Piper Sandler Forecasts Strong Price Appreciation for ResMed (NYSE:RMD) Stock

Key Points

• Piper Sandler raised its price target for ResMed (NYSE:RMD) from $248.00 to $270.00, suggesting a potential downside of 0.79% from the current stock price, while maintaining a "neutral" rating.
• Despite mixed ratings from various analysts, ResMed has a consensus rating of "Moderate Buy" with a consensus target price of $264.83.
• ResMed reported earnings per share (EPS) of $2.55 for the last quarter, exceeding expectations, and had a 10.2% year-over-year revenue growth.

ResMed (NYSE:RMD - Get Free Report) had its price target boosted by research analysts at Piper Sandler from $248.00 to $270.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a "neutral" rating on the medical equipment provider's stock. Piper Sandler's price target suggests a potential downside of 0.79% from the stock's current price.

A number of other brokerages also recently issued reports on RMD. KeyCorp set a $274.00 price target on shares of ResMed in a report on Thursday, April 24th. Wall Street Zen downgraded ResMed from a "buy" rating to a "hold" rating in a research report on Saturday, May 24th. Mizuho increased their price target on ResMed from $250.00 to $270.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Royal Bank Of Canada raised ResMed from a "sector perform" rating to an "outperform" rating and upped their price objective for the stock from $255.00 to $294.00 in a report on Tuesday, July 15th. Finally, JPMorgan Chase & Co. boosted their price target on shares of ResMed from $286.00 to $290.00 and gave the stock an "overweight" rating in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $264.83.

ResMed Stock Performance

Shares of RMD stock opened at $272.16 on Friday. The company has a quick ratio of 2.49, a current ratio of 3.41 and a debt-to-equity ratio of 0.12. The company has a 50 day moving average price of $255.87 and a 200-day moving average price of $239.97. ResMed has a 52 week low of $199.92 and a 52 week high of $278.86. The firm has a market capitalization of $39.91 billion, a PE ratio of 30.55, a P/E/G ratio of 1.72 and a beta of 0.77.

ResMed (NYSE:RMD - Get Free Report) last announced its earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.08. The business had revenue of $1.35 billion for the quarter, compared to analysts' expectations of $1.33 billion. ResMed had a return on equity of 25.67% and a net margin of 26.15%. The business's revenue for the quarter was up 10.2% on a year-over-year basis. During the same period last year, the firm posted $2.08 earnings per share. As a group, equities research analysts expect that ResMed will post 9.47 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Peter C. Farrell sold 945 shares of ResMed stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $255.49, for a total value of $241,438.05. Following the completion of the sale, the director owned 68,273 shares in the company, valued at approximately $17,443,068.77. This trade represents a 1.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Witte Jan De sold 2,000 shares of the business's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $243.47, for a total value of $486,940.00. Following the completion of the sale, the director directly owned 5,806 shares in the company, valued at approximately $1,413,586.82. The trade was a 25.62% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 29,013 shares of company stock valued at $7,238,913 over the last quarter. 0.71% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. ICW Investment Advisors LLC boosted its stake in shares of ResMed by 0.4% in the 1st quarter. ICW Investment Advisors LLC now owns 11,394 shares of the medical equipment provider's stock valued at $2,551,000 after buying an additional 41 shares during the period. Johnson Investment Counsel Inc. lifted its stake in ResMed by 2.8% in the second quarter. Johnson Investment Counsel Inc. now owns 1,665 shares of the medical equipment provider's stock worth $430,000 after acquiring an additional 45 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in ResMed by 3.9% during the 1st quarter. Smartleaf Asset Management LLC now owns 1,222 shares of the medical equipment provider's stock worth $269,000 after acquiring an additional 46 shares in the last quarter. E Fund Management Co. Ltd. increased its position in shares of ResMed by 2.8% in the 1st quarter. E Fund Management Co. Ltd. now owns 1,719 shares of the medical equipment provider's stock valued at $385,000 after purchasing an additional 47 shares during the last quarter. Finally, CVA Family Office LLC increased its position in shares of ResMed by 29.8% in the 1st quarter. CVA Family Office LLC now owns 209 shares of the medical equipment provider's stock valued at $47,000 after purchasing an additional 48 shares during the last quarter. Institutional investors and hedge funds own 54.98% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.