JPMorgan Chase & Co. Issues Positive Forecast for ResMed (NYSE:RMD) Stock Price

ResMed (NYSE:RMD) had its target price hoisted by JPMorgan Chase & Co. from $270.00 to $286.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has an overweight rating on the medical equipment provider’s stock.

Other analysts also recently issued research reports about the company. KeyCorp lifted their target price on ResMed from $266.00 to $280.00 and gave the company an “overweight” rating in a research report on Friday. Piper Sandler boosted their price target on ResMed from $252.00 to $260.00 and gave the stock a “neutral” rating in a research report on Friday. Robert W. Baird increased their price objective on ResMed from $280.00 to $283.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Royal Bank of Canada boosted their target price on shares of ResMed from $224.00 to $232.00 and gave the stock a “sector perform” rating in a report on Friday, October 25th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of ResMed in a research note on Friday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, ResMed currently has a consensus rating of “Moderate Buy” and a consensus price target of $244.73.

ResMed Stock Down 8.1 %

RMD stock opened at $236.66 on Friday. The business has a 50-day moving average of $240.32 and a 200-day moving average of $235.99. ResMed has a fifty-two week low of $170.56 and a fifty-two week high of $263.05. The stock has a market capitalization of $34.74 billion, a P/E ratio of 31.35, a P/E/G ratio of 1.83 and a beta of 0.70. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.92 and a quick ratio of 1.91.

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

ResMed Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 20th. Stockholders of record on Thursday, February 13th will be issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.90%. The ex-dividend date is Thursday, February 13th. ResMed’s dividend payout ratio is presently 28.08%.

Insider Activity

In other ResMed news, Director Peter C. Farrell sold 2,000 shares of the stock in a transaction that occurred on 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 owns 83,204 shares in the company, valued at $20,696,162.96. This represents a 2.35 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Witte Jan De sold 796 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The stock was 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 ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,030 shares of company stock valued at $2,702,687. 0.71% of the stock is owned by insiders.

Hedge Funds Weigh In On ResMed

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Peak Financial Advisors LLC bought a new stake in shares of ResMed during the 4th quarter valued at approximately $2,972,000. Principal Financial Group Inc. grew its stake in shares of ResMed by 2.9% during the third quarter. Principal Financial Group Inc. now owns 186,776 shares of the medical equipment provider’s stock worth $45,596,000 after buying an additional 5,284 shares during the last quarter. Retireful LLC acquired a new position in shares of ResMed during the third quarter worth $742,000. Asset Management One Co. Ltd. increased its holdings in shares of ResMed by 5.1% during the third quarter. Asset Management One Co. Ltd. now owns 58,860 shares of the medical equipment provider’s stock worth $14,369,000 after buying an additional 2,878 shares in the last quarter. Finally, Empowered Funds LLC lifted its stake in shares of ResMed by 284.3% in the 3rd quarter. Empowered Funds LLC now owns 8,208 shares of the medical equipment provider’s stock valued at $2,004,000 after acquiring an additional 6,072 shares during the last quarter. 54.98% of the stock is owned by institutional investors and hedge funds.

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.