Up 14% in a month, is the Resmed share price just getting started?

Happy man with CPAP machineHappy man with CPAP machine

The ResMed Inc (ASX: RMD) share price has been a solid gainer this past month of trade, up almost 14% in that time.

The company’s shares have travelled from a low of $27.63 apiece on 25 May to their current price of $32.34 a share.

Meanwhile, healthcare shares are rebounding in June-July, with the S&P/ASX 200 Health Care Index (ASX: XHJ) up 13% in a month as well. The year-to-date performances of both Resmed and the index are charted below:

TradingView Chart

Has the Resmed share price got more?

The broker Morgans is bullish on the Resmed share price and has a price target of $37.95.

In a recent note, the broker said its long-term view on the healthcare player is positive, despite market volatility.

It made note of Resmed’s digital platform that addresses kinks along the “healthcare value chain” in its assessment.

Meanwhile, 64% of brokers rate Resmed as a buy right now, according to Refinitiv Eikon data. The remainder say it’s a hold, with no sell ratings on the share.

The consensus price target from this list is $33.93, a fraction above its current share price.

Sector-wise, healthcare shares could catch further bids in FY23 if recent trends prevail.

Researchers at Deloitte recently noted a number of catalysts are pushing the “clinical, financial, and operational transformation” of health care – COVID-19 potentially being one of these.

Moreover, the sector is projected to deliver an average earnings per share (EPS) growth of 30% in the second half of CY2022, according to Bloomberg data.

In the past 12 months, the Resmed share price is down 5.7%, falling just over 9% this year to date.

The post Up 14% in a month, is the Resmed share price just getting started? appeared first on The Motley Fool Australia.

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Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended ResMed Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended ResMed. The Motley Fool Australia has positions in and has recommended ResMed Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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