Citigroup Upgrades ResMed (NYSE:RMD) to "Buy"

Citigroup upgraded shares of ResMed (NYSE:RMD - Free Report) from a neutral rating to a buy rating in a research report sent to investors on Wednesday, MarketBeat.com reports.

A number of other equities analysts also recently issued reports on the company. JPMorgan Chase & Co. upped their price target on ResMed from $270.00 to $286.00 and gave the stock an "overweight" rating in a research report on Friday, January 31st. Piper Sandler upped their price target on ResMed from $252.00 to $260.00 and gave the stock a "neutral" rating in a research report on Friday, January 31st. The Goldman Sachs Group assumed coverage on ResMed in a research report on Thursday, January 16th. They set a "buy" rating on the stock. Stifel Nicolaus reduced their price target on ResMed from $250.00 to $240.00 and set a "hold" rating on the stock in a research report on Wednesday. Finally, KeyCorp upped their price target on ResMed from $266.00 to $280.00 and gave the stock an "overweight" rating in a research report on Friday, January 31st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, ResMed currently has an average rating of "Moderate Buy" and an average price target of $243.82.

ResMed Stock Up 3.3 %

ResMed stock traded up $7.37 during mid-day trading on Wednesday, reaching $232.40. 908,219 shares of the company were exchanged, compared to its average volume of 969,666. The business has a fifty day moving average of $236.70 and a 200 day moving average of $239.93. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.29 and a current ratio of 3.33. The firm has a market cap of $34.13 billion, a P/E ratio of 27.44, a PEG ratio of 1.53 and a beta of 0.74. ResMed has a 12-month low of $172.19 and a 12-month high of $263.05.

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ResMed (NYSE:RMD - Get Free Report) last issued its quarterly earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.29 by $0.14. ResMed had a return on equity of 26.17% and a net margin of 25.34%. Research analysts anticipate that ResMed will post 9.47 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Shareholders of record on Thursday, February 13th will be given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 0.91%. The ex-dividend date is Thursday, February 13th. ResMed's dividend payout ratio is currently 25.03%.

Insiders Place Their Bets

In other ResMed news, insider Kaushik Ghoshal sold 9,113 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $235.40, for a total transaction of $2,145,200.20. Following the sale, the insider now directly owns 9,725 shares of the company's stock, valued at approximately $2,289,265. This trade represents a 48.38 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $236.77, for a total value of $1,896,290.93. Following the sale, the chief executive officer now directly owns 455,472 shares in the company, valued at $107,842,105.44. This represents a 1.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 21,186 shares of company stock valued at $4,996,646. Company insiders own 0.71% of the company's stock.

Institutional Investors Weigh In On ResMed

Several hedge funds have recently modified their holdings of the company. Menard Financial Group LLC purchased a new stake in shares of ResMed during the 4th quarter worth about $98,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of ResMed during the 4th quarter worth about $19,540,000. ABLE Financial Group LLC boosted its stake in shares of ResMed by 2.8% during the 4th quarter. ABLE Financial Group LLC now owns 2,639 shares of the medical equipment provider's stock worth $604,000 after acquiring an additional 72 shares in the last quarter. Forum Financial Management LP purchased a new stake in shares of ResMed during the 4th quarter worth about $273,000. Finally, Toronto Dominion Bank boosted its stake in shares of ResMed by 4.3% during the 4th quarter. Toronto Dominion Bank now owns 51,349 shares of the medical equipment provider's stock worth $11,743,000 after acquiring an additional 2,099 shares in the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

ResMed Company Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. The company 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 ApneaLink Air, a portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow, and snoring; and NightOwl, a portable, cloud-connected, and disposable diagnostic device that measures AHI based on derived peripheral arterial tone, actigraphy, and oximetry over several nights.