ResMed Inc. (RMD) Downgraded by Credit Suisse Group
RMD has been the topic of several other research reports. BidaskClub upgraded ResMed from a buy rating to a strong-buy rating in a research note on Saturday, June 17th. Zacks Investment Research upgraded ResMed from a sell rating to a hold rating in a research note on Wednesday, April 12th. Citigroup Inc. downgraded ResMed from a buy rating to a neutral rating in a research note on Friday, April 28th. Needham & Company LLC restated a sell rating on shares of ResMed in a research note on Wednesday, August 2nd. Finally, William Blair restated an outperform rating on shares of ResMed in a research note on Thursday, April 13th. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $65.63.
Shares of ResMed (RMD) traded down 0.08% on Tuesday, hitting $72.56. The company had a trading volume of 427,178 shares. The firm’s 50 day moving average price is $76.52 and its 200-day moving average price is $72.27. ResMed has a 52 week low of $56.59 and a 52 week high of $79.63. The stock has a market capitalization of $10.32 billion, a PE ratio of 30.23 and a beta of 0.83.
ResMed (NYSE:RMD) last posted its quarterly earnings results on Tuesday, August 1st. The medical equipment provider reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.02. The company had revenue of $556.69 million for the quarter, compared to the consensus estimate of $557.68 million. ResMed had a return on equity of 21.99% and a net margin of 16.56%. The firm’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.74 EPS. Analysts forecast that ResMed will post $3.03 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. Shareholders of record on Thursday, August 17th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.93%. This is an increase from ResMed’s previous quarterly dividend of $0.33. The ex-dividend date is Tuesday, August 15th. ResMed’s dividend payout ratio (DPR) is currently 54.77%.
In other news, CFO Brett Sandercock sold 1,250 shares of the firm’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $71.02, for a total value of $88,775.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jr. Gregor K. Emmert purchased 424,000 shares of the company’s stock in a transaction dated Wednesday, June 28th. The stock was purchased at an average price of $0.06 per share, for a total transaction of $25,440.00. Over the last quarter, insiders have sold 204,650 shares of company stock worth $15,516,845. Company insiders own 1.97% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its position in ResMed by 5,439.8% in the first quarter. BlackRock Inc. now owns 13,335,138 shares of the medical equipment provider’s stock worth $959,731,000 after buying an additional 13,094,421 shares during the period. FMR LLC increased its position in ResMed by 38.2% in the second quarter. FMR LLC now owns 5,542,582 shares of the medical equipment provider’s stock worth $431,601,000 after buying an additional 1,531,772 shares during the period. Morgan Stanley increased its position in ResMed by 69.1% in the first quarter. Morgan Stanley now owns 1,344,234 shares of the medical equipment provider’s stock worth $96,744,000 after buying an additional 549,279 shares during the period. Vanguard Group Inc. increased its position in ResMed by 4.6% in the first quarter. Vanguard Group Inc. now owns 11,535,707 shares of the medical equipment provider’s stock worth $830,225,000 after buying an additional 508,392 shares during the period. Finally, First Trust Advisors LP increased its position in ResMed by 191.8% in the second quarter. First Trust Advisors LP now owns 350,012 shares of the medical equipment provider’s stock worth $27,255,000 after buying an additional 230,056 shares during the period. Hedge funds and other institutional investors own 60.68% of the company’s stock.
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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