ResMed (NYSE:RMD) Stock Rating Lowered by Needham & Company LLC

ResMed (NYSE:RMD) was downgraded by equities research analysts at Needham & Company LLC from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday, MarketBeat Ratings reports. They presently have a $236.00 price objective on the medical equipment provider’s stock. Needham & Company LLC’s price objective suggests a potential downside of 3.59% from the company’s current price.

A number of other research analysts also recently issued reports on RMD. Royal Bank of Canada boosted their price objective on shares of ResMed from $204.00 to $206.00 and gave the company a “sector perform” rating in a research report on Friday, August 2nd. Oppenheimer downgraded shares of ResMed from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 25th. Citigroup cut ResMed from a “buy” rating to a “neutral” rating in a research report on Monday, June 24th. KeyCorp increased their target price on ResMed from $238.00 to $251.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Finally, StockNews.com lowered ResMed from a “buy” rating to a “hold” rating in a research report on Friday, August 30th. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, ResMed presently has an average rating of “Hold” and an average price target of $204.70.

ResMed Stock Performance

Shares of NYSE:RMD opened at $244.78 on Wednesday. The company has a current ratio of 2.59, a quick ratio of 1.69 and a debt-to-equity ratio of 0.14. The company has a 50-day moving average price of $214.78 and a 200-day moving average price of $203.99. The company has a market cap of $35.97 billion, a price-to-earnings ratio of 37.60, a price-to-earnings-growth ratio of 2.44 and a beta of 0.69. ResMed has a 12 month low of $132.24 and a 12 month high of $247.73.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, August 1st. The medical equipment provider reported $2.08 EPS for the quarter, beating analysts’ consensus estimates of $2.03 by $0.05. The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.22 billion. ResMed had a return on equity of 25.00% and a net margin of 21.79%. ResMed’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.60 EPS. As a group, equities analysts anticipate that ResMed will post 8.91 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Michael J. Farrell sold 14,683 shares of ResMed stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $192.97, for a total value of $2,833,378.51. Following the completion of the sale, the chief executive officer now directly owns 440,799 shares in the company, valued at $85,060,983.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other ResMed news, insider Justin Leong sold 48,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $217.07, for a total value of $10,419,360.00. Following the transaction, the insider now directly owns 18,741 shares of the company’s stock, valued at $4,068,108.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael J. Farrell sold 14,683 shares of the business’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $192.97, for a total value of $2,833,378.51. Following the sale, the chief executive officer now owns 440,799 shares of the company’s stock, valued at $85,060,983.03. The disclosure for this sale can be found here. In the last 90 days, insiders sold 81,248 shares of company stock valued at $17,218,633. 1.21% of the stock is owned by insiders.

Hedge Funds Weigh In On ResMed

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of ResMed by 24.9% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 177,083 shares of the medical equipment provider’s stock worth $35,068,000 after acquiring an additional 35,273 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in ResMed by 8.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 536,459 shares of the medical equipment provider’s stock valued at $92,285,000 after purchasing an additional 40,605 shares during the period. Mediolanum International Funds Ltd purchased a new stake in ResMed in the first quarter worth about $2,246,000. Janney Montgomery Scott LLC lifted its position in shares of ResMed by 5.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 81,313 shares of the medical equipment provider’s stock valued at $16,102,000 after buying an additional 4,075 shares in the last quarter. Finally, Los Angeles Capital Management LLC grew its stake in shares of ResMed by 3,599.0% during the 1st quarter. Los Angeles Capital Management LLC now owns 499,031 shares of the medical equipment provider’s stock valued at $98,823,000 after acquiring an additional 485,540 shares during the period. Hedge funds and other institutional investors own 54.98% of the company’s stock.

ResMed Company Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. It 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 technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.