ResMed (NYSE:RMD) Hits New 52-Week High – Here’s What Happened

Shares of ResMed Inc. (NYSE:RMD) hit a new 52-week high during trading on Thursday . The company traded as high as $263.05 and last traded at $260.50, with a volume of 119975 shares trading hands. The stock had previously closed at $252.86.

Wall Street Analyst Weigh In

Several research analysts have weighed in on RMD shares. Robert W. Baird raised their price objective on shares of ResMed from $280.00 to $283.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Needham & Company LLC reaffirmed a “hold” rating on shares of ResMed in a report on Friday, October 25th. The Goldman Sachs Group began coverage on shares of ResMed in a report on Thursday, January 16th. They issued a “buy” rating for the company. StockNews.com upgraded shares of ResMed from a “hold” rating to a “buy” rating in a research report on Tuesday, October 15th. Finally, Piper Sandler started coverage on shares of ResMed in a research report on Friday, January 10th. They issued a “neutral” rating and a $252.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, ResMed has a consensus rating of “Moderate Buy” and a consensus target price of $238.40.

ResMed Trading Up 2.2 %

The stock has a market capitalization of $37.95 billion, a price-to-earnings ratio of 34.24, a PEG ratio of 1.78 and a beta of 0.70. The company’s 50 day moving average is $240.04 and its 200 day moving average is $235.84. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.92.

Insider Buying and Selling at ResMed

In other ResMed news, insider Justin Leong sold 6,160 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were 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 in the company, valued at approximately $5,279,428.62. This trade represents a 22.10 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Peter C. Farrell sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $248.74, for a total transaction of $497,480.00. Following the completion of the sale, the director now owns 83,204 shares of the company’s stock, valued at $20,696,162.96. The trade was a 2.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 11,099 shares of company stock valued at $2,719,385 in the last 90 days. 0.71% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of RMD. Geode Capital Management LLC boosted its stake in ResMed by 10.9% during the 3rd quarter. Geode Capital Management LLC now owns 3,858,814 shares of the medical equipment provider’s stock worth $939,114,000 after acquiring an additional 380,383 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its stake in ResMed by 726.3% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 283,801 shares of the medical equipment provider’s stock worth $69,281,000 after acquiring an additional 249,454 shares during the last quarter. Nordea Investment Management AB boosted its stake in ResMed by 92.7% during the 4th quarter. Nordea Investment Management AB now owns 448,151 shares of the medical equipment provider’s stock worth $103,214,000 after acquiring an additional 215,561 shares during the last quarter. State Street Corp boosted its stake in ResMed by 1.9% during the 3rd quarter. State Street Corp now owns 6,261,633 shares of the medical equipment provider’s stock worth $1,528,590,000 after acquiring an additional 116,918 shares during the last quarter. Finally, AustralianSuper Pty Ltd boosted its stake in ResMed by 3,266.5% during the 4th quarter. AustralianSuper Pty Ltd now owns 103,923 shares of the medical equipment provider’s stock worth $23,766,000 after acquiring an additional 100,836 shares during the last quarter. 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.