend payout ratio is presently 54.32%.
ResMed Company Profile
ResMed Inc is engaged in the development, manufacturing, distribution and marketing of medical products for the diagnosis, treatment and management of respiratory disorders, with a focus on sleep-disordered breathing (SDB). The Company develops various products for SDB and other respiratory disorders, including airflow generators, diagnostic products, mask systems, headgear and other accessories.
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