ResMed (NYSE:RMD) Coverage Initiated by Analysts at Piper Sandler

Equities researchers at Piper Sandler started coverage on shares of ResMed (NYSE:RMD) in a note issued to investors on Friday,Benzinga reports. The brokerage set a “neutral” rating and a $252.00 price target on the medical equipment provider’s stock. Piper Sandler’s price objective would suggest a potential upside of 6.84% from the stock’s current price.

Other analysts have also issued reports about the stock. Needham & Company LLC reiterated a “hold” rating on shares of ResMed in a research note on Friday, October 25th. Bank of America upped their target price on shares of ResMed from $240.00 to $270.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Stifel Nicolaus started coverage on shares of ResMed in a research note on Friday, December 13th. They issued a “hold” rating and a $250.00 price target for the company. StockNews.com raised ResMed from a “hold” rating to a “buy” rating in a research report on Tuesday, October 15th. Finally, Wolfe Research reiterated an “underperform” rating and issued a $180.00 target price on shares of ResMed in a report on Wednesday, September 18th. One analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $233.09.

ResMed Stock Performance

NYSE:RMD opened at $235.87 on Friday. ResMed has a fifty-two week low of $168.29 and a fifty-two week high of $260.49. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.92. The company has a 50 day moving average price of $240.05 and a 200 day moving average price of $230.52. The stock has a market capitalization of $34.62 billion, a P/E ratio of 31.24, a PEG ratio of 1.73 and a beta of 0.70.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 EPS for the quarter, topping the consensus estimate of $2.03 by $0.17. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.19 billion. ResMed had a return on equity of 25.53% and a net margin of 23.15%. The company’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period last year, the business posted $1.64 earnings per share. Equities research analysts forecast that ResMed will post 9.34 EPS for the current year.

Insider Buying and Selling at ResMed

In other ResMed news, Director Peter C. Farrell sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $248.74, for a total transaction of $497,480.00. Following the transaction, the director now owns 83,204 shares of the company’s stock, valued at approximately $20,696,162.96. This trade represents a 2.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Justin Leong sold 6,160 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $243.09, for a total value of $1,497,434.40. Following the completion of the sale, the insider now directly owns 21,718 shares of the company’s stock, valued at $5,279,428.62. The trade was a 22.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 11,099 shares of company stock worth $2,719,385 over the last three months. Insiders own 0.71% of the company’s stock.

Hedge Funds Weigh In On ResMed

Hedge funds have recently modified their holdings of the business. UMB Bank n.a. grew its position in ResMed by 1.9% during the 3rd quarter. UMB Bank n.a. now owns 2,465 shares of the medical equipment provider’s stock worth $602,000 after purchasing an additional 47 shares during the last quarter. Ascent Group LLC boosted its stake in shares of ResMed by 1.7% during the third quarter. Ascent Group LLC now owns 2,924 shares of the medical equipment provider’s stock worth $714,000 after buying an additional 48 shares during the period. SkyView Investment Advisors LLC grew its holdings in shares of ResMed by 2.0% during the third quarter. SkyView Investment Advisors LLC now owns 2,610 shares of the medical equipment provider’s stock worth $637,000 after buying an additional 51 shares during the last quarter. Inspire Advisors LLC increased its position in ResMed by 1.9% in the 2nd quarter. Inspire Advisors LLC now owns 3,060 shares of the medical equipment provider’s stock valued at $586,000 after acquiring an additional 56 shares during the period. Finally, Concurrent Investment Advisors LLC raised its stake in ResMed by 3.1% during the 3rd quarter. Concurrent Investment Advisors LLC now owns 1,919 shares of the medical equipment provider’s stock valued at $469,000 after acquiring an additional 57 shares during the last quarter. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

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.