ResMed Inc. (RMD) Earns “Sell” Rating from Needham & Company LLC
ResMed Inc. (NYSE:RMD)‘s stock had its “sell” rating reiterated by Needham & Company LLC in a research report issued on Friday.
Several other brokerages have also commented on RMD. Bank of America Corporation lowered ResMed from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 2nd. Credit Suisse Group lowered ResMed from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 8th. BidaskClub lowered ResMed from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 24th. Zacks Investment Research lowered ResMed from a “hold” rating to a “sell” rating in a research report on Wednesday, June 28th. Finally, BMO Capital Markets lifted their price target on ResMed from $61.00 to $70.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 2nd. Three investment 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. The stock presently has an average rating of “Hold” and an average price target of $67.86.
ResMed (RMD) traded up 1.97% on Friday, reaching $80.37. 260,286 shares of the company’s stock traded hands. The company has a market cap of $11.43 billion, a PE ratio of 33.49 and a beta of 0.79. ResMed has a 12 month low of $56.59 and a 12 month high of $80.38. The firm’s 50 day moving average price is $75.31 and its 200 day moving average price is $73.01.
ResMed (NYSE:RMD) last announced its quarterly earnings data on Tuesday, August 1st. The medical equipment provider reported $0.77 EPS for the quarter, beating the consensus estimate of $0.75 by $0.02. The business had revenue of $556.69 million during the quarter, compared to analyst estimates of $557.68 million. ResMed had a return on equity of 21.99% and a net margin of 16.56%. The company’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.74 earnings per share. On average, equities analysts expect that ResMed will post $3.03 EPS for the current fiscal year.
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In other ResMed news, insider David Pendarvis sold 6,364 shares of the business’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $77.36, for a total transaction of $492,319.04. Following the completion of the sale, the insider now directly owns 84,476 shares in the company, valued at approximately $6,535,063.36. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jr. Gregor K. Emmert purchased 424,000 shares of the business’s stock in a transaction on Wednesday, June 28th. The shares were purchased at an average price of $0.06 per share, with a total value of $25,440.00. In the last three months, insiders sold 204,649 shares of company stock valued at $15,635,958. 1.97% of the stock is owned by insiders.
Several institutional investors have recently added to or reduced their stakes in RMD. Toronto Dominion Bank grew its stake in shares of ResMed by 26.6% during the 1st quarter. Toronto Dominion Bank now owns 1,543 shares of the medical equipment provider’s stock valued at $111,000 after purchasing an additional 324 shares during the period. YorkBridge Wealth Partners LLC grew its stake in shares of ResMed by 4.9% during the 2nd quarter. YorkBridge Wealth Partners LLC now owns 1,476 shares of the medical equipment provider’s stock valued at $115,000 after purchasing an additional 69 shares during the period. Creative Planning grew its stake in shares of ResMed by 97.1% during the 2nd quarter. Creative Planning now owns 1,671 shares of the medical equipment provider’s stock valued at $130,000 after purchasing an additional 823 shares during the period. Van ECK Associates Corp grew its stake in shares of ResMed by 7.5% during the 1st quarter. Van ECK Associates Corp now owns 1,945 shares of the medical equipment provider’s stock valued at $140,000 after purchasing an additional 136 shares during the period. Finally, Huntington National Bank bought a new stake in shares of ResMed during the 2nd quarter valued at about $156,000. Institutional investors and hedge funds own 60.25% of the company’s stock.
ResMed Company Profile
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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