ResMed (NYSE:RMD) Given New $325.00 Price Target at UBS Group

Key Points

• Analysts at UBS Group raised their price target for ResMed from $285.00 to $325.00, indicating a potential upside of 16.64% from the stock's previous close.
• ResMed reported $2.55 earnings per share for the last quarter, surpassing consensus estimates of $2.47, with revenue reaching $1.35 billion.
• Insider selling has been noted, including a sale by Director Witte Jan De of 2,000 shares at an average price of $243.47, resulting in a 25.62% decrease in their ownership.

ResMed (NYSE:RMD - Get Free Report) had its price target lifted by analysts at UBS Group from $285.00 to $325.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the medical equipment provider's stock. UBS Group's target price points to a potential upside of 16.64% from the stock's previous close.

RMD has been the topic of a number of other reports. Morgan Stanley set a $286.00 target price on shares of ResMed and gave the stock an "overweight" rating in a research report on Tuesday, May 20th. Piper Sandler increased their price objective on shares of ResMed from $248.00 to $270.00 and gave the company a "neutral" rating in a research note on Friday. 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. Stifel Nicolaus lifted their price objective on shares of ResMed from $240.00 to $270.00 and gave the stock a "hold" rating in a research note on Friday. Finally, Wall Street Zen downgraded shares of ResMed from a "buy" rating to a "hold" rating in a research report on Saturday, May 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, ResMed currently has a consensus rating of "Moderate Buy" and a consensus price target of $274.83.

ResMed Price Performance

ResMed stock traded up $6.69 during mid-day trading on Friday, hitting $278.63. The stock had a trading volume of 839,221 shares, compared to its average volume of 990,486. The firm has a market capitalization of $40.85 billion, a P/E ratio of 31.19, a P/E/G ratio of 1.72 and a beta of 0.77. The company has a current ratio of 3.41, a quick ratio of 2.49 and a debt-to-equity ratio of 0.12. The firm's 50 day moving average is $255.87 and its 200 day moving average is $239.97. ResMed has a one year low of $199.92 and a one year high of $281.90.

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, beating the consensus estimate of $2.47 by $0.08. The firm had revenue of $1.35 billion for the quarter, compared to analysts' expectations of $1.33 billion. ResMed had a net margin of 26.15% and a return on equity of 25.67%. The business's revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the company earned $2.08 EPS. On average, sell-side analysts forecast that ResMed will post 9.47 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Witte Jan De sold 2,000 shares of the firm's stock in a transaction 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 sale, the director directly owned 5,806 shares in the company, valued at approximately $1,413,586.82. This trade represents a 25.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael J. Farrell sold 8,009 shares of the firm's stock in a transaction on Monday, July 7th. The shares were sold at an average price of $256.72, for a total transaction of $2,056,070.48. Following the completion of the sale, the chief executive officer owned 455,503 shares in the company, valued at $116,936,730.16. The trade was a 1.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 29,013 shares of company stock valued at $7,238,913 in the last ninety days. Company insiders own 0.71% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Global X Japan Co. Ltd. grew its position in shares of ResMed by 121.4% in the 1st quarter. Global X Japan Co. Ltd. now owns 124 shares of the medical equipment provider's stock valued at $28,000 after buying an additional 68 shares during the last quarter. Colonial Trust Co SC grew its position in shares of ResMed by 6,250.0% in the 4th quarter. Colonial Trust Co SC now owns 127 shares of the medical equipment provider's stock valued at $29,000 after buying an additional 125 shares during the last quarter. Optiver Holding B.V. purchased a new position in shares of ResMed in the 4th quarter valued at $33,000. Golden State Wealth Management LLC grew its position in shares of ResMed by 384.8% in the 1st quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider's stock valued at $36,000 after buying an additional 127 shares during the last quarter. Finally, Itau Unibanco Holding S.A. grew its position in shares of ResMed by 1,000.0% in the 4th quarter. Itau Unibanco Holding S.A. now owns 165 shares of the medical equipment provider's stock valued at $38,000 after buying an additional 150 shares during the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

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.

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