ResMed (NYSE:RMD) Given New $270.00 Price Target at Bank of America

ResMed (NYSE:RMD) had its price target boosted by research analysts at Bank of America from $240.00 to $270.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the medical equipment provider’s stock. Bank of America‘s target price points to a potential upside of 12.97% from the company’s current price.

Other research analysts also recently issued research reports about the company. StockNews.com downgraded ResMed from a “buy” rating to a “hold” rating in a report on Friday, August 30th. Oppenheimer cut ResMed from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 25th. Wolfe Research reissued an “underperform” rating and issued a $180.00 price target on shares of ResMed in a research report on Wednesday, September 18th. Needham & Company LLC restated a “hold” rating on shares of ResMed in a report on Wednesday, September 18th. Finally, Citigroup downgraded shares of ResMed from a “buy” rating to a “neutral” rating in a research report on Monday, June 24th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, ResMed presently has a consensus rating of “Moderate Buy” and an average target price of $212.25.

ResMed Price Performance

RMD stock opened at $239.00 on Thursday. ResMed has a one year low of $132.24 and a one year high of $255.18. The firm has a 50-day moving average of $230.00 and a two-hundred day moving average of $210.84. The firm has a market capitalization of $35.11 billion, a PE ratio of 37.11, a P/E/G ratio of 2.45 and a beta of 0.69. The company has a current ratio of 2.59, a quick ratio of 1.69 and a debt-to-equity ratio of 0.14.

ResMed (NYSE:RMD) last posted its quarterly earnings data on Thursday, August 1st. The medical equipment provider reported $2.08 EPS for the quarter, topping analysts’ consensus estimates of $2.03 by $0.05. ResMed had a net margin of 21.79% and a return on equity of 25.00%. The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same quarter last year, the business posted $1.60 EPS. The company’s revenue was up 6.9% on a year-over-year basis. On average, analysts forecast that ResMed will post 8.92 earnings per share for the current year.

Insider Activity

In related news, insider Kaushik Ghoshal sold 5,000 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $252.56, for a total value of $1,262,800.00. Following the completion of the sale, the insider now directly owns 21,788 shares in the company, valued at $5,502,777.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other ResMed news, insider Kaushik Ghoshal sold 5,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $252.56, for a total transaction of $1,262,800.00. Following the transaction, the insider now directly owns 21,788 shares in the company, valued at $5,502,777.28. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Justin Leong sold 48,000 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $217.07, for a total value of $10,419,360.00. Following the sale, the insider now owns 18,741 shares of the company’s stock, valued at approximately $4,068,108.87. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 102,931 shares of company stock worth $22,644,807. 1.21% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ResMed

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RMD. BOK Financial Private Wealth Inc. acquired a new stake in shares of ResMed in the first quarter worth $35,000. OFI Invest Asset Management acquired a new position in ResMed in the 2nd quarter valued at $32,000. Versant Capital Management Inc raised its holdings in ResMed by 196.7% in the 2nd quarter. Versant Capital Management Inc now owns 181 shares of the medical equipment provider’s stock worth $35,000 after acquiring an additional 120 shares during the period. Financial Connections Group Inc. acquired a new position in ResMed during the 2nd quarter worth $37,000. Finally, Riverview Trust Co bought a new stake in ResMed during the first quarter valued at about $42,000. 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.