Needham & Company LLC Increases ResMed (NYSE:RMD) Price Target to $236.00

ResMed (NYSE:RMD) had its target price increased by Needham & Company LLC from $224.00 to $236.00 in a report published on Friday morning, Benzinga reports. Needham & Company LLC currently has a buy rating on the medical equipment provider’s stock.

Several other brokerages have also issued reports on RMD. Oppenheimer raised their target price on ResMed from $185.00 to $205.00 and gave the stock an outperform rating in a research report on Tuesday, January 30th. UBS Group raised their price objective on ResMed from $175.00 to $180.00 and gave the stock a neutral rating in a research report on Thursday, January 25th. Mizuho reaffirmed a buy rating and issued a $215.00 price objective on shares of ResMed in a research note on Wednesday, March 27th. JPMorgan Chase & Co. increased their target price on shares of ResMed from $160.00 to $195.00 and gave the company an overweight rating in a research report on Tuesday, January 9th. Finally, KeyCorp assumed coverage on shares of ResMed in a research report on Tuesday, February 6th. They issued an overweight rating and a $227.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, ResMed currently has a consensus rating of Moderate Buy and an average price target of $202.80.

ResMed Stock Performance

ResMed stock opened at $218.06 on Friday. The business has a 50 day moving average of $187.07 and a 200-day moving average of $171.97. The company has a market capitalization of $32.07 billion, a P/E ratio of 33.50, a P/E/G ratio of 2.26 and a beta of 0.67. ResMed has a 1 year low of $132.24 and a 1 year high of $243.52. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.11 and a quick ratio of 1.89.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, April 25th. The medical equipment provider reported $2.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.91 by $0.22. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.17 billion. ResMed had a net margin of 20.91% and a return on equity of 24.92%. The company’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.68 EPS. On average, equities research analysts predict that ResMed will post 7.44 earnings per share for the current year.

ResMed Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 13th. Stockholders of record on Thursday, May 9th will be paid a $0.48 dividend. The ex-dividend date of this dividend is Wednesday, May 8th. This represents a $1.92 annualized dividend and a dividend yield of 0.88%. ResMed’s dividend payout ratio is currently 29.49%.

Insider Activity at ResMed

In other ResMed news, Director Peter C. Farrell sold 10,935 shares of the firm’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $182.66, for a total value of $1,997,387.10. Following the completion of the sale, the director now directly owns 157,404 shares in the company, valued at $28,751,414.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, General Counsel Michael J. Rider sold 200 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $173.25, for a total transaction of $34,650.00. Following the transaction, the general counsel now directly owns 6,688 shares of the company’s stock, valued at $1,158,696. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Peter C. Farrell sold 10,935 shares of ResMed stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $182.66, for a total transaction of $1,997,387.10. Following the completion of the sale, the director now directly owns 157,404 shares of the company’s stock, valued at approximately $28,751,414.64. The disclosure for this sale can be found here. Insiders have sold 11,216 shares of company stock worth $2,046,617 in the last quarter. Company insiders own 1.21% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Handelsbanken Fonder AB grew its holdings in shares of ResMed by 22.5% during the fourth quarter. Handelsbanken Fonder AB now owns 70,272 shares of the medical equipment provider’s stock valued at $12,088,000 after buying an additional 12,899 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in ResMed by 13.9% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 45,231 shares of the medical equipment provider’s stock valued at $7,781,000 after acquiring an additional 5,517 shares in the last quarter. Vaughan David Investments LLC IL acquired a new position in ResMed during the 4th quarter valued at about $29,322,000. International Assets Investment Management LLC increased its holdings in ResMed by 11,960.3% during the 4th quarter. International Assets Investment Management LLC now owns 22,191 shares of the medical equipment provider’s stock worth $3,817,000 after purchasing an additional 22,007 shares in the last quarter. Finally, Illinois Municipal Retirement Fund increased its holdings in ResMed by 33.7% during the 4th quarter. Illinois Municipal Retirement Fund now owns 72,893 shares of the medical equipment provider’s stock worth $12,539,000 after purchasing an additional 18,368 shares in the last quarter. Institutional investors and hedge funds own 54.98% of the company’s stock.

About ResMed

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. It 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 technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.