Needham & Company LLC Reaffirms “Buy” Rating for ResMed (NYSE:RMD)

Needham & Company LLC reiterated their buy rating on shares of ResMed (NYSE:RMD) in a research note issued to investors on Monday, Benzinga reports. Needham & Company LLC currently has a $236.00 target price on the medical equipment provider’s stock.

A number of other brokerages have also recently weighed in on RMD. Mizuho reaffirmed a buy rating and set a $215.00 price target on shares of ResMed in a research report on Wednesday, March 27th. KeyCorp boosted their price objective on shares of ResMed from $227.00 to $238.00 and gave the stock an overweight rating in a report on Friday, April 26th. Royal Bank of Canada raised their price target on shares of ResMed from $187.00 to $200.00 and gave the stock a sector perform rating in a research report on Friday, April 26th. Finally, Oppenheimer decreased their price target on shares of ResMed from $205.00 to $200.00 and set an outperform rating for the company in a research report on Friday, April 26th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, ResMed presently has a consensus rating of Moderate Buy and a consensus target price of $202.80.

ResMed Stock Performance

Shares of NYSE RMD opened at $186.69 on Monday. The company has a market cap of $27.43 billion, a PE ratio of 28.68, a price-to-earnings-growth ratio of 1.80 and a beta of 0.68. ResMed has a 12 month low of $132.24 and a 12 month high of $229.97. The company has a debt-to-equity ratio of 0.22, a current ratio of 3.04 and a quick ratio of 1.97. The company has a 50-day simple moving average of $207.68 and a 200-day simple moving average of $190.93.

ResMed (NYSE:RMD) last issued its quarterly earnings results on Thursday, April 25th. The medical equipment provider reported $2.13 EPS for the quarter, topping analysts’ consensus estimates of $1.91 by $0.22. The business had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.17 billion. ResMed had a net margin of 20.91% and a return on equity of 24.43%. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.68 earnings per share. On average, equities analysts anticipate that ResMed will post 7.7 earnings per share for the current year.

ResMed Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 13th. Investors of record on Thursday, May 9th were paid a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 1.03%. The ex-dividend date was Wednesday, May 8th. ResMed’s dividend payout ratio (DPR) is presently 29.49%.

Insider Buying and Selling

In related news, CEO Michael J. Farrell sold 14,683 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $216.50, for a total transaction of $3,178,869.50. Following the transaction, the chief executive officer now directly owns 440,752 shares in the company, valued at $95,422,808. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Karen Drexler sold 425 shares of ResMed stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $214.92, for a total transaction of $91,341.00. Following the sale, the director now directly owns 8,446 shares in the company, valued at $1,815,214.32. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Michael J. Farrell sold 14,683 shares of ResMed stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $216.50, for a total transaction of $3,178,869.50. Following the sale, the chief executive officer now owns 440,752 shares in the company, valued at $95,422,808. The disclosure for this sale can be found here. Insiders have sold 31,151 shares of company stock worth $6,666,409 over the last ninety days. 1.21% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Handelsbanken Fonder AB increased its stake in ResMed by 22.5% in the 4th quarter. Handelsbanken Fonder AB now owns 70,272 shares of the medical equipment provider’s stock worth $12,088,000 after purchasing an additional 12,899 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in ResMed by 13.9% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 45,231 shares of the medical equipment provider’s stock valued at $7,781,000 after acquiring an additional 5,517 shares in the last quarter. Vaughan David Investments LLC IL purchased a new position in ResMed during the 4th quarter valued at about $29,322,000. Dimensional Fund Advisors LP lifted its holdings in shares of ResMed by 8.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 536,459 shares of the medical equipment provider’s stock valued at $92,285,000 after buying an additional 40,605 shares during the last quarter. Finally, ICW Investment Advisors LLC lifted its holdings in shares of ResMed by 2.3% during the 4th quarter. ICW Investment Advisors LLC now owns 11,303 shares of the medical equipment provider’s stock valued at $1,944,000 after buying an additional 249 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. 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.