Royal Bank Of Canada Upgrades ResMed (NYSE:RMD) to Outperform

Royal Bank Of Canada upgraded shares of ResMed (NYSE:RMD - Free Report) from a sector perform rating to an outperform rating in a report issued on Tuesday morning, Marketbeat Ratings reports. The brokerage currently has $294.00 target price on the medical equipment provider's stock.

Other research analysts have also recently issued research reports about the stock. KeyCorp set a $274.00 price target on shares of ResMed in a report on Thursday, April 24th. Piper Sandler decreased their price target on shares of ResMed from $260.00 to $248.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. Mizuho set a $265.00 price objective on shares of ResMed in a research note on Wednesday, April 16th. Morgan Stanley set a $286.00 price objective on shares of ResMed and gave the stock an "overweight" rating in a research note on Tuesday, May 20th. Finally, Wall Street Zen lowered shares of ResMed from a "buy" rating to a "hold" rating in a research note on Saturday, May 24th. One research analyst has rated the stock with a sell rating, four have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $262.58.

ResMed Stock Down 0.8%

NYSE:RMD traded down $2.13 during midday trading on Tuesday, reaching $251.98. 1,019,805 shares of the stock traded hands, compared to its average volume of 967,852. ResMed has a 12-month low of $196.43 and a 12-month high of $263.05. The business has a 50-day moving average of $250.63 and a two-hundred day moving average of $236.92. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.49 and a current ratio of 3.41. The stock has a market capitalization of $36.95 billion, a PE ratio of 27.99, a price-to-earnings-growth ratio of 1.59 and a beta of 0.77.

ResMed (NYSE:RMD - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The medical equipment provider reported $2.37 EPS for the quarter, beating analysts' consensus estimates of $2.36 by $0.01. The company had revenue of $1.29 billion during the quarter, compared to analysts' expectations of $1.28 billion. ResMed had a net margin of 26.15% and a return on equity of 25.67%. ResMed's revenue for the quarter was up 7.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.13 earnings per share. On average, equities analysts forecast that ResMed will post 9.47 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Thursday, May 8th were given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.84%. The ex-dividend date was Thursday, May 8th. ResMed's dividend payout ratio (DPR) is presently 23.79%.

Insider Activity

In other news, CEO Michael J. Farrell sold 8,009 shares of the firm's stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $256.72, for a total transaction of $2,056,070.48. Following the sale, the chief executive officer directly owned 455,503 shares in the company, valued at $116,936,730.16. This trade represents a 1.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Peter C. Farrell sold 945 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $255.49, for a total value of $241,438.05. Following the sale, the director owned 68,273 shares in the company, valued at $17,443,068.77. This trade represents a 1.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,013 shares of company stock worth $7,238,913 in the last ninety days. Company insiders own 0.71% of the company's stock.

Institutional Trading of ResMed

Institutional investors have recently modified their holdings of the stock. ICW Investment Advisors LLC lifted its stake in shares of ResMed by 0.4% in the first quarter. ICW Investment Advisors LLC now owns 11,394 shares of the medical equipment provider's stock worth $2,551,000 after buying an additional 41 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in shares of ResMed by 3.9% in the first quarter. Smartleaf Asset Management LLC now owns 1,222 shares of the medical equipment provider's stock worth $269,000 after buying an additional 46 shares in the last quarter. E Fund Management Co. Ltd. lifted its stake in shares of ResMed by 2.8% in the first quarter. E Fund Management Co. Ltd. now owns 1,719 shares of the medical equipment provider's stock worth $385,000 after buying an additional 47 shares in the last quarter. CVA Family Office LLC lifted its stake in shares of ResMed by 29.8% in the first quarter. CVA Family Office LLC now owns 209 shares of the medical equipment provider's stock worth $47,000 after buying an additional 48 shares in the last quarter. Finally, Central Pacific Bank Trust Division lifted its stake in shares of ResMed by 9.7% in the first quarter. Central Pacific Bank Trust Division now owns 565 shares of the medical equipment provider's stock worth $126,000 after buying an additional 50 shares in the last quarter. Institutional investors and hedge funds own 54.98% of the company's stock.

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.