ResMed Inc. (RMD) Now Covered by JPMorgan Chase & Co.
Analysts at JPMorgan Chase & Co. began coverage on shares of ResMed Inc. (NYSE:RMD) in a report released on Tuesday. The firm set a “neutral” rating on the stock.
Several other brokerages have also issued reports on RMD. Needham & Company LLC reaffirmed a “sell” rating on shares of ResMed in a research note on Monday, September 12th. Jefferies Group raised their target price on shares of ResMed from $56.00 to $60.00 and gave the company a “hold” rating in a research note on Friday, July 29th. Northland Securities set a $50.00 target price on shares of ResMed and gave the company a “sell” rating in a research note on Monday, August 29th. Bank of America Corp. reaffirmed a “hold” rating and issued a $65.00 target price on shares of ResMed in a research note on Sunday, July 10th. Finally, Zacks Investment Research lowered shares of ResMed from a “hold” rating to a “sell” rating in a research note on Friday, July 8th. Five equities research 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’s stock. The stock has an average rating of “Hold” and an average price target of C$59.30.
Shares of ResMed (NYSE:RMD) opened at 64.33 on Tuesday. The stock has a 50 day moving average of $66.37 and a 200-day moving average of $62.35. The firm has a market capitalization of $9.05 billion, a price-to-earnings ratio of 25.84 and a beta of 0.68. ResMed has a 52 week low of $50.77 and a 52 week high of $70.90.
ResMed (NYSE:RMD) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.74 earnings per share for the quarter, meeting the consensus estimate of $0.74. The firm earned $518.60 million during 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 company’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.68 EPS. Analysts expect that ResMed will post $2.88 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 22nd. Stockholders of record on Thursday, August 18th were issued a $0.33 dividend. The ex-dividend date of this dividend was Tuesday, August 16th. This is an increase from ResMed’s previous quarterly dividend of $0.30. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.05%. ResMed’s dividend payout ratio (DPR) is 54.32%.
In other ResMed news, Director Ronald R. Taylor acquired 2,487 shares of the stock in a transaction dated Wednesday, August 17th. The shares were bought at an average cost of C$69.13 per share, for a total transaction of C$171,926.31. Following the completion of the acquisition, the director now directly owns 16,729 shares of the company’s stock, valued at C$1,156,475.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Richard Sulpizio sold 36,000 shares of ResMed stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of C$70.15, for a total transaction of C$2,525,400.00. Following the completion of the sale, the director now owns 101,887 shares in the company, valued at C$7,147,373.05. The disclosure for this sale can be found here. 1.97% of the stock is currently owned by insiders.
Several hedge funds have recently bought and sold shares of the stock. M&T Bank Corp increased its stake in ResMed by 26.2% in the first quarter. M&T Bank Corp now owns 16,066 shares of the company’s stock worth $929,000 after buying an additional 3,337 shares during the period. NN Investment Partners Holdings N.V. acquired a new stake in ResMed during the first quarter worth about $9,752,000. JPMorgan Chase & Co. increased its stake in ResMed by 6.0% in the first quarter. JPMorgan Chase & Co. now owns 211,743 shares of the company’s stock worth $12,244,000 after buying an additional 11,994 shares during the period. Massmutual Trust Co. FSB ADV increased its stake in ResMed by 9.3% in the first quarter. Massmutual Trust Co. FSB ADV now owns 21,820 shares of the company’s stock worth $1,262,000 after buying an additional 1,865 shares during the period. Finally, BlackRock Institutional Trust Company N.A. increased its stake in 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 worth $246,913,000 after buying an additional 149,999 shares during the period. Institutional investors own 61.07% of the company’s stock.
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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