ResMed (NYSE:RMD) Earns “Hold” Rating from Needham & Company LLC

Needham & Company LLC reiterated their hold rating on shares of ResMed (NYSE:RMD) in a research report sent to investors on Tuesday, Benzinga reports.

A number of other analysts also recently issued reports on the company. Oppenheimer downgraded ResMed from an outperform rating to a market perform rating in a research note on Tuesday, June 25th. StockNews.com downgraded ResMed from a buy rating to a hold rating in a research note on Friday, August 30th. Bank of America lifted their price objective on ResMed from $240.00 to $270.00 and gave the stock a buy rating in a research note on Thursday, September 26th. Baird R W raised ResMed to a strong-buy rating in a research note on Tuesday, September 24th. Finally, Citigroup downgraded ResMed from a buy rating to a neutral rating in a research note on Monday, June 24th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $213.75.

ResMed Stock Down 0.2 %

Shares of RMD opened at $238.43 on Tuesday. The business’s 50 day moving average is $233.29 and its 200 day moving average is $212.51. The company has a market capitalization of $35.03 billion, a PE ratio of 36.63, a price-to-earnings-growth ratio of 2.36 and a beta of 0.69. ResMed has a 12-month low of $132.24 and a 12-month high of $255.18. 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 issued its earnings results on Thursday, August 1st. The medical equipment provider reported $2.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.05. The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.22 billion. ResMed had a return on equity of 25.00% and a net margin of 21.79%. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the company earned $1.60 EPS. Research analysts expect that ResMed will post 8.97 earnings per share for the current fiscal year.

ResMed Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Investors of record on Thursday, August 15th were issued a dividend of $0.53 per share. The ex-dividend date was Thursday, August 15th. This represents a $2.12 dividend on an annualized basis and a yield of 0.89%. This is a boost from ResMed’s previous quarterly dividend of $0.48. ResMed’s payout ratio is presently 32.57%.

Insider Activity at ResMed

In related news, insider Justin Leong sold 48,000 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $217.07, for a total transaction of $10,419,360.00. Following the completion of the transaction, the insider now owns 18,741 shares in the company, valued at approximately $4,068,108.87. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider Justin Leong sold 48,000 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $217.07, for a total transaction of $10,419,360.00. Following the completion of the transaction, the insider now owns 18,741 shares in the company, valued at approximately $4,068,108.87. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Peter C. Farrell sold 2,000 shares of the business’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $237.20, for a total value of $474,400.00. Following the transaction, the director now owns 85,204 shares of the company’s stock, valued at approximately $20,210,388.80. The disclosure for this sale can be found here. Insiders sold a total of 104,931 shares of company stock worth $23,119,207 in the last quarter. 1.21% of the stock is owned by company insiders.

Institutional Investors Weigh In On ResMed

A number of institutional investors and hedge funds have recently bought and sold shares of RMD. Bank of New York Mellon Corp raised its position in ResMed by 51.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,772,761 shares of the medical equipment provider’s stock valued at $1,105,022,000 after purchasing an additional 1,959,642 shares in the last quarter. Los Angeles Capital Management LLC raised its position in ResMed by 3,599.0% during the 1st quarter. Los Angeles Capital Management LLC now owns 499,031 shares of the medical equipment provider’s stock valued at $98,823,000 after purchasing an additional 485,540 shares in the last quarter. Marshall Wace LLP bought a new stake in ResMed during the 2nd quarter valued at $77,285,000. Greenvale Capital LLP raised its position in ResMed by 198.3% during the 4th quarter. Greenvale Capital LLP now owns 551,901 shares of the medical equipment provider’s stock valued at $94,938,000 after purchasing an additional 366,901 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new stake in ResMed during the 2nd quarter valued at $42,036,000. 54.98% of the stock is owned by institutional investors.

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.