ResMed (NYSE:RMD) Earns Neutral Rating from Analysts at Piper Sandler

Piper Sandler began coverage on shares of ResMed (NYSE:RMD) in a research note issued to investors on Friday, MarketBeat Ratings reports. The brokerage issued a neutral rating and a $252.00 price target on the medical equipment provider’s stock.

A number of other equities research analysts have also recently issued reports on the company. Wolfe Research reiterated an “underperform” rating and issued a $180.00 target price on shares of ResMed in a research note on Wednesday, September 18th. Robert W. Baird lifted their price objective on shares of ResMed from $280.00 to $283.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. Needham & Company LLC restated a “hold” rating on shares of ResMed in a research report on Friday, October 25th. Bank of America lifted their price target on ResMed from $240.00 to $270.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Finally, Stifel Nicolaus began coverage on ResMed in a research report on Friday, December 13th. They issued a “hold” rating and a $250.00 target price on the stock. One analyst has rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $233.09.

ResMed Stock Performance

ResMed stock opened at $233.92 on Friday. The company has a market cap of $34.34 billion, a PE ratio of 30.98, a P/E/G ratio of 1.73 and a beta of 0.70. ResMed has a 12 month low of $168.29 and a 12 month high of $260.49. The company has a fifty day moving average price of $239.84 and a two-hundred day moving average price of $231.52. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.92 and a quick ratio of 1.91.

ResMed (NYSE:RMD) last released its quarterly earnings data on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.17. ResMed had a net margin of 23.15% and a return on equity of 25.53%. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same quarter in the prior year, the business earned $1.64 earnings per share. ResMed’s quarterly revenue was up 11.1% on a year-over-year basis. Research analysts expect that ResMed will post 9.34 earnings per share for the current year.

ResMed Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Thursday, November 7th were issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 0.91%. The ex-dividend date of this dividend was Thursday, November 7th. ResMed’s payout ratio is currently 28.08%.

Insider Buying and Selling at ResMed

In related news, insider Justin Leong sold 6,160 shares of ResMed stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $243.09, for a total value of $1,497,434.40. Following the transaction, the insider now directly owns 21,718 shares in the company, valued at $5,279,428.62. The trade was a 22.10 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Witte Jan De sold 796 shares of the company’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $248.81, for a total value of $198,052.76. Following the sale, the director now directly owns 6,723 shares of the company’s stock, valued at approximately $1,672,749.63. This represents a 10.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 11,099 shares of company stock valued at $2,719,385. 0.71% of the stock is owned by insiders.

Institutional Investors Weigh In On ResMed

A number of large investors have recently made changes to their positions in the company. Marshall Wace LLP acquired a new stake in ResMed during the 2nd quarter valued at $77,285,000. Geode Capital Management LLC grew its holdings in shares of ResMed by 10.9% during the third quarter. Geode Capital Management LLC now owns 3,858,814 shares of the medical equipment provider’s stock valued at $939,114,000 after buying an additional 380,383 shares in the last quarter. Greenvale Capital LLP lifted its stake in ResMed by 61.1% in the 2nd quarter. Greenvale Capital LLP now owns 725,000 shares of the medical equipment provider’s stock worth $138,780,000 after acquiring an additional 275,000 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its position in ResMed by 726.3% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 283,801 shares of the medical equipment provider’s stock worth $69,281,000 after acquiring an additional 249,454 shares during the period. Finally, Renaissance Technologies LLC purchased a new position in ResMed during the 2nd quarter valued at about $42,036,000. 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.