ResMed (RMD) is selling its MatrixCare business for a "cheap" price of $490 million, but the transaction is not material to the company's outlook, RBC Capital Markets said in a note Wednesday.

The brokerage said that while it was unlikely that MatrixCare would be sold at the 25x EV/EBITDA multiple at which it was acquired in 2018, a low double-digit to mid-teens multiple might have been achievable, compared with the 8.4x multiple at which it was sold.

The low multiple at which MatrixCare was sold raises questions about future artificial intelligence disruptions to ResMed's software business, according to the note.

The transaction did not surprise, though, as MatrixCare was detracting from the overall growth of ResMed's residential care software segment, the brokerage said.

RBC retained an outperform rating on the stock, but lowered its price target to $276 from $321.

Shares of ResMed were down 4.9% in Wednesday trading.

Price: 209.08, Change: -10.67, Percent Change: -4.86