ResMed (NYSE:RMD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday, April 9th. The brokerage currently has a $105.00 price target on the medical equipment provider’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 4.61% 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 reports. Needham & Company LLC raised ResMed from an “underperform” rating to a “hold” rating in a report on Tuesday, January 23rd. Citigroup lowered ResMed from a “buy” rating to a “neutral” rating in a report on Wednesday, April 4th. ValuEngine raised ResMed from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Macquarie lowered ResMed from a “neutral” rating to a “sell” rating in a report on Tuesday, January 23rd. Finally, BMO Capital Markets raised their price objective on ResMed to $82.00 and gave the company a “market perform” rating in a report on Tuesday, December 12th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $74.83.
ResMed (NYSE:RMD) last posted its earnings results on Monday, January 22nd. The medical equipment provider reported $1.00 EPS for the quarter, topping the consensus estimate of $0.78 by $0.22. The firm had revenue of $601.27 million for the quarter, compared to analyst estimates of $583.77 million. ResMed had a return on equity of 22.75% and a net margin of 12.98%. ResMed’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same period last year, the company earned $0.73 earnings per share. analysts predict that ResMed will post 3.38 EPS for the current year.
In other news, CFO Brett Sandercock sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $93.42, for a total value of $186,840.00. Following the transaction, the chief financial officer now owns 75,072 shares in the company, valued at $7,013,226.24. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider James Hollingshead sold 600 shares of the firm’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 value of $56,406.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 46,889 shares of company stock worth $4,696,386. 1.77% of the stock is owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the stock. Elkfork Partners LLC purchased a new position in ResMed during the fourth quarter worth approximately $440,000. Xact Kapitalforvaltning AB lifted its position in ResMed by 11.3% during the fourth quarter. Xact Kapitalforvaltning AB now owns 16,254 shares of the medical equipment provider’s stock worth $1,377,000 after buying an additional 1,649 shares in the last quarter. Envestnet Asset Management Inc. lifted its position 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 worth $1,007,000 after buying an additional 2,248 shares in the last quarter. We Are One Seven LLC purchased a new position in ResMed during the fourth quarter worth approximately $402,000. Finally, OLD Mutual Customised Solutions Proprietary Ltd. lifted its position in ResMed by 80.0% during the fourth quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 6,300 shares of the medical equipment provider’s stock worth $534,000 after buying an additional 2,800 shares in the last quarter. Hedge funds and other institutional investors own 62.41% of the company’s stock.
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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