ResMed (NYSE:RMD) Earns Overweight Rating from Analysts at Morgan Stanley

Investment analysts at Morgan Stanley started coverage on shares of ResMed (NYSE:RMD) in a research report issued on Wednesday, MarketBeat Ratings reports. The firm set an “overweight” rating and a $280.00 price target on the medical equipment provider’s stock. Morgan Stanley’s price target would suggest a potential upside of 26.62% from the stock’s previous close.

Several other research analysts also recently issued reports on RMD. The Goldman Sachs Group began coverage on ResMed in a research note on Thursday, January 16th. They set a “buy” rating for the company. Stifel Nicolaus cut their price target on ResMed from $250.00 to $240.00 and set a “hold” rating for the company in a research note on Wednesday, March 5th. UBS Group raised ResMed from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 31st. Piper Sandler lifted their price target on ResMed from $252.00 to $260.00 and gave the stock a “neutral” rating in a research note on Friday, January 31st. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of ResMed in a research note on Friday, January 31st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $246.83.

ResMed Price Performance

ResMed stock opened at $221.13 on Wednesday. ResMed has a one year low of $172.19 and a one year high of $263.05. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.29 and a current ratio of 3.33. The business has a fifty day moving average of $235.19 and a two-hundred day moving average of $239.24. The company has a market cap of $32.48 billion, a P/E ratio of 26.11, a price-to-earnings-growth ratio of 1.53 and a beta of 0.74.

ResMed (NYSE:RMD) last released its earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 EPS for the quarter, beating analysts’ consensus estimates of $2.29 by $0.14. ResMed had a return on equity of 26.17% and a net margin of 25.34%. As a group, analysts predict that ResMed will post 9.47 earnings per share for the current fiscal year.

Insider Buying and Selling at ResMed

In other ResMed news, CEO Michael J. Farrell sold 8,009 shares of ResMed stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $229.20, for a total value of $1,835,662.80. Following the completion of the sale, the chief executive officer now owns 455,472 shares in the company, valued at $104,394,182.40. The trade was a 1.73 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $242.11, for a total value of $484,220.00. Following the completion of the sale, the director now owns 77,218 shares of the company’s stock, valued at $18,695,249.98. This trade represents a 2.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 38,940 shares of company stock worth $9,164,385 in the last 90 days. 0.71% of the stock is owned by company insiders.

Hedge Funds Weigh In On ResMed

Hedge funds and other institutional investors have recently modified their holdings of the company. True Wealth Design LLC lifted its stake in shares of ResMed by 2,200.0% in the 3rd quarter. True Wealth Design LLC now owns 115 shares of the medical equipment provider’s stock valued at $28,000 after purchasing an additional 110 shares in the last quarter. Colonial Trust Co SC lifted its stake in shares of ResMed by 6,250.0% in the 4th quarter. Colonial Trust Co SC now owns 127 shares of the medical equipment provider’s stock valued at $29,000 after purchasing an additional 125 shares in the last quarter. Optiver Holding B.V. acquired a new position in shares of ResMed in the 4th quarter valued at about $33,000. Itau Unibanco Holding S.A. lifted its stake in shares of ResMed by 1,000.0% in the 4th quarter. Itau Unibanco Holding S.A. now owns 165 shares of the medical equipment provider’s stock valued at $38,000 after purchasing an additional 150 shares in the last quarter. Finally, OFI Invest Asset Management acquired a new position in shares of ResMed in the 4th quarter valued at about $39,000. 54.98% of the stock is owned by institutional investors and hedge funds.

ResMed Company Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. The company operates in two segments, Sleep and Respiratory Care, and Software as a Service. It offers various products and solutions for a range of respiratory disorders, including ApneaLink Air, a portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow, and snoring; and NightOwl, a portable, cloud-connected, and disposable diagnostic device that measures AHI based on derived peripheral arterial tone, actigraphy, and oximetry over several nights.