ResMed (NYSE:RMD) Cut to Hold at Wall Street Zen

Wall Street Zen downgraded shares of ResMed (NYSE:RMD - Free Report) from a buy rating to a hold rating in a research report sent to investors on Saturday.

Other equities analysts have also issued research reports about the stock. Stifel Nicolaus decreased their price target on shares of ResMed from $250.00 to $240.00 and set a "hold" rating on the stock in a report on Wednesday, March 5th. Royal Bank of Canada lifted their price target on shares of ResMed from $247.00 to $255.00 and gave the company a "sector perform" rating in a report on Thursday, April 24th. JPMorgan Chase & Co. raised their target price on shares of ResMed from $286.00 to $290.00 and gave the company an "overweight" rating in a research note on Thursday, April 24th. Piper Sandler cut their target price on shares of ResMed from $260.00 to $248.00 and set a "neutral" rating on the stock in a research note on Thursday, April 24th. Finally, KeyCorp set a $274.00 target price on shares of ResMed in a research note on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $259.33.

ResMed Trading Up 0.1%

NYSE RMD traded up $0.31 during mid-day trading on Friday, reaching $245.07. 562,834 shares of the stock were exchanged, compared to its average volume of 1,022,763. ResMed has a 1-year low of $179.42 and a 1-year high of $263.05. The business's fifty day simple moving average is $229.74 and its 200 day simple moving average is $234.23. The stock has a market capitalization of $35.93 billion, a PE ratio of 28.93, a PEG ratio of 1.53 and a beta of 0.78. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.29 and a current ratio of 3.33.

ResMed (NYSE:RMD - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The medical equipment provider reported $2.37 earnings per share for the quarter, beating analysts' consensus estimates of $2.36 by $0.01. The company had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.28 billion. ResMed had a net margin of 25.34% and a return on equity of 26.17%. ResMed's revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter last year, the business earned $2.13 EPS. On average, research analysts anticipate that ResMed will post 9.47 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Thursday, May 8th will be given a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 0.87%. The ex-dividend date is Thursday, May 8th. ResMed's payout ratio is currently 23.79%.

Insider Transactions at ResMed

In other news, CEO Michael J. Farrell sold 8,009 shares of ResMed stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $229.20, for a total value of $1,835,662.80. Following the completion of the transaction, the chief executive officer now directly owns 455,472 shares of the company's stock, valued at approximately $104,394,182.40. The trade was a 1.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Witte Jan De sold 2,000 shares of ResMed stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $243.47, for a total transaction of $486,940.00. Following the completion of the transaction, the director now directly owns 5,806 shares of the company's stock, valued at $1,413,586.82. This trade represents a 25.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 50,949 shares of company stock valued at $11,822,260. Insiders own 0.71% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in ResMed by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 18,493,702 shares of the medical equipment provider's stock valued at $4,139,815,000 after purchasing an additional 320,240 shares during the period. Geode Capital Management LLC boosted its stake in ResMed by 2.2% during the 4th quarter. Geode Capital Management LLC now owns 3,944,084 shares of the medical equipment provider's stock valued at $899,860,000 after purchasing an additional 85,270 shares during the period. Invesco Ltd. boosted its stake in ResMed by 32.2% during the 4th quarter. Invesco Ltd. now owns 2,325,009 shares of the medical equipment provider's stock valued at $531,706,000 after purchasing an additional 566,046 shares during the period. Northern Trust Corp boosted its stake in ResMed by 2.5% during the 1st quarter. Northern Trust Corp now owns 1,744,541 shares of the medical equipment provider's stock valued at $390,516,000 after purchasing an additional 41,951 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in ResMed by 4.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 998,128 shares of the medical equipment provider's stock valued at $223,431,000 after purchasing an additional 41,108 shares during the period. 54.98% of the stock is owned by institutional investors and hedge funds.

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.