ResMed (NYSE:RMD) Price Target Raised to $298.00 at KeyCorp

Key Points

• KeyCorp has raised its price target for ResMed (NYSE:RMD) from $274.00 to $298.00, indicating a potential upside of 9.45% from the stock's previous close.
• Multiple analysts have provided mixed ratings on ResMed, with the consensus rating at "Moderate Buy" and an average price target of $266.83.
• ResMed reported a quarterly EPS of $2.55, exceeding estimates, and saw a year-over-year revenue increase of 10.2% to $1.35 billion.

ResMed (NYSE:RMD - Get Free Report) had its price objective lifted by research analysts at KeyCorp from $274.00 to $298.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an "overweight" rating on the medical equipment provider's stock. KeyCorp's price objective would suggest a potential upside of 9.45% from the stock's previous close.

A number of other equities research analysts have also issued reports on RMD. Mizuho raised their price target on ResMed from $250.00 to $270.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. Piper Sandler raised their price target on ResMed from $248.00 to $270.00 and gave the stock a "neutral" rating in a research note on Friday. UBS Group decreased their price target on ResMed from $290.00 to $285.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. JPMorgan Chase & Co. raised their price target on ResMed from $286.00 to $290.00 and gave the stock an "overweight" rating in a research note on Thursday, April 24th. Finally, Wall Street Zen lowered ResMed from a "buy" rating to a "hold" rating in a research note on Saturday, May 24th. One analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, ResMed presently has a consensus rating of "Moderate Buy" and an average price target of $266.83.

ResMed Price Performance

NYSE:RMD opened at $272.27 on Friday. The firm has a market capitalization of $39.92 billion, a price-to-earnings ratio of 30.54, a PEG ratio of 1.72 and a beta of 0.77. ResMed has a 1 year low of $199.92 and a 1 year high of $281.90. The business has a 50 day simple moving average of $255.87 and a 200-day simple moving average of $239.97. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.41 and a quick ratio of 2.49.

ResMed (NYSE:RMD - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.47 by $0.08. ResMed had a return on equity of 25.67% and a net margin of 26.15%. The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.33 billion. During the same period last year, the company earned $2.08 EPS. ResMed's quarterly revenue was up 10.2% compared to the same quarter last year. Equities analysts forecast that ResMed will post 9.47 EPS for the current year.

Insider Activity

In other news, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $242.25, for a total value of $484,500.00. Following the transaction, the director directly owned 71,218 shares in the company, valued at approximately $17,252,560.50. This trade represents a 2.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael J. Farrell sold 8,009 shares of ResMed stock in a transaction on Monday, July 7th. The shares were sold at an average price of $256.72, for a total value of $2,056,070.48. Following the completion of the transaction, the chief executive officer owned 455,503 shares in the company, valued at $116,936,730.16. This represents a 1.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 29,013 shares of company stock worth $7,238,913. 0.71% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of ResMed by 1.8% in 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 acquiring an additional 320,240 shares during the period. Invesco Ltd. grew 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 worth $531,706,000 after buying an additional 566,046 shares during the last quarter. Northern Trust Corp grew 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 worth $390,516,000 after buying an additional 41,951 shares during the last quarter. Charles Schwab Investment Management Inc. grew 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 worth $223,431,000 after buying an additional 41,108 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in ResMed by 2.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 977,401 shares of the medical equipment provider's stock worth $218,791,000 after buying an additional 22,789 shares during the last quarter. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

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.

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