FY2024 EPS Estimates for ResMed Inc. Raised by Analyst (NYSE:RMD)

ResMed Inc. (NYSE:RMD) – Zacks Research lifted their FY2024 EPS estimates for ResMed in a note issued to investors on Thursday, June 27th. Zacks Research analyst R. Department now anticipates that the medical equipment provider will post earnings per share of $7.60 for the year, up from their prior forecast of $7.59. The consensus estimate for ResMed’s current full-year earnings is $7.70 per share. Zacks Research also issued estimates for ResMed’s Q4 2024 earnings at $1.95 EPS, Q1 2025 earnings at $1.97 EPS, Q2 2025 earnings at $2.11 EPS, Q3 2025 earnings at $2.15 EPS, FY2025 earnings at $8.28 EPS and FY2026 earnings at $8.98 EPS.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, April 25th. The medical equipment provider reported $2.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.91 by $0.22. ResMed had a net margin of 20.91% and a return on equity of 24.43%. The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same period last year, the business earned $1.68 EPS. The business’s revenue was up 7.2% on a year-over-year basis.

Several other equities analysts have also recently commented on the stock. KeyCorp increased their price target on shares of ResMed from $227.00 to $238.00 and gave the stock an “overweight” rating in a research report on Friday, April 26th. Mizuho reaffirmed a “buy” rating and issued a $215.00 price target on shares of ResMed in a report on Wednesday, March 27th. Royal Bank of Canada increased their price objective on shares of ResMed from $187.00 to $200.00 and gave the stock a “sector perform” rating in a research note on Friday, April 26th. Needham & Company LLC restated a “buy” rating and issued a $236.00 target price on shares of ResMed in a research note on Monday, June 24th. Finally, Citigroup cut ResMed from a “buy” rating to a “neutral” rating in a research report on Monday, June 24th. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $202.80.

ResMed Trading Down 0.1 %

NYSE RMD opened at $191.42 on Monday. The company has a market capitalization of $28.12 billion, a price-to-earnings ratio of 29.40, a price-to-earnings-growth ratio of 1.88 and a beta of 0.68. The company has a debt-to-equity ratio of 0.22, a current ratio of 3.04 and a quick ratio of 1.97. ResMed has a 12 month low of $132.24 and a 12 month high of $229.97. The company’s fifty day moving average price is $208.47 and its two-hundred day moving average price is $191.40.

Hedge Funds Weigh In On ResMed

Several institutional investors and hedge funds have recently added to or reduced their stakes in RMD. Handelsbanken Fonder AB lifted its stake in ResMed by 22.5% during the fourth quarter. Handelsbanken Fonder AB now owns 70,272 shares of the medical equipment provider’s stock worth $12,088,000 after purchasing an additional 12,899 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of ResMed by 13.9% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 45,231 shares of the medical equipment provider’s stock valued at $7,781,000 after acquiring an additional 5,517 shares during the last quarter. Vaughan David Investments LLC IL acquired a new position in shares of ResMed in the 4th quarter worth approximately $29,322,000. Dimensional Fund Advisors LP increased its holdings in ResMed by 8.2% during the 4th 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 in the last quarter. Finally, ICW Investment Advisors LLC raised its position in ResMed by 2.3% in the 4th quarter. ICW Investment Advisors LLC now owns 11,303 shares of the medical equipment provider’s stock valued at $1,944,000 after purchasing an additional 249 shares during the last quarter. 54.98% of the stock is currently owned by institutional investors.

Insider Buying and Selling at ResMed

In other news, CEO Michael J. Farrell sold 14,683 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $216.50, for a total transaction of $3,178,869.50. Following the sale, the chief executive officer now owns 440,752 shares in the company, valued at $95,422,808. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other ResMed news, CEO Michael J. Farrell sold 14,683 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $216.50, for a total value of $3,178,869.50. Following the transaction, the chief executive officer now owns 440,752 shares in the company, valued at approximately $95,422,808. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Witte Jan De sold 360 shares of the stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $218.29, for a total value of $78,584.40. Following the sale, the director now owns 7,519 shares of the company’s stock, valued at $1,641,322.51. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 31,151 shares of company stock valued at $6,666,409. 1.21% of the stock is currently owned by corporate insiders.

ResMed Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 13th. Shareholders of record on Thursday, May 9th were issued a dividend of $0.48 per share. The ex-dividend date was Wednesday, May 8th. This represents a $1.92 annualized dividend and a yield of 1.00%. ResMed’s payout ratio is presently 29.49%.

About ResMed

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.