JPMorgan Chase & Co. Downgrades ResMed Inc. (RMD) to Neutral
ResMed Inc. (NYSE:RMD) was downgraded by equities researchers at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research note issued on Monday.
A number of other brokerages have also recently weighed in on RMD. Needham & Company LLC reaffirmed a “sell” rating on shares of ResMed in a research report on Monday, September 12th. Jefferies Group boosted their price objective on ResMed from $56.00 to $60.00 and gave the stock a “hold” rating in a research report on Friday, July 29th. Northland Securities set a $50.00 price objective on ResMed and gave the stock a “sell” rating in a research report on Monday, August 29th. Bank of America Corp. reissued a “hold” rating and set a $65.00 price objective on shares of ResMed in a research report on Sunday, July 10th. Finally, Zacks Investment Research cut ResMed from a “hold” rating to a “sell” rating in a research report on Friday, July 8th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of C$58.60.
Shares of ResMed (NYSE:RMD) opened at 63.45 on Monday. The company has a 50 day moving average price of $67.86 and a 200 day moving average price of $61.97. ResMed has a one year low of $49.11 and a one year high of $70.90. The company has a market cap of $8.93 billion, a P/E ratio of 25.48 and a beta of 0.71.
ResMed (NYSE:RMD) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.74 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.74. ResMed had a return on equity of 23.89% and a net margin of 18.63%. The company earned $518.60 million during the quarter, compared to analysts’ expectations of $512.37 million. During the same quarter in the previous year, the firm earned $0.68 earnings per share. The business’s quarterly revenue was up 14.5% compared to the same quarter last year. Equities research analysts expect that ResMed will post $2.88 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 22nd. Stockholders of record on Thursday, August 18th will be paid a $0.33 dividend. This is a positive change from ResMed’s previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a dividend yield of 2.08%. The ex-dividend date of this dividend is Tuesday, August 16th. ResMed’s dividend payout ratio is currently 54.32%.
In other ResMed news, Director Ronald R. Taylor bought 2,487 shares of ResMed stock in a transaction dated Wednesday, August 17th. The shares were acquired at an average cost of C$69.13 per share, with a total value of C$171,926.31. Following the acquisition, the director now directly owns 16,729 shares of the company’s stock, valued at C$1,156,475.77. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard Sulpizio sold 36,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of C$70.15, for a total value of C$2,525,400.00. Following the completion of the transaction, the director now directly owns 101,887 shares in the company, valued at C$7,147,373.05. The disclosure for this sale can be found here. 2.54% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. KAMES CAPITAL plc acquired a new position in shares of ResMed during the second quarter valued at approximately $768,000. Northwestern Mutual Investment Management Company LLC increased its position in shares of ResMed by 0.3% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 24,240 shares of the company’s stock valued at $1,533,000 after buying an additional 79 shares during the last quarter. Mason Street Advisors LLC acquired a new position in shares of ResMed during the second quarter valued at approximately $4,049,000. Northwestern Mutual Wealth Management Co. increased its position in shares of ResMed by 9.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,002 shares of the company’s stock valued at $252,000 after buying an additional 334 shares during the last quarter. Finally, Royal Bank of Canada increased its position in shares of ResMed by 2.8% in the second quarter. Royal Bank of Canada now owns 118,044 shares of the company’s stock valued at $7,464,000 after buying an additional 3,241 shares during the last quarter. 61.07% of the stock is currently owned by institutional investors and hedge funds.
ResMed Inc is engaged in the development, manufacturing, distribution and marketing of medical products for the diagnosis, treatment and management of respiratory disorders, with a focus on sleep-disordered breathing (SDB). The Company develops various products for SDB and other respiratory disorders, including airflow generators, diagnostic products, mask systems, headgear and other accessories.
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