KeyCorp Boosts ResMed (NYSE:RMD) Price Target to $251.00

ResMed (NYSE:RMD) had its price objective hoisted by KeyCorp from $238.00 to $251.00 in a research report released on Friday, Benzinga reports. KeyCorp currently has an overweight rating on the medical equipment provider’s stock.

Several other equities research analysts have also issued reports on the stock. Royal Bank of Canada lifted their target price on shares of ResMed from $200.00 to $204.00 and gave the company a sector perform rating in a research report on Tuesday, July 23rd. Needham & Company LLC restated a buy rating and issued a $236.00 price objective on shares of ResMed in a report on Friday. Citigroup lowered shares of ResMed from a buy rating to a neutral rating in a report on Monday, June 24th. Finally, Oppenheimer lowered shares of ResMed from an outperform rating to a market perform rating in a report on Tuesday, June 25th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, ResMed presently has a consensus rating of Moderate Buy and a consensus price target of $204.70.

ResMed Stock Performance

NYSE RMD traded up $4.19 during trading hours on Friday, reaching $219.87. 521,788 shares of the company were exchanged, compared to its average volume of 1,063,797. ResMed has a 1 year low of $132.24 and a 1 year high of $225.68. The business’s 50 day simple moving average is $203.94 and its 200-day simple moving average is $196.95. 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 stock has a market capitalization of $32.30 billion, a P/E ratio of 33.77, a P/E/G ratio of 1.93 and a beta of 0.66.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, August 1st. The medical equipment provider reported $2.08 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.05. The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.22 billion. ResMed had a net margin of 21.79% and a return on equity of 25.58%. The company’s revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the company earned $1.60 earnings per share. On average, equities research analysts expect that ResMed will post 8.79 earnings per share for the current year.

ResMed Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Thursday, August 15th will be paid a $0.53 dividend. This is a boost from ResMed’s previous quarterly dividend of $0.48. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $2.12 dividend on an annualized basis and a yield of 0.96%. ResMed’s payout ratio is presently 29.49%.

Insider Buying and Selling

In related news, Director Witte Jan De sold 360 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $218.29, for a total value of $78,584.40. Following the transaction, the director now owns 7,519 shares in the company, valued at approximately $1,641,322.51. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other ResMed news, CFO Brett Sandercock sold 1,000 shares of the company’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $194.35, for a total transaction of $194,350.00. Following the transaction, the chief financial officer now owns 90,056 shares in the company, valued at approximately $17,502,383.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Witte Jan De sold 360 shares of the company’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 transaction, the director now owns 7,519 shares in the company, valued at approximately $1,641,322.51. The disclosure for this sale can be found here. Insiders have sold a total of 31,726 shares of company stock worth $6,423,927 in the last quarter. Corporate insiders own 1.21% of the company’s stock.

Institutional Investors Weigh In On ResMed

Hedge funds and other institutional investors have recently made changes to their positions in the business. Oxbow Advisors LLC purchased a new stake in ResMed in the 2nd quarter worth approximately $2,286,000. Chicago Capital LLC increased its holdings in ResMed by 568.2% in the 2nd quarter. Chicago Capital LLC now owns 14,700 shares of the medical equipment provider’s stock worth $2,814,000 after acquiring an additional 12,500 shares in the last quarter. Los Angeles Capital Management LLC increased its holdings in ResMed by 48.3% in the 2nd quarter. Los Angeles Capital Management LLC now owns 740,226 shares of the medical equipment provider’s stock worth $141,694,000 after acquiring an additional 241,195 shares in the last quarter. Lake Street Advisors Group LLC increased its holdings in ResMed by 420.7% in the 2nd quarter. Lake Street Advisors Group LLC now owns 5,592 shares of the medical equipment provider’s stock worth $1,071,000 after acquiring an additional 4,518 shares in the last quarter. Finally, UNIVEST FINANCIAL Corp increased its holdings in ResMed by 51.4% in the 2nd quarter. UNIVEST FINANCIAL Corp now owns 1,853 shares of the medical equipment provider’s stock worth $355,000 after acquiring an additional 629 shares in the last quarter. 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.