Bank of America Corp. upgraded shares of ResMed Inc. (NYSE:RMD) from a neutral rating to a buy rating in a research report report published on Thursday morning. Bank of America Corp. currently has $72.00 target price on the stock.
Other equities research analysts also recently issued reports about the company. Jefferies Group boosted their price target on ResMed from $56.00 to $60.00 and gave the company a hold rating in a research note on Friday, July 29th. Zacks Investment Research upgraded ResMed from a sell rating to a hold rating in a research note on Tuesday, July 26th. Canaccord Genuity restated a hold rating and set a $57.00 price target on shares of ResMed in a research note on Monday, July 25th. JPMorgan Chase & Co. downgraded ResMed from an overweight rating to a neutral rating in a research note on Monday, September 19th. Finally, Northland Securities set a $50.00 price target on ResMed and gave the company a sell rating in a research note on Monday, August 29th. Five equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company. The company currently has an average rating of Hold and a consensus price target of C$59.30.
Shares of ResMed (NYSE:RMD) traded up 1.285% during trading on Thursday, reaching $65.035. 252,016 shares of the company’s stock were exchanged. ResMed has a 12 month low of $50.58 and a 12 month high of $70.90. The stock has a 50-day moving average price of $66.71 and a 200 day moving average price of $62.19. The firm has a market cap of $9.15 billion, a price-to-earnings ratio of 26.118 and a beta of 0.71.
ResMed (NYSE:RMD) last issued its earnings results on Thursday, July 28th. The company reported $0.74 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.74. ResMed had a return on equity of 23.89% and a net margin of 18.63%. The business earned $518.60 million during the quarter, compared to analyst estimates of $512.37 million. During the same quarter in the previous year, the firm earned $0.68 EPS. ResMed’s revenue was up 14.5% on a year-over-year basis. On average, analysts forecast that ResMed will post $2.88 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 22nd. Shareholders of record on Thursday, August 18th were paid a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 2.06%. This is an increase from ResMed’s previous quarterly dividend of $0.30. The ex-dividend date was Tuesday, August 16th. ResMed’s dividend payout ratio is presently 54.32%.
In other news, CFO Brett Sandercock sold 35,000 shares of the company’s stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of C$70.50, for a total transaction of C$2,467,500.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Michael J. Farrell sold 5,975 shares of the company’s stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of C$64.84, for a total value of C$387,419.00. The disclosure for this sale can be found here. 2.54% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of the company. KAMES CAPITAL plc purchased a new stake in shares of ResMed during the second quarter valued at about $768,000. Northwestern Mutual Investment Management Company LLC boosted its stake in shares of ResMed by 0.3% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 24,240 shares of the company’s stock valued at $1,533,000 after buying an additional 79 shares during the period. Mason Street Advisors LLC purchased a new stake in shares of ResMed during the second quarter valued at about $4,049,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of ResMed by 9.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,002 shares of the company’s stock valued at $252,000 after buying an additional 334 shares during the period. Finally, Royal Bank of Canada boosted its stake in shares of ResMed by 2.8% in the second quarter. Royal Bank of Canada now owns 118,044 shares of the company’s stock valued at $7,464,000 after buying an additional 3,241 shares during the period. 61.07% of the stock is currently owned by institutional investors and hedge funds.
ResMed Company Profile
ResMed Inc is engaged in the development, manufacturing, distribution and marketing of medical products for the diagnosis, treatment and management of respiratory disorders, with a focus on sleep-disordered breathing (SDB). The Company develops various products for SDB and other respiratory disorders, including airflow generators, diagnostic products, mask systems, headgear and other accessories.
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