ResMed (NYSE:RMD) Shares Gap Up Following Analyst Upgrade

Shares of ResMed Inc. (NYSE:RMD) gapped up prior to trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $270.00 to $286.00. The stock had previously closed at $236.18, but opened at $242.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. ResMed shares last traded at $236.57, with a volume of 219,519 shares traded.

Other equities analysts also recently issued reports about the company. Piper Sandler upped their target price on ResMed from $252.00 to $260.00 and gave the company a “neutral” rating in a research report on Friday. Stifel Nicolaus started coverage on ResMed in a research note on Friday, December 13th. They issued a “hold” rating and a $250.00 price objective for the company. KeyCorp increased their price target on shares of ResMed from $266.00 to $280.00 and gave the stock an “overweight” rating in a report on Friday. StockNews.com raised shares of ResMed from a “hold” rating to a “buy” rating in a report on Tuesday, October 15th. Finally, Robert W. Baird raised their target price on shares of ResMed from $280.00 to $283.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. One research analyst has rated the stock with a sell rating, six have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $244.73.

Insider Activity

In related news, Director Peter C. Farrell sold 2,000 shares of the business’s stock in a transaction dated 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 directly owns 83,204 shares in the company, valued at approximately $20,696,162.96. The trade was a 2.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Justin Leong sold 6,160 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $243.09, for a total transaction of $1,497,434.40. Following the completion of the sale, the insider now owns 21,718 shares of the company’s stock, valued at approximately $5,279,428.62. The trade was a 22.10 % 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 90 days. 0.71% of the stock is currently owned by company insiders.

Institutional Trading of ResMed

Hedge funds and other institutional investors have recently modified their holdings of the stock. UMB Bank n.a. grew its position in ResMed by 1.9% in the third quarter. UMB Bank n.a. now owns 2,465 shares of the medical equipment provider’s stock valued at $602,000 after acquiring an additional 47 shares in the last quarter. Ascent Group LLC boosted its stake in shares of ResMed by 1.7% in the third quarter. Ascent Group LLC now owns 2,924 shares of the medical equipment provider’s stock valued at $714,000 after purchasing an additional 48 shares during the period. SkyView Investment Advisors LLC grew its holdings in ResMed by 2.0% during the 3rd quarter. SkyView Investment Advisors LLC now owns 2,610 shares of the medical equipment provider’s stock valued at $637,000 after purchasing an additional 51 shares in the last quarter. Wedmont Private Capital grew its holdings in ResMed by 2.6% during the 4th quarter. Wedmont Private Capital now owns 2,032 shares of the medical equipment provider’s stock valued at $475,000 after purchasing an additional 52 shares in the last quarter. Finally, Concurrent Investment Advisors LLC increased its stake in ResMed by 3.1% during the 3rd quarter. Concurrent Investment Advisors LLC now owns 1,919 shares of the medical equipment provider’s stock worth $469,000 after buying an additional 57 shares during the period. 54.98% of the stock is owned by institutional investors and hedge funds.

ResMed Trading Up 0.3 %

The business’s 50-day simple moving average is $240.17 and its two-hundred day simple moving average is $236.63. The company has a current ratio of 3.33, a quick ratio of 2.29 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $34.79 billion, a PE ratio of 27.93, a PEG ratio of 1.69 and a beta of 0.70.

ResMed (NYSE:RMD) last issued its quarterly earnings data on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share for the quarter, beating analysts’ consensus estimates of $2.29 by $0.14. ResMed had a return on equity of 26.17% and a net margin of 25.34%. On average, analysts predict that ResMed Inc. will post 9.41 earnings per share for the current year.

ResMed Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Thursday, February 13th will be issued a $0.53 dividend. The ex-dividend date is Thursday, February 13th. This represents a $2.12 annualized dividend and a yield of 0.89%. ResMed’s dividend payout ratio is presently 25.03%.

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.