JPMorgan Chase & Co. Raises ResMed (NYSE:RMD) Price Target to $286.00

ResMed (NYSE:RMD) had its price target hoisted by JPMorgan Chase & Co. from $270.00 to $286.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the medical equipment provider’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 20.85% from the stock’s current price.

RMD has been the subject of a number of other reports. The Goldman Sachs Group assumed coverage on ResMed in a research report on Thursday, January 16th. They issued a “buy” rating for the company. Piper Sandler upped their target price on ResMed from $252.00 to $260.00 and gave the stock a “neutral” rating in a research report on Friday. Stifel Nicolaus assumed coverage on ResMed in a research report on Friday, December 13th. They issued a “hold” rating and a $250.00 target price for the company. StockNews.com upgraded ResMed from a “hold” rating to a “buy” rating in a research report on Tuesday, October 15th. Finally, Needham & Company LLC restated a “hold” rating on shares of ResMed in a research report on Friday. One analyst has rated the stock with a sell rating, six have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $244.73.

ResMed Stock Performance

Shares of NYSE RMD opened at $236.66 on Friday. The company has a current ratio of 2.92, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13. The stock has a 50 day simple moving average of $240.17 and a 200-day simple moving average of $236.21. The company has a market cap of $34.74 billion, a PE ratio of 31.35, a P/E/G ratio of 1.83 and a beta of 0.70. ResMed has a 12-month low of $170.56 and a 12-month high of $263.05.

ResMed (NYSE:RMD) last released its earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share for the quarter, topping analysts’ consensus estimates of $2.29 by $0.14. ResMed had a return on equity of 25.53% and a net margin of 23.15%. On average, equities research analysts forecast that ResMed will post 9.35 EPS for the current year.

Insider Buying and Selling at ResMed

In other news, Director Witte Jan De sold 796 shares of the business’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $248.81, for a total transaction of $198,052.76. Following the transaction, the director now directly owns 6,723 shares in the company, valued at $1,672,749.63. The trade was a 10.59 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Peter C. Farrell sold 2,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $248.74, for a total transaction of $497,480.00. Following the transaction, the director now owns 83,204 shares in the company, valued at approximately $20,696,162.96. This represents a 2.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 11,030 shares of company stock valued at $2,702,687 in the last three months. 0.71% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ResMed

Institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp boosted its holdings in ResMed by 1.9% in the third quarter. State Street Corp now owns 6,261,633 shares of the medical equipment provider’s stock worth $1,528,590,000 after purchasing an additional 116,918 shares in the last quarter. Geode Capital Management LLC boosted its holdings in ResMed by 10.9% in the third quarter. Geode Capital Management LLC now owns 3,858,814 shares of the medical equipment provider’s stock worth $939,114,000 after purchasing an additional 380,383 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in ResMed by 1.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 924,047 shares of the medical equipment provider’s stock worth $225,578,000 after purchasing an additional 13,985 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in ResMed by 0.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 742,411 shares of the medical equipment provider’s stock worth $181,237,000 after purchasing an additional 2,406 shares in the last quarter. Finally, Nordea Investment Management AB boosted its holdings in ResMed by 92.7% in the fourth quarter. Nordea Investment Management AB now owns 448,151 shares of the medical equipment provider’s stock worth $103,214,000 after purchasing an additional 215,561 shares in the last quarter. 54.98% of the stock is currently 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.