ResMed (NYSE:RMD) Given Underperform Rating at Wolfe Research

Wolfe Research reissued their underperform rating on shares of ResMed (NYSE:RMD) in a research note released on Wednesday, MarketBeat.com reports. The brokerage currently has a $180.00 price target on the medical equipment provider’s stock.

A number of other analysts have also issued reports on RMD. Needham & Company LLC restated a hold rating on shares of ResMed in a report on Wednesday. Royal Bank of Canada increased their target price on ResMed from $204.00 to $206.00 and gave the company a sector perform rating in a report on Friday, August 2nd. KeyCorp increased their target price on ResMed from $238.00 to $251.00 and gave the company an overweight rating in a report on Friday, August 2nd. Citigroup lowered ResMed from a buy rating to a neutral rating in a report on Monday, June 24th. Finally, StockNews.com lowered ResMed from a buy rating to a hold rating in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $199.70.

ResMed Price Performance

NYSE RMD opened at $244.94 on Wednesday. The stock has a market capitalization of $35.98 billion, a P/E ratio of 37.63, a P/E/G ratio of 2.50 and a beta of 0.69. ResMed has a 1 year low of $132.24 and a 1 year high of $255.18. The business’s fifty day moving average is $226.91 and its two-hundred day moving average is $209.44. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.69 and a current ratio of 2.59.

ResMed (NYSE:RMD) last posted its quarterly earnings results on Thursday, August 1st. The medical equipment provider reported $2.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.05. The company had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.22 billion. ResMed had a return on equity of 25.00% and a net margin of 21.79%. The firm’s revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.60 earnings per share. On average, research analysts forecast that ResMed will post 8.92 earnings per share for the current fiscal year.

ResMed Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 19th. Stockholders of record on Thursday, August 15th were paid a $0.53 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This is an increase from ResMed’s previous quarterly dividend of $0.48. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.87%. ResMed’s dividend payout ratio is 32.57%.

Insiders Place Their Bets

In other ResMed news, insider Kaushik Ghoshal sold 5,000 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $252.56, for a total transaction of $1,262,800.00. Following the transaction, the insider now directly owns 21,788 shares of the company’s stock, valued at $5,502,777.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other ResMed news, insider Kaushik Ghoshal sold 5,000 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $252.56, for a total transaction of $1,262,800.00. Following the transaction, the insider now directly owns 21,788 shares of the company’s stock, valued at $5,502,777.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael J. Farrell sold 14,683 shares of the stock in a transaction on 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 transaction, the chief executive officer now directly owns 440,799 shares in the company, valued at $85,060,983.03. The disclosure for this sale can be found here. Insiders have sold 102,931 shares of company stock valued at $22,644,807 over the last three months. 1.21% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ResMed

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Dorsey & Whitney Trust CO LLC grew its position in shares of ResMed by 3.7% in the first quarter. Dorsey & Whitney Trust CO LLC now owns 1,473 shares of the medical equipment provider’s stock valued at $292,000 after purchasing an additional 52 shares during the last quarter. QRG Capital Management Inc. grew its position in shares of ResMed by 4.5% in the second quarter. QRG Capital Management Inc. now owns 1,291 shares of the medical equipment provider’s stock valued at $247,000 after purchasing an additional 56 shares during the last quarter. Inspire Advisors LLC grew its position in shares of ResMed by 1.9% in the second quarter. Inspire Advisors LLC now owns 3,060 shares of the medical equipment provider’s stock valued at $586,000 after purchasing an additional 56 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its position in shares of ResMed by 1.9% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 3,188 shares of the medical equipment provider’s stock valued at $631,000 after purchasing an additional 60 shares during the last quarter. Finally, Gulf International Bank UK Ltd grew its position in shares of ResMed by 0.5% in the first quarter. Gulf International Bank UK Ltd now owns 12,614 shares of the medical equipment provider’s stock valued at $2,497,000 after purchasing an additional 66 shares during the last quarter. 54.98% of the stock is owned by institutional investors and hedge funds.

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.