Royal Bank of Canada Increases ResMed (NYSE:RMD) Price Target to $234.00

ResMed (NYSE:RMD) had its price target upped by stock analysts at Royal Bank of Canada from $227.00 to $234.00 in a report released on Thursday, The Fly reports. The brokerage currently has an “underperform” rating on the medical equipment provider’s stock. Royal Bank of Canada’s price target would suggest a potential downside of 7.20% from the stock’s previous close.

Other equities research analysts also recently issued reports about the stock. Macquarie raised shares of ResMed from a “neutral” rating to an “outperform” rating in a research note on Monday, December 6th. CLSA raised shares of ResMed from an “underperform” rating to an “outperform” rating in a research note on Friday, October 22nd. Two analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $260.50.

Shares of ResMed stock opened at $252.16 on Thursday. ResMed has a 12-month low of $179.37 and a 12-month high of $301.34. The company has a market cap of $36.75 billion, a price-to-earnings ratio of 73.95, a PEG ratio of 2.46 and a beta of 0.30. The company has a current ratio of 2.54, a quick ratio of 1.73 and a debt-to-equity ratio of 0.26. The company’s 50-day moving average price is $256.40 and its 200-day moving average price is $264.70.

ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, October 28th. The medical equipment provider reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.35 by $0.16. ResMed had a net margin of 14.92% and a return on equity of 28.46%. The firm had revenue of $904.00 million for the quarter, compared to the consensus estimate of $858.20 million. During the same period in the prior year, the firm posted $1.27 earnings per share. The company’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, sell-side analysts predict that ResMed will post 6.26 earnings per share for the current year.

In other news, CFO Brett Sandercock sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, January 10th. The shares were sold at an average price of $235.00, for a total value of $587,500.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Carol Burt sold 1,187 shares of the firm’s stock in a transaction that occurred on Monday, November 15th. The stock was sold at an average price of $270.80, for a total transaction of $321,439.60. The disclosure for this sale can be found here. Insiders sold 39,691 shares of company stock worth $10,330,553 in the last 90 days. Company insiders own 1.42% of the company’s stock.

A number of institutional investors have recently made changes to their positions in RMD. Liberty Wealth Management LLC lifted its position in ResMed by 24,552.0% during the second quarter. Liberty Wealth Management LLC now owns 6,163 shares of the medical equipment provider’s stock valued at $25,000 after buying an additional 6,138 shares during the period. MUFG Americas Holdings Corp purchased a new position in shares of ResMed in the 3rd quarter worth about $26,000. D Orazio & Associates Inc. purchased a new position in shares of ResMed in the 3rd quarter worth about $30,000. JJJ Advisors Inc. raised its position in shares of ResMed by 32.9% in the 3rd quarter. JJJ Advisors Inc. now owns 194 shares of the medical equipment provider’s stock worth $51,000 after purchasing an additional 48 shares during the last quarter. Finally, Dark Forest Capital Management LP purchased a new position in shares of ResMed in the 3rd quarter worth about $75,000. 65.12% of the stock is owned by institutional investors and hedge funds.

About ResMed

ResMed, Inc engages in providing digital health and cloud-connected medical devices. Its digital health technologies and cloud-connected medical devices transform care for people with sleep apnea, chronic obstructive pulmonary disease, or COPD, and other chronic diseases. The firm operates through the following segments: Sleep and Respiratory Care, and Software as a Service.

Further Reading: Quiet Period Expirations

The Fly logo

Analyst Recommendations for ResMed (NYSE:RMD)

Receive News & Ratings for ResMed Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ResMed and related companies with MarketBeat.com's FREE daily email newsletter.