ResMed (NYSE:RMD) Trading Down 3% After Analyst Downgrade

ResMed Inc. (NYSE:RMD)’s stock price traded down 3% during mid-day trading on Monday after Oppenheimer lowered their price target on the stock from $205.00 to $200.00. Oppenheimer currently has an outperform rating on the stock. ResMed traded as low as $210.20 and last traded at $211.61. 322,132 shares were traded during mid-day trading, a decline of 69% from the average session volume of 1,045,429 shares. The stock had previously closed at $218.06.

Several other equities analysts have also recently issued reports on RMD. Needham & Company LLC raised their price objective on ResMed from $224.00 to $236.00 and gave the stock a “buy” rating in a research note on Friday, April 26th. KeyCorp raised their target price on ResMed from $227.00 to $238.00 and gave the company an “overweight” rating in a research note on Friday, April 26th. UBS Group raised their target price on ResMed from $175.00 to $180.00 and gave the company a “neutral” rating in a research note on Thursday, January 25th. Royal Bank of Canada raised their target price on ResMed from $187.00 to $200.00 and gave the company a “sector perform” rating in a research note on Friday, April 26th. Finally, JPMorgan Chase & Co. raised their target price on ResMed from $160.00 to $195.00 and gave the company an “overweight” rating in a research note on Tuesday, January 9th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $202.80.

Insider Buying and Selling

In related news, Director Karen Drexler sold 425 shares of ResMed stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $214.92, for a total transaction of $91,341.00. Following the transaction, the director now directly owns 8,446 shares of the company’s stock, valued at $1,815,214.32. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director Karen Drexler sold 425 shares of ResMed stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $214.92, for a total value of $91,341.00. Following the transaction, the director now owns 8,446 shares of the company’s stock, valued at approximately $1,815,214.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Michael J. Rider sold 200 shares of ResMed stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $173.25, for a total value of $34,650.00. Following the completion of the transaction, the general counsel now directly owns 6,688 shares in the company, valued at approximately $1,158,696. The disclosure for this sale can be found here. Insiders have sold a total of 11,641 shares of company stock valued at $2,137,958 over the last three months. Company insiders own 1.21% of the company’s stock.

Institutional Investors Weigh In On ResMed

A number of institutional investors have recently bought and sold shares of the business. Norden Group LLC boosted its position in ResMed by 85.0% during the 1st quarter. Norden Group LLC now owns 2,590 shares of the medical equipment provider’s stock worth $513,000 after acquiring an additional 1,190 shares during the period. Van ECK Associates Corp lifted its holdings in shares of ResMed by 2.8% during the 1st quarter. Van ECK Associates Corp now owns 26,584 shares of the medical equipment provider’s stock valued at $5,264,000 after buying an additional 735 shares during the last quarter. HB Wealth Management LLC lifted its holdings in shares of ResMed by 4.3% during the 1st quarter. HB Wealth Management LLC now owns 2,250 shares of the medical equipment provider’s stock valued at $446,000 after buying an additional 92 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. lifted its holdings in shares of ResMed by 3,311.8% during the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 14,978 shares of the medical equipment provider’s stock valued at $2,966,000 after buying an additional 14,539 shares during the last quarter. Finally, Tandem Investment Advisors Inc. lifted its holdings in shares of ResMed by 29.7% during the 1st quarter. Tandem Investment Advisors Inc. now owns 486,801 shares of the medical equipment provider’s stock valued at $96,401,000 after buying an additional 111,355 shares during the last quarter. 54.98% of the stock is currently owned by institutional investors and hedge funds.

ResMed Trading Down 1.5 %

The firm has a market capitalization of $31.48 billion, a price-to-earnings ratio of 32.88, a price-to-earnings-growth ratio of 2.65 and a beta of 0.67. The company has a current ratio of 3.04, a quick ratio of 1.97 and a debt-to-equity ratio of 0.22. The company has a fifty day moving average price of $188.47 and a 200-day moving average price of $173.40.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, April 25th. The medical equipment provider reported $2.13 earnings per share for the quarter, topping the consensus estimate of $1.91 by $0.22. ResMed had a return on equity of 24.43% and a net margin of 20.91%. The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same period in the previous year, the company earned $1.68 EPS. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. On average, equities research analysts predict that ResMed Inc. will post 7.52 EPS for the current year.

ResMed Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 13th. Shareholders of record on Thursday, May 9th will be given a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 0.90%. The ex-dividend date is Wednesday, May 8th. ResMed’s dividend payout ratio is currently 29.49%.

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.