ResMed (NYSE:RMD) Stock Price Down 3% on Analyst Downgrade

ResMed Inc. (NYSE:RMD - Get Free Report)'s stock price fell 3% during trading on Monday after Oppenheimer lowered their price target on the stock from $205.00 to $200.00. Oppenheimer currently has an outperform rating on the stock. ResMed traded as low as $210.20 and last traded at $211.61. 322,132 shares changed hands during trading, a decline of 69% from the average session volume of 1,045,429 shares. The stock had previously closed at $218.06.

A number of other equities analysts have also recently issued reports on the stock. Mizuho restated a "buy" rating and set a $215.00 target price on shares of ResMed in a research report on Wednesday, March 27th. Needham & Company LLC upped their target price on ResMed from $224.00 to $236.00 and gave the company a "buy" rating in a research note on Friday. JPMorgan Chase & Co. raised their price target on ResMed from $160.00 to $195.00 and gave the stock an "overweight" rating in a research report on Tuesday, January 9th. KeyCorp increased their price objective on ResMed from $227.00 to $238.00 and gave the company an "overweight" rating in a research note on Friday. Finally, Royal Bank of Canada boosted their target price on shares of ResMed from $187.00 to $200.00 and gave the company a "sector perform" rating in a research note on Friday. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $202.80.

Insider Activity

In other ResMed news, General Counsel Michael J. Rider sold 200 shares of ResMed stock in a transaction on Friday, March 1st. The shares were sold at an average price of $173.25, for a total value of $34,650.00. Following the transaction, the general counsel now owns 6,688 shares in the company, valued at approximately $1,158,696. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Peter C. Farrell sold 10,935 shares of the firm's stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $182.66, for a total value of $1,997,387.10. Following the transaction, the director now owns 157,404 shares in the company, valued at $28,751,414.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Michael J. Rider sold 200 shares of the business's stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $173.25, for a total transaction of $34,650.00. Following the sale, the general counsel now owns 6,688 shares of the company's stock, valued at $1,158,696. The disclosure for this sale can be found here. Insiders sold a total of 11,216 shares of company stock valued at $2,046,617 in the last 90 days. 1.21% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ResMed

Several hedge funds and other institutional investors have recently made changes to their positions in RMD. Benjamin F. Edwards & Company Inc. lifted its stake in shares of ResMed by 2,864.9% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 26,743 shares of the medical equipment provider's stock worth $5,296,000 after purchasing an additional 25,841 shares in the last quarter. Phillips Wealth Planners LLC purchased a new stake in shares of ResMed during the 1st quarter valued at about $214,000. Pinnacle Associates Ltd. acquired a new position in ResMed during the 1st quarter worth approximately $7,370,000. MBA Advisors LLC purchased a new position in ResMed in the 1st quarter worth approximately $210,000. Finally, YHB Investment Advisors Inc. acquired a new stake in ResMed in the first quarter valued at approximately $109,000. Institutional investors and hedge funds own 54.98% of the company's stock.

ResMed Price Performance

The business's 50 day moving average price is $187.07 and its 200-day moving average price is $172.32. The company has a quick ratio of 1.97, a current ratio of 3.04 and a debt-to-equity ratio of 0.22. The company has a market cap of $31.93 billion, a PE ratio of 32.87, a price-to-earnings-growth ratio of 2.65 and a beta of 0.67.

ResMed (NYSE:RMD - Get Free Report) last released its quarterly earnings results on Thursday, April 25th. The medical equipment provider reported $2.13 earnings per share for the quarter, beating analysts' consensus estimates of $1.91 by $0.22. ResMed had a net margin of 20.91% and a return on equity of 24.43%. The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same period last year, the business earned $1.68 EPS. The business's revenue was up 7.2% on a year-over-year basis. As a group, analysts forecast that ResMed Inc. will post 7.52 earnings per share for the current year.

ResMed Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 13th. Stockholders of record on Thursday, May 9th will be given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 0.88%. The ex-dividend date of this dividend is Wednesday, May 8th. ResMed's payout ratio is 29.49%.

ResMed Company Profile

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.