Morgan Stanley Begins Coverage on ResMed (NYSE:RMD)

Stock analysts at Morgan Stanley began coverage on shares of ResMed (NYSE:RMD) in a note issued to investors on Wednesday. The brokerage set an “overweight” rating on the medical equipment provider’s stock.

A number of other research firms have also recently weighed in on RMD. The Goldman Sachs Group initiated coverage on shares of ResMed in a research note on Thursday, January 16th. They set a “buy” rating on the stock. Piper Sandler boosted their price target on shares of ResMed from $252.00 to $260.00 and gave the stock a “neutral” rating in a research note on Friday, January 31st. UBS Group upgraded shares of ResMed from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 31st. StockNews.com upgraded shares of ResMed from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Needham & Company LLC reiterated a “hold” rating on shares of ResMed in a research note on Friday, January 31st. One research analyst has rated the stock with a sell rating, five have issued a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $243.82.

ResMed Stock Down 2.1 %

RMD opened at $220.07 on Wednesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.29 and a current ratio of 3.33. ResMed has a fifty-two week low of $172.19 and a fifty-two week high of $263.05. The firm’s fifty day moving average is $235.76 and its 200 day moving average is $239.49. The stock has a market cap of $32.32 billion, a price-to-earnings ratio of 25.98, a price-to-earnings-growth ratio of 1.53 and a beta of 0.74.

ResMed (NYSE:RMD) last released its earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share for the quarter, beating analysts’ consensus estimates of $2.29 by $0.14. ResMed had a net margin of 25.34% and a return on equity of 26.17%. On average, sell-side analysts forecast that ResMed will post 9.47 earnings per share for the current fiscal year.

Insider Transactions at ResMed

In related news, insider Kaushik Ghoshal sold 9,745 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $239.31, for a total transaction of $2,332,075.95. Following the transaction, the insider now directly owns 9,725 shares in the company, valued at approximately $2,327,289.75. This represents a 50.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael J. Farrell sold 8,009 shares of the company’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $236.77, for a total transaction of $1,896,290.93. Following the transaction, the chief executive officer now owns 455,472 shares in the company, valued at $107,842,105.44. The trade was a 1.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 38,940 shares of company stock worth $9,164,385 in the last three months. Insiders own 0.71% of the company’s stock.

Hedge Funds Weigh In On ResMed

Hedge funds have recently added to or reduced their stakes in the company. First Horizon Advisors Inc. grew its holdings in ResMed by 285.1% during the 4th quarter. First Horizon Advisors Inc. now owns 593 shares of the medical equipment provider’s stock valued at $136,000 after purchasing an additional 439 shares during the last quarter. Peak Financial Advisors LLC bought a new position in ResMed in the 4th quarter worth about $2,972,000. Principal Financial Group Inc. grew its stake in ResMed by 2.9% in the 3rd quarter. Principal Financial Group Inc. now owns 186,776 shares of the medical equipment provider’s stock worth $45,596,000 after acquiring an additional 5,284 shares in the last quarter. Retireful LLC bought a new position in ResMed in the 3rd quarter worth about $742,000. Finally, Spire Wealth Management grew its stake in ResMed by 11.3% in the 4th quarter. Spire Wealth Management now owns 10,800 shares of the medical equipment provider’s stock worth $2,470,000 after acquiring an additional 1,100 shares in the last quarter. 54.98% of the stock is currently owned by institutional investors.

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.