ResMed (NYSE:RMD) Given New $251.00 Price Target at KeyCorp

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

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

ResMed Price Performance

Shares of RMD traded up $9.08 during midday trading on Friday, reaching $223.64. The stock had a trading volume of 2,659,791 shares, compared to its average volume of 925,655. The company’s 50-day moving average is $203.89 and its 200 day moving average is $196.28. ResMed has a 12-month low of $132.24 and a 12-month high of $225.68. The company has a current ratio of 3.04, a quick ratio of 1.97 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $32.85 billion, a price-to-earnings ratio of 34.35, a price-to-earnings-growth ratio of 1.85 and a beta of 0.66.

ResMed (NYSE:RMD) last posted its quarterly earnings data on Thursday, August 1st. The medical equipment provider reported $2.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.03 by $0.05. The firm had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.22 billion. ResMed had a return on equity of 25.58% and a net margin of 21.79%. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.60 EPS. On average, equities analysts predict that ResMed will post 8.71 EPS for the current fiscal year.

ResMed Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Thursday, August 15th will be given a $0.53 dividend. The ex-dividend date is Thursday, August 15th. This represents a $2.12 annualized dividend and a dividend yield of 0.95%. This is a positive change from ResMed’s previous quarterly dividend of $0.48. ResMed’s dividend payout ratio is currently 29.49%.

Insider Transactions at ResMed

In related news, CEO Michael J. Farrell sold 14,683 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $192.97, for a total transaction of $2,833,378.51. Following the completion of the transaction, the chief executive officer now owns 440,799 shares of the company’s stock, valued at approximately $85,060,983.03. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CFO Brett Sandercock sold 1,000 shares of ResMed stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $209.81, for a total value of $209,810.00. Following the sale, the chief financial officer now directly owns 91,056 shares of the company’s stock, valued at $19,104,459.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael J. Farrell sold 14,683 shares of ResMed stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $192.97, for a total value of $2,833,378.51. Following the completion of the sale, the chief executive officer now directly owns 440,799 shares in the company, valued at $85,060,983.03. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,409 shares of company stock valued at $9,602,796. Corporate insiders own 1.21% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. National Bank of Canada FI boosted its position in shares of ResMed by 14.5% during the second quarter. National Bank of Canada FI now owns 47,531 shares of the medical equipment provider’s stock valued at $8,885,000 after buying an additional 6,014 shares during the period. TD Asset Management Inc boosted its position in shares of ResMed by 14.7% during the second quarter. TD Asset Management Inc now owns 77,474 shares of the medical equipment provider’s stock valued at $14,830,000 after buying an additional 9,930 shares during the period. Weaver Capital Management LLC purchased a new position in shares of ResMed during the second quarter valued at approximately $313,000. Versor Investments LP boosted its position in shares of ResMed by 327.3% during the second quarter. Versor Investments LP now owns 4,700 shares of the medical equipment provider’s stock valued at $900,000 after buying an additional 3,600 shares during the period. Finally, Eukles Asset Management boosted its position in shares of ResMed by 0.4% during the second quarter. Eukles Asset Management now owns 23,355 shares of the medical equipment provider’s stock valued at $4,471,000 after buying an additional 87 shares during the period. 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.