ResMed (NYSE:RMD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Monday, February 5th.
According to Zacks, “ResMed exited the second quarter fiscal 2018 on a promising note with earnings and revenues beating the Zacks Consensus Estimate. The company achieved solid double-digit global revenue growth in the quarter, led by sales from Software-as-a-Service business as well as mask products and devices. We are encouraged to note that the company is working on product innovation through extensive research and development. Among the recent developments, the company recently informed about its first self-branded portable oxygen concentrator Mobi, subject to a fiscal third-quarter launch. It has also introduced AirMini, the world's smallest PAP device. In the past three months, ResMed has outperformed the broader industry. Yet, challenges like competitive bidding and reimbursement issues continue to plague ResMed. The company also remains exposed to foreign exchange fluctuations. Rising costs and a weak gross margin are other concerns.”
Other research analysts also recently issued reports about the company. Needham & Company LLC raised ResMed from an “underperform” rating to a “hold” rating in a research note on Tuesday, January 23rd. Northland Securities raised ResMed from an “under perform” rating to a “market perform” rating in a research note on Tuesday, January 23rd. BMO Capital Markets upped their price target on ResMed to $90.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 23rd. JPMorgan Chase & Co. upped their price target on ResMed from $72.00 to $73.00 and gave the stock an “overweight” rating in a research note on Monday, October 30th. Finally, Macquarie downgraded ResMed from a “neutral” rating to a “sell” rating in a research note on Tuesday, January 23rd. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company’s stock. ResMed currently has an average rating of “Hold” and an average target price of $76.00.
ResMed (RMD) opened at $93.47 on Monday. The stock has a market capitalization of $13,080.69, a PE ratio of 29.15 and a beta of 0.92. ResMed has a 52 week low of $67.04 and a 52 week high of $104.78.
ResMed (NYSE:RMD) last announced its quarterly earnings data on Monday, January 22nd. The medical equipment provider reported $1.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.22. The company had revenue of $601.27 million for the quarter, compared to the consensus estimate of $583.77 million. ResMed had a return on equity of 22.75% and a net margin of 12.98%. The firm’s revenue was up 13.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.73 EPS. equities research analysts anticipate that ResMed will post 3.34 EPS for the current year.
In other ResMed news, Director John P. Wareham sold 25,934 shares of the business’s stock in a transaction that occurred on Friday, January 26th. The stock was sold at an average price of $102.25, for a total transaction of $2,651,751.50. Following the completion of the sale, the director now directly owns 38,934 shares of the company’s stock, valued at approximately $3,981,001.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider James Hollingshead sold 600 shares of the business’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $84.96, for a total value of $50,976.00. Following the sale, the insider now directly owns 62,602 shares of the company’s stock, valued at $5,318,665.92. The disclosure for this sale can be found here. Insiders have sold a total of 49,802 shares of company stock valued at $4,824,727 over the last three months. Corporate insiders own 1.77% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Baillie Gifford & Co. increased its holdings in ResMed by 0.9% during the 3rd quarter. Baillie Gifford & Co. now owns 4,913,626 shares of the medical equipment provider’s stock worth $378,154,000 after purchasing an additional 44,340 shares in the last quarter. Geode Capital Management LLC increased its holdings in ResMed by 4.6% during the 4th quarter. Geode Capital Management LLC now owns 1,730,716 shares of the medical equipment provider’s stock worth $146,312,000 after purchasing an additional 75,419 shares in the last quarter. Congress Asset Management Co. MA increased its holdings in ResMed by 2.2% during the 4th quarter. Congress Asset Management Co. MA now owns 1,078,645 shares of the medical equipment provider’s stock worth $91,350,000 after purchasing an additional 23,714 shares in the last quarter. Koch Industries Inc. increased its holdings in ResMed by 17,065.2% during the 2nd quarter. Koch Industries Inc. now owns 985,796 shares of the medical equipment provider’s stock worth $973,000 after purchasing an additional 980,053 shares in the last quarter. Finally, Legal & General Group Plc grew its holdings in shares of ResMed by 0.7% in the third quarter. Legal & General Group Plc now owns 765,271 shares of the medical equipment provider’s stock valued at $58,892,000 after acquiring an additional 5,169 shares in the last quarter. 61.47% of the stock is owned by hedge funds and other institutional investors.
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ResMed Company Profile
ResMed Inc is a holding company. The Company is engaged in the development, manufacturing, distribution and marketing of medical devices and cloud-based software applications that diagnose, treat and manage respiratory disorders, including sleep disordered breathing (SDB), chronic obstructive pulmonary disease (COPD), neuromuscular disease and other diseases.
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