ResMed (NYSE:RMD) Shares Down 6.1% – Here’s What Happened

ResMed Inc. (NYSE:RMD) was down 6.1% during trading on Friday . The company traded as low as $235.00 and last traded at $241.87. Approximately 334,218 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 845,787 shares. The stock had previously closed at $257.65.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on RMD shares. Royal Bank of Canada upped their price objective on shares of ResMed from $224.00 to $232.00 and gave the stock a “sector perform” rating in a research report on Friday, October 25th. Needham & Company LLC reissued a “hold” rating on shares of ResMed in a research note on Friday. Robert W. Baird upped their target price on ResMed from $280.00 to $283.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. StockNews.com upgraded ResMed from a “hold” rating to a “buy” rating in a research note on Tuesday, October 15th. Finally, Piper Sandler upped their price objective on ResMed from $252.00 to $260.00 and gave the stock a “neutral” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, ResMed currently has an average rating of “Moderate Buy” and a consensus target price of $240.60.

ResMed Stock Performance

The company has a fifty day moving average price of $240.32 and a two-hundred day moving average price of $235.99. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.92 and a quick ratio of 1.91. The company has a market capitalization of $35.85 billion, a P/E ratio of 32.37, a PEG ratio of 1.83 and a beta of 0.70.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share for the quarter, topping analysts’ consensus estimates of $2.29 by $0.14. ResMed had a net margin of 23.15% and a return on equity of 25.53%. Equities analysts forecast that ResMed Inc. will post 9.35 earnings per share for the current fiscal year.

Insider Buying and Selling at ResMed

In other ResMed news, Director Peter C. Farrell sold 2,000 shares of the company’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $245.65, for a total transaction of $491,300.00. Following the sale, the director now owns 81,218 shares of the company’s stock, valued at approximately $19,951,201.70. This represents a 2.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Witte Jan De sold 796 shares of the stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $248.81, for a total value of $198,052.76. Following the sale, the director now owns 6,723 shares of the company’s stock, valued at approximately $1,672,749.63. The trade was a 10.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 11,030 shares of company stock worth $2,702,687. Insiders own 0.71% of the company’s stock.

Institutional Investors Weigh In On ResMed

Several institutional investors and hedge funds have recently made changes to their positions in the business. True Wealth Design LLC boosted its holdings in shares of ResMed by 2,200.0% during the 3rd quarter. True Wealth Design LLC now owns 115 shares of the medical equipment provider’s stock worth $28,000 after buying an additional 110 shares in the last quarter. Ashton Thomas Securities LLC acquired a new position in shares of ResMed during the 3rd quarter valued at $34,000. Rosenberg Matthew Hamilton bought a new position in ResMed during the fourth quarter worth $54,000. Capital Performance Advisors LLP bought a new stake in ResMed in the third quarter valued at $60,000. Finally, Quarry LP raised its holdings in shares of ResMed by 271.9% during the second quarter. Quarry LP now owns 331 shares of the medical equipment provider’s stock valued at $63,000 after purchasing an additional 242 shares during the period. Institutional investors 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. 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.