ResMed (NYSE:RMD) Downgraded by Citigroup

Citigroup cut shares of ResMed (NYSE:RMD) from a buy rating to a neutral rating in a research note released on Monday morning, Marketbeat.com reports.

Other analysts have also issued reports about the company. KeyCorp raised their target price on ResMed from $227.00 to $238.00 and gave the stock an overweight rating in a report on Friday, April 26th. Royal Bank of Canada boosted their target price on shares of ResMed from $187.00 to $200.00 and gave the company a sector perform rating in a research note on Friday, April 26th. Oppenheimer dropped their price target on shares of ResMed from $205.00 to $200.00 and set an outperform rating on the stock in a research report on Friday, April 26th. Needham & Company LLC reiterated a buy rating and issued a $236.00 price objective on shares of ResMed in a research report on Monday. Finally, Mizuho restated a buy rating and set a $215.00 target price on shares of ResMed in a research report on Wednesday, March 27th. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, ResMed currently has an average rating of Moderate Buy and an average price target of $202.80.

ResMed Price Performance

Shares of NYSE RMD opened at $186.69 on Monday. ResMed has a 52 week low of $132.24 and a 52 week high of $229.97. The company has a quick ratio of 1.97, a current ratio of 3.04 and a debt-to-equity ratio of 0.22. The firm has a market cap of $27.43 billion, a P/E ratio of 28.68, a P/E/G ratio of 1.80 and a beta of 0.68. The business’s 50 day moving average price is $207.68 and its 200 day moving average price is $190.93.

ResMed (NYSE:RMD) last issued its earnings results on Thursday, April 25th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.91 by $0.22. ResMed had a net margin of 20.91% and a return on equity of 24.43%. The firm had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter last year, the company posted $1.68 earnings per share. The firm’s revenue was up 7.2% compared to the same quarter last year. On average, sell-side analysts expect that ResMed will post 7.7 earnings per share for the current year.

ResMed Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 13th. Investors of record on Thursday, May 9th were paid a dividend of $0.48 per share. The ex-dividend date was Wednesday, May 8th. This represents a $1.92 annualized dividend and a yield of 1.03%. ResMed’s dividend payout ratio is presently 29.49%.

Insiders Place Their Bets

In related news, Director Witte Jan De sold 360 shares of the stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $218.29, for a total value of $78,584.40. Following the completion of the sale, the director now owns 7,519 shares of the company’s stock, valued at $1,641,322.51. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Witte Jan De sold 360 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $218.29, for a total transaction of $78,584.40. Following the completion of the sale, the director now directly owns 7,519 shares in the company, valued at $1,641,322.51. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Karen Drexler sold 425 shares of the business’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $214.92, for a total transaction of $91,341.00. Following the completion of the transaction, the director now owns 8,446 shares in the company, valued at $1,815,214.32. The disclosure for this sale can be found here. Insiders have sold 31,151 shares of company stock valued at $6,666,409 in the last ninety days. 1.21% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ResMed

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Atlantic Edge Private Wealth Management LLC purchased a new stake in ResMed in the 4th quarter valued at about $27,000. Hall Laurie J Trustee acquired a new position in shares of ResMed in the 1st quarter worth approximately $32,000. BOK Financial Private Wealth Inc. purchased a new position in shares of ResMed during the 1st quarter worth approximately $35,000. Planned Solutions Inc. acquired a new stake in ResMed in the 4th quarter valued at approximately $34,000. Finally, Riverview Trust Co purchased a new stake in ResMed in the first quarter valued at approximately $42,000. Hedge funds and other 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. It 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 technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.