Mizuho Issues Positive Forecast for ResMed (NYSE:RMD) Stock Price

ResMed (NYSE:RMD - Free Report) had its price objective hoisted by Mizuho from $250.00 to $270.00 in a report issued on Wednesday morning,Benzinga reports. They currently have an outperform rating on the medical equipment provider's stock.

Several other research firms also recently weighed in on RMD. JPMorgan Chase & Co. lifted their target price on ResMed from $286.00 to $290.00 and gave the company an "overweight" rating in a research report on Thursday, April 24th. UBS Group lowered their price objective on ResMed from $290.00 to $285.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. Wall Street Zen downgraded ResMed from a "buy" rating to a "hold" rating in a report on Saturday, May 24th. KeyCorp set a $274.00 price target on ResMed in a report on Thursday, April 24th. Finally, Royal Bank Of Canada upgraded ResMed from a "sector perform" rating to an "outperform" rating and boosted their price objective for the company from $255.00 to $294.00 in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, ResMed has a consensus rating of "Moderate Buy" and an average price target of $263.00.

ResMed Trading Up 0.5%

Shares of NYSE RMD traded up $1.27 during trading on Wednesday, hitting $257.69. 319,860 shares of the company were exchanged, compared to its average volume of 966,063. ResMed has a 12-month low of $196.43 and a 12-month high of $263.05. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.49 and a current ratio of 3.41. The company has a fifty day moving average price of $251.28 and a 200-day moving average price of $237.32. The firm has a market capitalization of $37.78 billion, a PE ratio of 28.91, a P/E/G ratio of 1.59 and a beta of 0.77.

ResMed (NYSE:RMD - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The medical equipment provider reported $2.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.01. The firm had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.28 billion. ResMed had a net margin of 26.15% and a return on equity of 25.67%. ResMed's revenue was up 7.9% on a year-over-year basis. During the same period in the previous year, the firm earned $2.13 EPS. As a group, equities research analysts expect that ResMed will post 9.47 EPS for the current year.

ResMed Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Thursday, May 8th were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 0.82%. The ex-dividend date was Thursday, May 8th. ResMed's dividend payout ratio (DPR) is presently 23.79%.

Insider Transactions at ResMed

In related news, Director Peter C. Farrell sold 945 shares of the company's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $255.49, for a total transaction of $241,438.05. Following the transaction, the director owned 68,273 shares of the company's stock, valued at $17,443,068.77. This represents a 1.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael J. Farrell sold 8,009 shares of the company's stock in a transaction on Monday, July 7th. The stock was sold at an average price of $256.72, for a total value of $2,056,070.48. Following the transaction, the chief executive officer directly owned 455,503 shares in the company, valued at $116,936,730.16. This represents a 1.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold 29,013 shares of company stock worth $7,238,913 over the last 90 days. 0.71% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Ballentine Partners LLC grew its holdings in ResMed by 6.3% during the first quarter. Ballentine Partners LLC now owns 1,782 shares of the medical equipment provider's stock worth $399,000 after acquiring an additional 105 shares during the period. Golden State Wealth Management LLC grew its holdings in ResMed by 384.8% during the first quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider's stock worth $36,000 after acquiring an additional 127 shares during the period. Exchange Traded Concepts LLC grew its holdings in ResMed by 393.0% during the first quarter. Exchange Traded Concepts LLC now owns 2,529 shares of the medical equipment provider's stock worth $566,000 after acquiring an additional 2,016 shares during the period. EntryPoint Capital LLC acquired a new position in ResMed during the fourth quarter worth $347,000. Finally, MML Investors Services LLC grew its holdings in ResMed by 31.9% during the fourth quarter. MML Investors Services LLC now owns 11,468 shares of the medical equipment provider's stock worth $2,623,000 after acquiring an additional 2,771 shares during the period. 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. 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.