ResMed’s (RMD) Hold Rating Reaffirmed at Needham & Company LLC

ResMed (NYSE:RMD)‘s stock had its “hold” rating restated by equities research analysts at Needham & Company LLC in a note issued to investors on Friday,Benzinga reports.

Several other equities analysts also recently issued reports on the stock. Royal Bank of Canada increased their price objective on shares of ResMed from $224.00 to $232.00 and gave the company a “sector perform” rating in a report on Friday, October 25th. The Goldman Sachs Group started coverage on ResMed in a report on Thursday, January 16th. They issued a “buy” rating on the stock. Piper Sandler began coverage on ResMed in a report on Friday, January 10th. They set a “neutral” rating and a $252.00 target price for the company. Stifel Nicolaus initiated coverage on ResMed in a research note on Friday, December 13th. They issued a “hold” rating and a $250.00 price target on the stock. Finally, KeyCorp increased their price objective on ResMed from $251.00 to $266.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, six have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $244.73.

ResMed Price Performance

NYSE:RMD opened at $236.66 on Friday. 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 has a 52 week low of $170.56 and a 52 week high of $263.05. The stock’s 50-day moving average price is $240.17 and its 200-day moving average price is $236.21. The stock has a market capitalization of $34.74 billion, a PE ratio of 31.35, a price-to-earnings-growth ratio of 1.83 and a beta of 0.70.

ResMed (NYSE:RMD) last posted its quarterly earnings data on Thursday, January 30th. The medical equipment provider reported $2.43 EPS for the quarter, beating analysts’ consensus estimates of $2.29 by $0.14. ResMed had a return on equity of 25.53% and a net margin of 23.15%. As a group, equities analysts expect that ResMed will post 9.35 EPS for the current fiscal year.

Insider Transactions at ResMed

In other news, Director Witte Jan De sold 796 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $248.81, for a total value of $198,052.76. Following the sale, the director now directly owns 6,723 shares of the company’s stock, valued at approximately $1,672,749.63. The trade was a 10.59 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Justin Leong sold 6,160 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $243.09, for a total transaction of $1,497,434.40. Following the transaction, the insider now directly owns 21,718 shares of the company’s stock, valued at $5,279,428.62. The trade was a 22.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,030 shares of company stock worth $2,702,687 in the last 90 days. Insiders own 0.71% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. True Wealth Design LLC lifted its stake in ResMed by 2,200.0% during the 3rd quarter. True Wealth Design LLC now owns 115 shares of the medical equipment provider’s stock worth $28,000 after acquiring an additional 110 shares in the last quarter. Ashton Thomas Securities LLC acquired a new stake in shares of ResMed during the third quarter worth about $34,000. Rosenberg Matthew Hamilton purchased a new position in shares of ResMed in the fourth quarter valued at approximately $54,000. Capital Performance Advisors LLP acquired a new position in shares of ResMed in the third quarter valued at approximately $60,000. Finally, Quarry LP increased its stake in ResMed by 271.9% during the 2nd quarter. Quarry LP now owns 331 shares of the medical equipment provider’s stock worth $63,000 after buying an additional 242 shares during the period. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

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.