ResMed (NYSE:RMD) Given New $280.00 Price Target at KeyCorp

ResMed (NYSE:RMD) had its price objective hoisted by stock analysts at KeyCorp from $266.00 to $280.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the medical equipment provider’s stock. KeyCorp’s target price would suggest a potential upside of 16.49% from the stock’s previous close.

Other equities analysts also recently issued reports about the stock. Piper Sandler upped their price target on shares of ResMed from $252.00 to $260.00 and gave the company a “neutral” rating in a report on Friday. The Goldman Sachs Group started coverage on shares of ResMed in a report on Thursday, January 16th. They set a “buy” rating on the stock. Stifel Nicolaus started coverage on ResMed in a report on Friday, December 13th. They set a “hold” rating and a $250.00 price objective for the company. Needham & Company LLC restated a “hold” rating on shares of ResMed in a research note on Friday. Finally, Robert W. Baird boosted their price target on ResMed from $280.00 to $283.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $240.60.

ResMed Price Performance

NYSE:RMD traded down $17.29 on Friday, reaching $240.36. 1,084,249 shares of the company’s stock traded hands, compared to its average volume of 890,403. The stock has a 50-day simple moving average of $240.32 and a 200-day simple moving average of $235.99. ResMed has a 12 month low of $170.56 and a 12 month high of $263.05. The firm has a market cap of $35.28 billion, a PE ratio of 31.86, a P/E/G ratio of 1.83 and a beta of 0.70. The company has a quick ratio of 1.91, a current ratio of 2.92 and a debt-to-equity ratio of 0.13.

ResMed (NYSE:RMD) last released its quarterly earnings data on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.29 by $0.14. ResMed had a net margin of 23.15% and a return on equity of 25.53%. Equities research analysts forecast that ResMed will post 9.35 earnings per share for the current year.

Insider Activity at ResMed

In related news, Director Peter C. Farrell sold 2,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $248.74, for a total transaction of $497,480.00. Following the completion of the sale, the director now owns 83,204 shares of the company’s stock, valued at approximately $20,696,162.96. This represents a 2.35 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Witte Jan De sold 796 shares of the business’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 value of $198,052.76. Following the transaction, the director now owns 6,723 shares in the company, valued at approximately $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. Insiders sold a total of 11,030 shares of company stock worth $2,702,687 in the last 90 days. Corporate insiders own 0.71% of the company’s stock.

Institutional Investors Weigh In On ResMed

Several hedge funds and other institutional investors have recently bought and sold shares of RMD. Geode Capital Management LLC grew its stake in shares of ResMed by 10.9% in the 3rd quarter. Geode Capital Management LLC now owns 3,858,814 shares of the medical equipment provider’s stock valued at $939,114,000 after buying an additional 380,383 shares during the period. Caisse DE Depot ET Placement DU Quebec grew its position in ResMed by 726.3% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 283,801 shares of the medical equipment provider’s stock worth $69,281,000 after acquiring an additional 249,454 shares during the period. Nordea Investment Management AB grew its position in ResMed by 92.7% in the fourth quarter. Nordea Investment Management AB now owns 448,151 shares of the medical equipment provider’s stock worth $103,214,000 after acquiring an additional 215,561 shares during the period. State Street Corp increased its stake in ResMed by 1.9% during the third quarter. State Street Corp now owns 6,261,633 shares of the medical equipment provider’s stock worth $1,528,590,000 after acquiring an additional 116,918 shares during the last quarter. Finally, AustralianSuper Pty Ltd lifted its stake in shares of ResMed by 3,266.5% in the 4th quarter. AustralianSuper Pty Ltd now owns 103,923 shares of the medical equipment provider’s stock valued at $23,766,000 after purchasing an additional 100,836 shares during the last quarter. 54.98% of the stock is currently owned by institutional investors and hedge funds.

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.