ResMed (NYSE:RMD) Shares Gap Up After Analyst Upgrade

Shares of ResMed Inc. (NYSE:RMD - Get Free Report) gapped up before the market opened on Monday after UBS Group upgraded the stock from a hold rating to a strong-buy rating. The stock had previously closed at $236.18, but opened at $242.00. ResMed shares last traded at $236.57, with a volume of 219,519 shares.

A number of other research firms have also recently commented on RMD. KeyCorp boosted their price target on ResMed from $266.00 to $280.00 and gave the stock an "overweight" rating in a report on Friday, January 31st. Piper Sandler lifted their target price on ResMed from $252.00 to $260.00 and gave the stock a "neutral" rating in a report on Friday, January 31st. JPMorgan Chase & Co. upped their price objective on shares of ResMed from $270.00 to $286.00 and gave the company an "overweight" rating in a research note on Friday, January 31st. Royal Bank of Canada raised 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. Finally, Needham & Company LLC reiterated a "hold" rating on shares of ResMed in a report on Friday, January 31st. One investment analyst has rated the stock with a sell rating, six have given a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, ResMed presently has an average rating of "Moderate Buy" and an average price target of $244.73.

Insiders Place Their Bets

In related news, insider Justin Leong sold 6,160 shares of ResMed 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 transaction, the insider now owns 21,718 shares in the company, valued at approximately $5,279,428.62. This trade represents a 22.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Peter C. Farrell sold 2,000 shares of the stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $242.11, for a total transaction of $484,220.00. Following the completion of the sale, the director now directly owns 77,218 shares in the company, valued at approximately $18,695,249.98. This represents a 2.52 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 11,094 shares of company stock worth $2,704,941. Corporate insiders own 0.71% of the company's stock.

Institutional Investors Weigh In On ResMed

Several hedge funds have recently made changes to their positions in RMD. Peak Financial Advisors LLC purchased a new stake in ResMed during the fourth quarter worth $2,972,000. Principal Financial Group Inc. lifted its stake in shares of ResMed by 2.9% during the 3rd quarter. Principal Financial Group Inc. now owns 186,776 shares of the medical equipment provider's stock worth $45,596,000 after purchasing an additional 5,284 shares during the last quarter. Retireful LLC bought a new stake in ResMed during the third quarter valued at about $742,000. Spire Wealth Management grew its stake in ResMed by 11.3% in the fourth quarter. Spire Wealth Management now owns 10,800 shares of the medical equipment provider's stock valued at $2,470,000 after purchasing an additional 1,100 shares during the last quarter. Finally, Asset Management One Co. Ltd. lifted its position in shares of ResMed by 5.1% during the third quarter. Asset Management One Co. Ltd. now owns 58,860 shares of the medical equipment provider's stock valued at $14,369,000 after buying an additional 2,878 shares during the last quarter. 54.98% of the stock is currently owned by hedge funds and other institutional investors.

ResMed Stock Down 2.3 %

The business's fifty day moving average price is $239.68 and its two-hundred day moving average price is $237.19. 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 capitalization of $34.81 billion, a P/E ratio of 27.99, a PEG ratio of 1.69 and a beta of 0.70.

ResMed (NYSE:RMD - Get Free Report) last posted its quarterly earnings data on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.29 by $0.14. ResMed had a net margin of 25.34% and a return on equity of 26.17%. Equities analysts expect that ResMed Inc. will post 9.41 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 0.89%. The ex-dividend date of this dividend is Thursday, February 13th. ResMed's dividend payout ratio is currently 25.03%.

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.