ResMed (NYSE:RMD) Price Target Raised to $300.00

Key Points

• Royal Bank of Canada has raised its price target for ResMed (NYSE:RMD) from $294.00 to $300.00, suggesting a potential upside of 7.61% from the current stock price.
• ResMed's latest earnings report revealed an EPS of $2.55, surpassing estimates, with revenue growth of 10.2% year-over-year.
• Insider trading activity includes two directors selling shares, indicating a 2.73% and 25.62% decrease in their respective ownership stakes.

ResMed (NYSE:RMD - Get Free Report) had its price objective lifted by equities research analysts at Royal Bank Of Canada from $294.00 to $300.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an "outperform" rating on the medical equipment provider's stock. Royal Bank Of Canada's price objective indicates a potential upside of 7.61% from the stock's current price.

A number of other research analysts have also issued reports on RMD. Piper Sandler boosted their price target on shares of ResMed from $248.00 to $270.00 and gave the stock a "neutral" rating in a research note on Friday. Morgan Stanley set a $286.00 price target on shares of ResMed and gave the company an "overweight" rating in a report on Tuesday, May 20th. JPMorgan Chase & Co. upped their price objective 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 increased their price target on shares of ResMed from $240.00 to $270.00 and gave the stock a "hold" rating in a research note on Friday. Finally, UBS Group dropped their price objective on shares of ResMed from $290.00 to $285.00 and set a "buy" rating for the company in a research report on Thursday, April 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $274.83.

ResMed Stock Up 2.5%

Shares of ResMed stock traded up $6.84 during trading on Friday, hitting $278.78. 791,825 shares of the stock were exchanged, compared to its average volume of 989,910. The stock has a market cap of $40.88 billion, a price-to-earnings ratio of 31.38, a price-to-earnings-growth ratio of 1.72 and a beta of 0.77. The firm's 50-day moving average price is $255.87 and its 200 day moving average price is $239.97. ResMed has a 12-month low of $199.92 and a 12-month high of $281.90. 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 posted its earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 earnings per share for the quarter, beating the consensus estimate of $2.47 by $0.08. ResMed had a return on equity of 25.67% and a net margin of 26.15%. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same period in the previous year, the business earned $2.08 EPS. The business's quarterly revenue was up 10.2% on a year-over-year basis. As a group, analysts forecast that ResMed will post 9.47 earnings per share for the current fiscal year.

Insider Transactions at ResMed

In other news, Director Peter C. Farrell sold 2,000 shares of the firm's stock in a transaction dated Wednesday, May 7th. The shares were 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Witte Jan De sold 2,000 shares of the firm's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $243.47, for a total transaction of $486,940.00. Following the completion of the transaction, the director owned 5,806 shares in the company, valued at approximately $1,413,586.82. The trade was a 25.62% 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 insiders.

Institutional Trading of ResMed

Hedge funds have recently bought and sold shares of the company. Franklin Resources Inc. increased its stake in ResMed by 13.9% during the 4th quarter. Franklin Resources Inc. now owns 198,372 shares of the medical equipment provider's stock valued at $45,366,000 after buying an additional 24,259 shares during the period. Huntington National Bank boosted its position in ResMed by 9.3% during the fourth quarter. Huntington National Bank now owns 2,042 shares of the medical equipment provider's stock valued at $467,000 after purchasing an additional 174 shares during the last quarter. World Investment Advisors lifted its stake in ResMed by 50.3% in the fourth quarter. World Investment Advisors now owns 3,331 shares of the medical equipment provider's stock valued at $762,000 after acquiring an additional 1,115 shares during the last quarter. Motley Fool Asset Management LLC lifted its stake in ResMed by 15.0% in the fourth quarter. Motley Fool Asset Management LLC now owns 7,842 shares of the medical equipment provider's stock valued at $1,793,000 after acquiring an additional 1,021 shares during the last quarter. Finally, Landscape Capital Management L.L.C. lifted its stake in shares of ResMed by 59.6% in the fourth quarter. Landscape Capital Management L.L.C. now owns 20,609 shares of the medical equipment provider's stock worth $4,713,000 after buying an additional 7,693 shares during the last quarter. 54.98% of the stock is currently owned by 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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