J P Morgan Chase & Co Boosts ResMed Inc. (RMD) Price Target to $73.00
ResMed Inc. (NYSE:RMD) had its target price hoisted by J P Morgan Chase & Co from $72.00 to $73.00 in a research note released on Monday morning. The firm currently has an overweight rating on the medical equipment provider’s stock.
RMD has been the topic of several other reports. Jefferies Group LLC reissued a sell rating and set a $56.00 target price on shares of ResMed in a research note on Thursday, October 12th. Zacks Investment Research raised ResMed from a hold rating to a buy rating and set a $87.00 target price on the stock in a research note on Thursday, July 6th. Needham & Company LLC reissued a sell rating on shares of ResMed in a research note on Friday, September 8th. Citigroup Inc. raised ResMed from a neutral rating to a buy rating in a research note on Wednesday, August 2nd. Finally, BMO Capital Markets boosted their target price on ResMed from $70.00 to $74.00 and gave the company a market perform rating in a research note on Friday, October 27th. Four investment 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 stock presently has a consensus rating of Hold and an average target price of $67.57.
ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, October 26th. The medical equipment provider reported $0.66 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.66. The business had revenue of $523.66 million for the quarter, compared to analysts’ expectations of $506.08 million. ResMed had a return on equity of 21.53% and a net margin of 16.58%. The business’s quarterly revenue was up 12.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.62 EPS.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 14th. Investors of record on Thursday, November 9th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Wednesday, November 8th. This represents a $1.40 annualized dividend and a dividend yield of 1.66%. ResMed’s dividend payout ratio is presently 56.68%.
In related news, CFO Brett Sandercock sold 1,250 shares of ResMed stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $77.56, for a total transaction of $96,950.00. Following the sale, the chief financial officer now directly owns 65,941 shares in the company, valued at $5,114,383.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard Sulpizio sold 24,390 shares of ResMed stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $73.85, for a total value of $1,801,201.50. Following the sale, the director now owns 28,819 shares in the company, valued at $2,128,283.15. The disclosure for this sale can be found here. Insiders have sold 99,618 shares of company stock worth $7,553,475 over the last 90 days. 1.77% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in RMD. MARSHALL WACE ASIA Ltd bought a new stake in shares of ResMed during the first quarter valued at approximately $269,000. Marshall Wace North America L.P. bought a new stake in shares of ResMed during the first quarter valued at approximately $269,000. Cambridge Investment Research Advisors Inc. bought a new stake in shares of ResMed during the first quarter valued at approximately $212,000. Dimensional Fund Advisors LP boosted its position in shares of ResMed by 3.5% during the first quarter. Dimensional Fund Advisors LP now owns 376,787 shares of the medical equipment provider’s stock valued at $27,116,000 after purchasing an additional 12,601 shares in the last quarter. Finally, Paloma Partners Management Co bought a new stake in shares of ResMed during the first quarter valued at approximately $523,000. Institutional investors own 59.66% of the company’s stock.
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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