ResMed (NYSE:RMD) Rating Increased to Outperform at Robert W. Baird

ResMed (NYSE:RMD) was upgraded by research analysts at Robert W. Baird from a “neutral” rating to an “outperform” rating in a report released on Thursday, PriceTargets.com reports. The brokerage presently has a $300.00 price objective on the medical equipment provider’s stock, up from their prior price objective of $270.00. Robert W. Baird’s price target points to a potential upside of 18.97% from the stock’s current price.

Several other research firms have also commented on RMD. Macquarie raised shares of ResMed from a “neutral” rating to an “outperform” rating in a research note on Monday, December 6th. CLSA raised shares of ResMed from an “underperform” rating to an “outperform” rating in a research note on Friday, October 22nd. Finally, Royal Bank of Canada boosted their price objective on shares of ResMed from $227.00 to $234.00 and gave the stock an “underperform” rating in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $260.50.

Shares of RMD opened at $252.16 on Thursday. ResMed has a 1-year low of $179.37 and a 1-year high of $301.34. The company has a current ratio of 2.54, a quick ratio of 1.73 and a debt-to-equity ratio of 0.26. The firm’s 50-day moving average price is $256.40 and its 200-day moving average price is $264.70. The firm has a market capitalization of $36.75 billion, a price-to-earnings ratio of 73.95, a PEG ratio of 2.46 and a beta of 0.30.

ResMed (NYSE:RMD) last posted its quarterly earnings data on Thursday, October 28th. The medical equipment provider reported $1.51 EPS for the quarter, topping the consensus estimate of $1.35 by $0.16. ResMed had a net margin of 14.92% and a return on equity of 28.46%. The business had revenue of $904.00 million for the quarter, compared to analyst estimates of $858.20 million. During the same quarter in the previous year, the firm posted $1.27 earnings per share. ResMed’s quarterly revenue was up 20.2% on a year-over-year basis. On average, research analysts forecast that ResMed will post 6.26 EPS for the current fiscal year.

In other news, Director Carol Burt sold 1,187 shares of the business’s stock in a transaction that occurred on Monday, November 15th. The shares were sold at an average price of $270.80, for a total transaction of $321,439.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brett Sandercock sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, January 10th. The shares were sold at an average price of $235.00, for a total transaction of $587,500.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 39,691 shares of company stock worth $10,330,553. Insiders own 1.42% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. State Street Corp raised its holdings in shares of ResMed by 0.4% during the second quarter. State Street Corp now owns 6,199,556 shares of the medical equipment provider’s stock valued at $1,528,315,000 after purchasing an additional 23,600 shares during the last quarter. FMR LLC raised its holdings in shares of ResMed by 1.2% during the second quarter. FMR LLC now owns 4,209,646 shares of the medical equipment provider’s stock valued at $1,037,761,000 after purchasing an additional 51,363 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of ResMed by 2.8% during the third quarter. Geode Capital Management LLC now owns 2,945,579 shares of the medical equipment provider’s stock valued at $774,518,000 after purchasing an additional 80,251 shares during the last quarter. Ownership Capital B.V. raised its holdings in shares of ResMed by 3.3% during the third quarter. Ownership Capital B.V. now owns 1,385,409 shares of the medical equipment provider’s stock valued at $365,125,000 after purchasing an additional 44,070 shares during the last quarter. Finally, Amundi purchased a new stake in ResMed during the second quarter valued at approximately $188,309,000. 65.12% of the stock is owned by hedge funds and other institutional investors.

About ResMed

ResMed, Inc engages in providing digital health and cloud-connected medical devices. Its digital health technologies and cloud-connected medical devices transform care for people with sleep apnea, chronic obstructive pulmonary disease, or COPD, and other chronic diseases. The firm operates through the following segments: Sleep and Respiratory Care, and Software as a Service.

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Analyst Recommendations for ResMed (NYSE:RMD)

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