The Goldman Sachs Group Initiates Coverage on ResMed (NYSE:RMD)

Equities research analysts at The Goldman Sachs Group began coverage on shares of ResMed (NYSE:RMD) in a note issued to investors on Thursday, MarketBeat.com reports. The brokerage set a “buy” rating on the medical equipment provider’s stock.

Several other research analysts also recently commented on the company. Royal Bank of Canada lifted their price objective on ResMed from $224.00 to $232.00 and gave the stock a “sector perform” rating in a report on Friday, October 25th. Needham & Company LLC reissued a “hold” rating on shares of ResMed in a research note on Friday, October 25th. Piper Sandler assumed coverage on shares of ResMed in a research note on Friday, January 10th. They issued a “neutral” rating and a $252.00 target price on the stock. Baird R W raised shares of ResMed to a “strong-buy” rating in a research report on Tuesday, September 24th. Finally, Wolfe Research reaffirmed an “underperform” rating and set a $180.00 price objective on shares of ResMed in a research note on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, ResMed has a consensus rating of “Hold” and an average target price of $233.09.

ResMed Stock Performance

Shares of NYSE RMD opened at $239.89 on Thursday. The stock’s 50-day moving average is $238.51 and its 200 day moving average is $232.47. The stock has a market cap of $35.22 billion, a price-to-earnings ratio of 31.77, a P/E/G ratio of 1.69 and a beta of 0.70. ResMed has a 1-year low of $170.39 and a 1-year high of $260.49. The company has a current ratio of 2.92, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13.

ResMed (NYSE:RMD) last posted its quarterly earnings results on Thursday, October 24th. The medical equipment provider reported $2.20 EPS for the quarter, topping the consensus estimate of $2.03 by $0.17. ResMed had a net margin of 23.15% and a return on equity of 25.53%. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.19 billion. During the same period last year, the firm posted $1.64 earnings per share. The business’s revenue was up 11.1% compared to the same quarter last year. On average, sell-side analysts anticipate that ResMed will post 9.36 EPS for the current fiscal year.

Insider Activity

In other ResMed 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 completion of the sale, the director now directly owns 6,723 shares in the company, valued at approximately $1,672,749.63. The trade was a 10.59 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Peter C. Farrell sold 2,000 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $248.74, for a total value of $497,480.00. Following the transaction, the director now directly owns 83,204 shares in the company, valued at $20,696,162.96. The trade was 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 11,099 shares of company stock valued at $2,719,385 over the last ninety days. 0.71% of the stock is currently owned by corporate insiders.

Institutional Trading of ResMed

Large investors have recently modified their holdings of the company. Private Advisor Group LLC grew its stake in shares of ResMed by 15.1% during the 2nd quarter. Private Advisor Group LLC now owns 3,071 shares of the medical equipment provider’s stock valued at $588,000 after purchasing an additional 402 shares during the period. Quest Partners LLC boosted its holdings in shares of ResMed by 44.1% in the second quarter. Quest Partners LLC now owns 327 shares of the medical equipment provider’s stock worth $63,000 after buying an additional 100 shares during the last quarter. American Century Companies Inc. grew its position in ResMed by 17.7% during the second quarter. American Century Companies Inc. now owns 30,874 shares of the medical equipment provider’s stock valued at $5,910,000 after buying an additional 4,639 shares during the period. Dimensional Fund Advisors LP increased its holdings in ResMed by 19.3% during the second quarter. Dimensional Fund Advisors LP now owns 661,717 shares of the medical equipment provider’s stock valued at $126,670,000 after buying an additional 107,279 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new position in ResMed in the second quarter worth approximately $42,036,000. Institutional investors own 54.98% of the company’s stock.

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.