ResMed (NYSE:RMD) Price Target Raised to $266.00 at KeyCorp

ResMed (NYSE:RMD) had its price objective raised by equities research analysts at KeyCorp from $251.00 to $266.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the medical equipment provider’s stock. KeyCorp’s price target would indicate a potential upside of 3.88% from the company’s current price.

RMD has been the subject of several other research reports. Robert W. Baird raised their price target on shares of ResMed from $280.00 to $283.00 and gave the company an “outperform” rating in a research report on Friday. Bank of America raised their price objective on shares of ResMed from $240.00 to $270.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Needham & Company LLC reiterated a “hold” rating on shares of ResMed in a research note on Friday. Baird R W upgraded shares of ResMed to a “strong-buy” rating in a research note on Tuesday, September 24th. Finally, Royal Bank of Canada lifted their price target on shares of ResMed from $224.00 to $232.00 and gave the stock a “sector perform” rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, ResMed has a consensus rating of “Moderate Buy” and a consensus price target of $220.55.

ResMed Stock Performance

Shares of RMD stock opened at $256.07 on Friday. The company has a quick ratio of 1.69, a current ratio of 2.59 and a debt-to-equity ratio of 0.14. ResMed has a 52 week low of $132.24 and a 52 week high of $260.49. The stock has a market capitalization of $37.58 billion, a PE ratio of 36.95, a P/E/G ratio of 1.94 and a beta of 0.69. The firm has a 50 day moving average of $240.79 and a two-hundred day moving average of $217.83.

ResMed (NYSE:RMD) last issued its quarterly earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 EPS for the quarter, beating the consensus estimate of $2.03 by $0.17. ResMed had a net margin of 21.79% and a return on equity of 25.00%. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.19 billion. During the same quarter last year, the company posted $1.64 EPS. The firm’s revenue was up 11.1% compared to the same quarter last year. On average, research analysts predict that ResMed will post 9.08 EPS for the current fiscal year.

Insiders Place Their Bets

In other ResMed news, CEO Michael J. Farrell sold 14,683 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $214.25, for a total transaction of $3,145,832.75. Following the transaction, the chief executive officer now directly owns 440,799 shares of the company’s stock, valued at approximately $94,441,185.75. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Justin Leong sold 48,000 shares of ResMed stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $217.07, for a total value of $10,419,360.00. Following the sale, the insider now owns 18,741 shares of the company’s stock, valued at $4,068,108.87. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael J. Farrell sold 14,683 shares of ResMed stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $214.25, for a total transaction of $3,145,832.75. Following the completion of the sale, the chief executive officer now directly owns 440,799 shares in the company, valued at approximately $94,441,185.75. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 123,874 shares of company stock valued at $28,151,142. Insiders own 0.71% of the company’s stock.

Institutional Trading of ResMed

Several hedge funds and other institutional investors have recently made changes to their positions in the company. First Trust Direct Indexing L.P. boosted its holdings in shares of ResMed by 11.6% in the third quarter. First Trust Direct Indexing L.P. now owns 5,446 shares of the medical equipment provider’s stock valued at $1,329,000 after acquiring an additional 568 shares in the last quarter. Integrated Advisors Network LLC purchased a new stake in shares of ResMed in the third quarter valued at about $224,000. abrdn plc boosted its holdings in ResMed by 9.2% during the third quarter. abrdn plc now owns 397,810 shares of the medical equipment provider’s stock worth $96,284,000 after buying an additional 33,451 shares in the last quarter. Smith Group Asset Management LLC boosted its holdings in ResMed by 286.3% during the third quarter. Smith Group Asset Management LLC now owns 7,610 shares of the medical equipment provider’s stock worth $1,858,000 after buying an additional 5,640 shares in the last quarter. Finally, Pallas Capital Advisors LLC boosted its holdings in ResMed by 56.0% during the third quarter. Pallas Capital Advisors LLC now owns 2,017 shares of the medical equipment provider’s stock worth $482,000 after buying an additional 724 shares in the last quarter. Hedge funds and other institutional investors 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.