KeyCorp Boosts ResMed (NYSE:RMD) Price Target to $238.00

ResMed (NYSE:RMD) had its price target upped by KeyCorp from $227.00 to $238.00 in a research note released on Friday, Benzinga reports. The brokerage currently has an overweight rating on the medical equipment provider’s stock.

Several other equities research analysts have also commented on RMD. Royal Bank of Canada boosted their price objective on shares of ResMed from $181.00 to $182.00 and gave the stock a sector perform rating in a research note on Thursday, January 25th. JPMorgan Chase & Co. upped their price target on ResMed from $160.00 to $195.00 and gave the stock an overweight rating in a research note on Tuesday, January 9th. Oppenheimer raised their price objective on ResMed from $185.00 to $205.00 and gave the company an outperform rating in a research report on Tuesday, January 30th. UBS Group boosted their target price on ResMed from $175.00 to $180.00 and gave the stock a neutral rating in a report on Thursday, January 25th. Finally, Needham & Company LLC raised their price target on ResMed from $224.00 to $236.00 and gave the company a buy rating in a report on Friday. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, ResMed currently has an average rating of Moderate Buy and a consensus target price of $202.80.

ResMed Stock Performance

ResMed stock opened at $217.05 on Friday. ResMed has a fifty-two week low of $132.24 and a fifty-two week high of $240.09. The stock’s 50 day simple moving average is $187.80 and its two-hundred day simple moving average is $172.88. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.97 and a current ratio of 3.04. The stock has a market cap of $31.93 billion, a price-to-earnings ratio of 33.34, a PEG ratio of 2.65 and a beta of 0.67.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, April 25th. The medical equipment provider reported $2.13 earnings per share for the quarter, beating the consensus estimate of $1.91 by $0.22. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.17 billion. ResMed had a return on equity of 24.43% and a net margin of 20.91%. The firm’s revenue was up 7.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.68 earnings per share. As a group, analysts expect that ResMed will post 7.52 earnings per share for the current fiscal year.

ResMed Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 13th. Stockholders of record on Thursday, May 9th will be issued a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 0.88%. The ex-dividend date of this dividend is Wednesday, May 8th. ResMed’s payout ratio is currently 29.49%.

Insider Activity at ResMed

In other ResMed news, Director Peter C. Farrell sold 10,935 shares of the company’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $182.66, for a total transaction of $1,997,387.10. Following the transaction, the director now owns 157,404 shares in the company, valued at approximately $28,751,414.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other ResMed news, Director Peter C. Farrell sold 10,935 shares of ResMed stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $182.66, for a total value of $1,997,387.10. Following the completion of the sale, the director now owns 157,404 shares of the company’s stock, valued at approximately $28,751,414.64. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, General Counsel Michael J. Rider sold 200 shares of the stock in a transaction on Friday, March 1st. The shares were sold at an average price of $173.25, for a total value of $34,650.00. Following the transaction, the general counsel now directly owns 6,688 shares in the company, valued at $1,158,696. The disclosure for this sale can be found here. Insiders have sold 11,216 shares of company stock valued at $2,046,617 over the last ninety days. Insiders own 1.21% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Handelsbanken Fonder AB lifted its stake in shares of 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 during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in ResMed by 13.9% during the fourth 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 buying an additional 5,517 shares during the last quarter. Vaughan David Investments LLC IL bought a new position in ResMed in the fourth quarter worth approximately $29,322,000. International Assets Investment Management LLC boosted its stake in shares of ResMed by 11,960.3% during the 4th quarter. International Assets Investment Management LLC now owns 22,191 shares of the medical equipment provider’s stock worth $3,817,000 after acquiring an additional 22,007 shares during the last quarter. Finally, Illinois Municipal Retirement Fund grew its position in shares of ResMed by 33.7% during the 4th quarter. Illinois Municipal Retirement Fund now owns 72,893 shares of the medical equipment provider’s stock valued at $12,539,000 after acquiring an additional 18,368 shares during the period. 54.98% of the stock is owned by hedge funds and other institutional investors.

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.