Piper Sandler Forecasts Strong Price Appreciation for ResMed (NYSE:RMD) Stock

ResMed (NYSE:RMD) had its price target boosted by research analysts at Piper Sandler from $252.00 to $260.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the medical equipment provider’s stock. Piper Sandler’s price target suggests a potential upside of 7.81% from the stock’s previous close.

Several other analysts have also recently issued reports on the company. The Goldman Sachs Group initiated coverage on ResMed in a research note on Thursday, January 16th. They issued a “buy” rating on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of ResMed in a report on Friday. StockNews.com raised ResMed from a “hold” rating to a “buy” rating in a research note on Tuesday, October 15th. Robert W. Baird lifted their price objective on ResMed from $280.00 to $283.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Finally, Stifel Nicolaus began coverage on ResMed in a report on Friday, December 13th. They issued a “hold” rating and a $250.00 target price on the stock. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, ResMed has an average rating of “Moderate Buy” and a consensus price target of $239.20.

ResMed Stock Performance

Shares of RMD traded down $16.49 during mid-day trading on Friday, reaching $241.16. The company had a trading volume of 884,318 shares, compared to its average volume of 879,422. The stock has a 50 day moving average of $240.32 and a two-hundred day moving average of $235.99. ResMed has a 52-week low of $170.56 and a 52-week high of $263.05. The stock has a market capitalization of $35.40 billion, a P/E ratio of 31.78, a PEG ratio of 1.83 and a beta of 0.70. The company has a quick ratio of 1.91, a current ratio of 2.92 and a debt-to-equity ratio of 0.13.

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

Insiders Place Their Bets

In other ResMed news, Director Witte Jan De sold 796 shares of the 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. This represents a 10.59 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Peter C. Farrell sold 2,000 shares of the company’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $245.65, for a total transaction of $491,300.00. Following the completion of the sale, the director now owns 81,218 shares in the company, valued at approximately $19,951,201.70. This trade represents a 2.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 11,030 shares of company stock worth $2,702,687 over the last quarter. 0.71% of the stock is owned by corporate insiders.

Institutional Trading of ResMed

Several institutional investors have recently added to or reduced their stakes in RMD. True Wealth Design LLC increased its holdings in shares of ResMed by 2,200.0% in the 3rd quarter. True Wealth Design LLC now owns 115 shares of the medical equipment provider’s stock worth $28,000 after acquiring an additional 110 shares during the period. Ashton Thomas Securities LLC acquired a new stake in shares of ResMed in the third quarter valued at approximately $34,000. Rosenberg Matthew Hamilton bought a new stake in shares of ResMed during the fourth quarter valued at approximately $54,000. Capital Performance Advisors LLP bought a new position in ResMed in the 3rd quarter worth approximately $60,000. Finally, Quarry LP increased its position in ResMed by 271.9% in the 2nd quarter. Quarry LP now owns 331 shares of the medical equipment provider’s stock valued at $63,000 after acquiring an additional 242 shares during the period. Institutional investors own 54.98% of the company’s stock.

ResMed Company Profile

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.