ResMed (NYSE:RMD) Given New $270.00 Price Target at Bank of America

ResMed (NYSE:RMD) had its price objective upped by Bank of America from $240.00 to $270.00 in a report published on Thursday morning, Benzinga reports. They currently have a buy rating on the medical equipment provider’s stock.

Other equities research analysts have also recently issued research reports about the stock. Robert W. Baird started coverage on shares of ResMed in a research note on Tuesday, September 24th. They issued an outperform rating and a $280.00 price objective for the company. Citigroup cut shares of ResMed from a buy rating to a neutral rating in a research note on Monday, June 24th. Needham & Company LLC reaffirmed a hold rating on shares of ResMed in a research note on Wednesday, September 18th. Oppenheimer cut shares of ResMed from an outperform rating to a market perform rating in a research note on Tuesday, June 25th. Finally, Royal Bank of Canada increased their price target on shares of ResMed from $204.00 to $206.00 and gave the company a sector perform rating in a research report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, ResMed presently has a consensus rating of Moderate Buy and a consensus price target of $212.25.

ResMed Price Performance

RMD stock opened at $239.00 on Thursday. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.59 and a quick ratio of 1.69. ResMed has a one year low of $132.24 and a one year high of $255.18. The stock has a market cap of $35.12 billion, a PE ratio of 36.71, a P/E/G ratio of 2.46 and a beta of 0.69. The firm has a 50 day simple moving average of $230.72 and a two-hundred day simple moving average of $211.44.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, August 1st. The medical equipment provider reported $2.08 EPS for the quarter, topping analysts’ consensus estimates of $2.03 by $0.05. ResMed had a net margin of 21.79% and a return on equity of 25.00%. The business had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the previous year, the company earned $1.60 EPS. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. On average, analysts predict that ResMed will post 8.92 EPS for the current fiscal year.

ResMed Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Shareholders of record on Thursday, August 15th were issued a $0.53 dividend. The ex-dividend date was Thursday, August 15th. This is a positive change from ResMed’s previous quarterly dividend of $0.48. This represents a $2.12 annualized dividend and a yield of 0.89%. ResMed’s dividend payout ratio is 32.57%.

Insiders Place Their Bets

In other ResMed news, CEO Michael J. Farrell sold 14,683 shares of the company’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $192.97, for a total value of $2,833,378.51. Following the completion of the transaction, the chief executive officer now directly owns 440,799 shares in the company, valued at approximately $85,060,983.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Brett Sandercock sold 1,000 shares of the stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $194.35, for a total value of $194,350.00. Following the completion of the transaction, the chief financial officer now directly owns 90,056 shares in the company, valued at approximately $17,502,383.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael J. Farrell sold 14,683 shares of the stock in a transaction dated 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 $85,060,983.03. The disclosure for this sale can be found here. In the last ninety days, insiders sold 102,931 shares of company stock worth $22,644,807. 1.21% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in ResMed by 24.9% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 177,083 shares of the medical equipment provider’s stock valued at $35,068,000 after purchasing an additional 35,273 shares during the last quarter. Mediolanum International Funds Ltd bought a new stake in shares of ResMed during the first quarter valued at approximately $2,246,000. Janney Montgomery Scott LLC raised its holdings in ResMed by 5.3% in the 1st quarter. Janney Montgomery Scott LLC now owns 81,313 shares of the medical equipment provider’s stock worth $16,102,000 after acquiring an additional 4,075 shares during the last quarter. Los Angeles Capital Management LLC raised its holdings in ResMed by 3,599.0% in the 1st quarter. Los Angeles Capital Management LLC now owns 499,031 shares of the medical equipment provider’s stock worth $98,823,000 after acquiring an additional 485,540 shares during the last quarter. Finally, Wellington Management Group LLP bought a new position in ResMed in the 4th quarter valued at approximately $7,535,000. 54.98% of the stock is currently owned by institutional investors.

About ResMed

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.