ResMed (NYSE:RMD) Upgraded to Buy at StockNews.com

StockNews.com upgraded shares of ResMed (NYSE:RMD) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning.

A number of other research firms have also recently commented on RMD. UBS Group raised ResMed from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 31st. KeyCorp increased their target price on ResMed from $266.00 to $280.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Piper Sandler lifted their target price on ResMed from $252.00 to $260.00 and gave the stock a “neutral” rating in a research report on Friday, January 31st. The Goldman Sachs Group assumed coverage on shares of ResMed in a report on Thursday, January 16th. They issued a “buy” rating on the stock. Finally, Citigroup upgraded shares of ResMed from a “neutral” rating to a “buy” rating in a report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $246.83.

ResMed Stock Performance

NYSE:RMD opened at $221.40 on Tuesday. The firm has a market capitalization of $32.52 billion, a PE ratio of 26.14, a PEG ratio of 1.53 and a beta of 0.74. The stock’s fifty day moving average is $234.61 and its 200 day moving average is $238.66. ResMed has a fifty-two week low of $172.19 and a fifty-two week 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.

ResMed (NYSE:RMD) last announced its earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share for the quarter, beating the consensus estimate of $2.29 by $0.14. ResMed had a net margin of 25.34% and a return on equity of 26.17%. On average, sell-side analysts anticipate that ResMed will post 9.47 earnings per share for the current year.

ResMed Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Thursday, February 13th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.96%. The ex-dividend date was Thursday, February 13th. ResMed’s dividend payout ratio is currently 25.03%.

Insider Buying and Selling

In related news, insider Kaushik Ghoshal sold 9,113 shares of the company’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $235.40, for a total transaction of $2,145,200.20. Following the transaction, the insider now directly owns 9,725 shares of the company’s stock, valued at $2,289,265. This represents a 48.38 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Peter C. Farrell sold 2,000 shares of the 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 approximately $18,695,249.98. This trade represents a 2.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 38,940 shares of company stock worth $9,164,385 in the last 90 days. 0.71% of the stock is owned by corporate insiders.

Institutional Trading of ResMed

A number of institutional investors have recently bought and sold shares of the stock. First Horizon Advisors Inc. lifted its stake in shares of ResMed by 285.1% during the fourth quarter. First Horizon Advisors Inc. now owns 593 shares of the medical equipment provider’s stock worth $136,000 after buying an additional 439 shares during the period. Peak Financial Advisors LLC purchased a new position in ResMed in the 4th quarter worth $2,972,000. Principal Financial Group Inc. lifted its position in ResMed by 2.9% during the 3rd quarter. Principal Financial Group Inc. now owns 186,776 shares of the medical equipment provider’s stock worth $45,596,000 after acquiring an additional 5,284 shares during the period. Spire Wealth Management lifted its position in ResMed by 11.3% during the 4th quarter. Spire Wealth Management now owns 10,800 shares of the medical equipment provider’s stock worth $2,470,000 after acquiring an additional 1,100 shares during the period. Finally, Asset Management One Co. Ltd. grew its stake in ResMed by 2.8% during the 4th quarter. Asset Management One Co. Ltd. now owns 60,489 shares of the medical equipment provider’s stock valued at $14,105,000 after purchasing an additional 1,629 shares during the last quarter. 54.98% of the stock is currently owned by institutional investors and hedge funds.

About ResMed

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.