ResMed (NYSE:RMD) Upgraded at StockNews.com

ResMed (NYSE:RMD - Get Free Report) was upgraded by stock analysts at StockNews.com from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Friday.

RMD has been the subject of several other research reports. UBS Group reduced their target price on shares of ResMed from $290.00 to $285.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Piper Sandler decreased their price objective on ResMed from $260.00 to $248.00 and set a "neutral" rating on the stock in a report on Thursday, April 24th. KeyCorp set a $274.00 price objective on shares of ResMed in a report on Thursday, April 24th. Mizuho set a $265.00 price target on shares of ResMed in a research note on Wednesday, April 16th. Finally, Morgan Stanley initiated coverage on ResMed in a report on Wednesday, March 19th. They set an "overweight" rating and a $280.00 price target on the stock. One analyst has rated the stock with a sell rating, five have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $258.83.

ResMed Stock Performance

RMD traded up $0.71 during midday trading on Friday, reaching $240.66. The company had a trading volume of 765,916 shares, compared to its average volume of 1,006,670. The company has a market cap of $35.29 billion, a P/E ratio of 28.41, a P/E/G ratio of 1.53 and a beta of 0.75. The company has a quick ratio of 2.29, a current ratio of 3.33 and a debt-to-equity ratio of 0.13. The business has a 50-day moving average of $222.32 and a two-hundred day moving average of $233.90. ResMed has a 1 year low of $179.42 and a 1 year high of $263.05.

ResMed (NYSE:RMD - Get Free Report) last released its earnings results on Wednesday, April 23rd. The medical equipment provider reported $2.37 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.01. The firm had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.28 billion. ResMed had a return on equity of 26.17% and a net margin of 25.34%. The company's revenue for the quarter was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.13 EPS. As a group, equities research analysts predict that ResMed will post 9.47 earnings per share for the current fiscal year.

Insider Activity

In other ResMed news, CEO Michael J. Farrell sold 8,009 shares of the business's stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $236.77, for a total value of $1,896,290.93. Following the completion of the transaction, the chief executive officer now owns 455,472 shares of the company's stock, valued at approximately $107,842,105.44. The trade was a 1.73 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Peter C. Farrell sold 2,000 shares of the stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $242.11, for a total transaction of $484,220.00. Following the completion of the transaction, the director now owns 77,218 shares in the company, valued at $18,695,249.98. The trade was a 2.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 48,949 shares of company stock worth $11,283,302. 0.71% of the stock is owned by corporate insiders.

Institutional Trading of ResMed

Several hedge funds have recently modified their holdings of the company. Howard Capital Management Inc. raised its position in ResMed by 5.3% during the 4th quarter. Howard Capital Management Inc. now owns 900 shares of the medical equipment provider's stock valued at $206,000 after purchasing an additional 45 shares in the last quarter. CVA Family Office LLC increased its stake in ResMed by 29.8% during the 1st 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. Central Pacific Bank Trust Division boosted its holdings in shares of ResMed by 9.7% during the 1st quarter. Central Pacific Bank Trust Division now owns 565 shares of the medical equipment provider's stock worth $126,000 after purchasing an additional 50 shares during the last quarter. Wedmont Private Capital raised its position in shares of ResMed by 2.6% during the 4th quarter. Wedmont Private Capital now owns 2,032 shares of the medical equipment provider's stock valued at $475,000 after buying an additional 52 shares during the period. Finally, Terra Nova Asset Management LLC raised its position in ResMed by 0.7% in the first quarter. Terra Nova Asset Management LLC now owns 7,950 shares of the medical equipment provider's stock valued at $1,780,000 after purchasing an additional 52 shares during the period. 54.98% of the stock is 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.