Piper Sandler Begins Coverage on ResMed (NYSE:RMD)

Equities research analysts at Piper Sandler started coverage on shares of ResMed (NYSE:RMD - Get Free Report) in a report issued on Friday, MarketBeat Ratings reports. The brokerage set a "neutral" rating and a $252.00 price target on the medical equipment provider's stock. Piper Sandler's target price indicates a potential upside of 7.73% from the company's current price.

RMD has been the topic of a number of other research reports. StockNews.com upgraded ResMed from a "hold" rating to a "buy" rating in a research report on Tuesday, October 15th. Needham & Company LLC reaffirmed a "hold" rating on shares of ResMed in a research report on Friday, October 25th. Royal Bank of Canada upped their target price on ResMed from $224.00 to $232.00 and gave the stock a "sector perform" rating in a research note on Friday, October 25th. Robert W. Baird lifted their price objective on shares of ResMed from $280.00 to $283.00 and gave the company an "outperform" rating in a report on Friday, October 25th. Finally, KeyCorp upped their target price on ResMed from $251.00 to $266.00 and gave the stock an "overweight" rating in a research note on Friday, October 25th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, ResMed currently has an average rating of "Hold" and an average price target of $233.09.

ResMed Stock Down 1.0 %

ResMed stock traded down $2.25 during mid-day trading on Friday, reaching $233.92. 1,043,327 shares of the company were exchanged, compared to its average volume of 764,755. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.92. The firm has a market cap of $34.34 billion, a P/E ratio of 30.98, a PEG ratio of 1.73 and a beta of 0.70. The business has a fifty day moving average of $239.84 and a 200 day moving average of $230.88. ResMed has a 12-month low of $168.29 and a 12-month high of $260.49.

ResMed (NYSE:RMD - Get Free Report) last issued its quarterly earnings data on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.03 by $0.17. ResMed had a net margin of 23.15% and a return on equity of 25.53%. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter in the previous year, the firm earned $1.64 EPS. The company's quarterly revenue was up 11.1% compared to the same quarter last year. Research analysts anticipate that ResMed will post 9.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Justin Leong sold 6,160 shares of the company's stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $243.09, for a total value of $1,497,434.40. Following the completion of the sale, the insider now owns 21,718 shares of the company's stock, valued at $5,279,428.62. This represents a 22.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Peter C. Farrell sold 2,000 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $245.65, for a total transaction of $491,300.00. Following the completion of the sale, the director now directly owns 81,218 shares of the company's stock, valued at $19,951,201.70. This trade represents a 2.40 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 11,099 shares of company stock valued at $2,719,385. Company insiders own 0.71% of the company's stock.

Institutional Investors Weigh In On ResMed

Hedge funds and other institutional investors have recently modified their holdings of the stock. Marshall Wace LLP acquired a new stake in ResMed in the second quarter worth $77,285,000. Geode Capital Management LLC boosted its holdings in shares of ResMed by 10.9% in the third quarter. Geode Capital Management LLC now owns 3,858,814 shares of the medical equipment provider's stock worth $939,114,000 after buying an additional 380,383 shares during the period. Greenvale Capital LLP boosted its position in shares of ResMed by 61.1% in the second quarter. Greenvale Capital LLP now owns 725,000 shares of the medical equipment provider's stock worth $138,780,000 after buying an additional 275,000 shares during the period. Caisse DE Depot ET Placement DU Quebec grew its position in ResMed by 726.3% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 283,801 shares of the medical equipment provider's stock valued at $69,281,000 after purchasing an additional 249,454 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in shares of ResMed during the second quarter worth $42,036,000. Institutional investors own 54.98% of the company's stock.

About ResMed

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.