ResMed (NYSE:RMD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Monday, April 9th. The brokerage presently has a $105.00 price target on the medical equipment provider’s stock. Zacks Investment Research‘s price objective points to a potential upside of 4.25% from the stock’s current price.
According to Zacks, “Over the past three months, ResMed has outperformed its industry. We are encouraged to note that ResMed is working on product innovation through extensive research and development. Brightree has started to strongly contribute to the company’s operating results based on product developments. Among the latest 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. Moreover, the company achieved solid double-digit global revenue growth in the last reported quarter, led by sales from Software-as-a-Service business as well as mask products and devices. Yet, challenges like competitive bidding and reimbursement issues continue to plague ResMed. The company also remains exposed to challenging pricing scenario. Rising costs and a weak gross margin are other concerns.”
RMD has been the topic of several other research reports. Citigroup lowered shares of ResMed from a “buy” rating to a “neutral” rating in a research note on Wednesday, April 4th. Needham & Company LLC upgraded shares of ResMed from an “underperform” rating to a “hold” rating in a report on Tuesday, January 23rd. Northland Securities upgraded shares of ResMed from an “under perform” rating to a “market perform” rating in a research report on Tuesday, January 23rd. ValuEngine upgraded shares of ResMed from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Finally, BMO Capital Markets increased their target price on shares of ResMed to $90.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 23rd. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the stock. ResMed has a consensus rating of “Hold” and an average price target of $74.83.
Shares of RMD opened at $100.72 on Monday. The company has a market capitalization of $14,249.83, a price-to-earnings ratio of 31.75 and a beta of 0.90. ResMed has a twelve month low of $67.04 and a twelve month high of $104.78.
ResMed (NYSE:RMD) last issued its quarterly earnings results on Monday, January 22nd. The medical equipment provider reported $1.00 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.78 by $0.22. The company had revenue of $601.27 million during 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%. ResMed’s revenue was up 13.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.73 EPS. equities research analysts forecast that ResMed will post 3.38 earnings per share for the current fiscal year.
In related news, insider James Hollingshead sold 600 shares of the business’s stock in a transaction that occurred on Thursday, March 1st. The shares were sold at an average price of $94.01, for a total transaction of $56,406.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ronald R. Taylor sold 4,885 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $99.71, for a total transaction of $487,083.35. Following the sale, the director now directly owns 21,751 shares of the company’s stock, valued at $2,168,792.21. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 46,889 shares of company stock worth $4,696,386. 1.77% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Elkfork Partners LLC acquired a new position in ResMed during the fourth quarter valued at approximately $440,000. Xact Kapitalforvaltning AB grew its holdings in ResMed by 11.3% during the fourth quarter. Xact Kapitalforvaltning AB now owns 16,254 shares of the medical equipment provider’s stock valued at $1,377,000 after purchasing an additional 1,649 shares during the period. Envestnet Asset Management Inc. grew its holdings in ResMed by 23.3% during the fourth quarter. Envestnet Asset Management Inc. now owns 11,890 shares of the medical equipment provider’s stock valued at $1,007,000 after purchasing an additional 2,248 shares during the period. We Are One Seven LLC acquired a new position in shares of ResMed in the fourth quarter valued at approximately $402,000. Finally, OLD Mutual Customised Solutions Proprietary Ltd. boosted its holdings in shares of ResMed by 80.0% in the fourth quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 6,300 shares of the medical equipment provider’s stock valued at $534,000 after buying an additional 2,800 shares during the period. Hedge funds and other institutional investors own 62.41% of the company’s stock.
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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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