Zacks Investment Research upgraded shares of ResMed (NYSE:RMD) from a hold rating to a buy rating in a research report sent to investors on Thursday morning. Zacks Investment Research currently has $99.00 price objective on the medical equipment provider’s stock.
According to Zacks, “Over the recent past, ResMed has been observed to achieve strong global revenue growth led by sales from Software-as-a-Service businesses as well as its new mask products and devices. We are encouraged to note that the company is working on product innovation through extensive research and development. The company also recently launched the AirFit N20 Classic nasal mask for positive airway pressure (PAP) treatment in Europe. In the past six months, ResMed has traded above the broader industry. However, challenges like competitive bidding and reimbursement issues continue to plague ResMed. The company also remains exposed to foreign exchange fluctuations. Rising operating expenses and a weak operating margin are other major concerns.”
Several other research analysts have also commented on the company. Northland Securities reaffirmed a sell rating and set a $55.00 price target on shares of ResMed in a research report on Friday, October 27th. Needham & Company LLC reaffirmed a sell rating on shares of ResMed in a research report on Friday, October 27th. JPMorgan Chase & Co. lifted their price target on ResMed from $72.00 to $73.00 and gave the stock an overweight rating in a research report on Monday, October 30th. BMO Capital Markets lifted their price target on ResMed to $82.00 and gave the stock a market perform rating in a research report on Tuesday, December 12th. Finally, Barclays lifted their price target on ResMed from $65.00 to $68.00 and gave the stock an underweight rating in a research report on Monday, September 25th. Four research analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. The company has an average rating of Hold and an average target price of $70.57.
ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, October 26th. The medical equipment provider reported $0.66 EPS for the quarter, hitting the consensus estimate of $0.66. The company had revenue of $523.66 million for the quarter, compared to analyst estimates of $506.08 million. ResMed had a return on equity of 21.53% and a net margin of 16.58%. The firm’s revenue was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.62 earnings per share. sell-side analysts predict that ResMed will post 3.04 earnings per share for the current fiscal year.
In other ResMed news, insider James Hollingshead sold 600 shares of ResMed stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $84.96, for a total value of $50,976.00. Following the transaction, the insider now directly owns 62,602 shares in the company, valued at approximately $5,318,665.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider David Pendarvis sold 6,364 shares of ResMed stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $82.20, for a total value of $523,120.80. The disclosure for this sale can be found here. Insiders sold a total of 158,929 shares of company stock worth $13,181,009 over the last quarter. Company insiders own 1.77% of the company’s stock.
Hedge funds have recently made changes to their positions in the business. Raymond James Financial Services Advisors Inc. grew its stake in shares of ResMed by 2.9% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 47,056 shares of the medical equipment provider’s stock valued at $3,665,000 after purchasing an additional 1,306 shares during the last quarter. Pittenger & Anderson Inc. grew its stake in shares of ResMed by 23.5% in the 3rd quarter. Pittenger & Anderson Inc. now owns 12,765 shares of the medical equipment provider’s stock valued at $982,000 after purchasing an additional 2,425 shares during the last quarter. American Capital Management Inc. grew its stake in shares of ResMed by 0.5% in the 3rd quarter. American Capital Management Inc. now owns 656,842 shares of the medical equipment provider’s stock valued at $50,551,000 after purchasing an additional 3,508 shares during the last quarter. Toronto Dominion Bank grew its stake in shares of ResMed by 2,999.2% in the 3rd quarter. Toronto Dominion Bank now owns 53,926 shares of the medical equipment provider’s stock valued at $4,150,000 after purchasing an additional 52,186 shares during the last quarter. Finally, IFM Investors Pty Ltd purchased a new position in shares of ResMed in the 3rd quarter valued at approximately $341,000. Institutional investors own 61.81% of the company’s stock.
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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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