Principal Financial Group Inc. Sells 3,296 Shares of ResMed Inc. $RMD

Principal Financial Group Inc. cut its holdings in ResMed Inc. (NYSE:RMD) by 1.8% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 176,502 shares of the medical equipment provider’s stock after selling 3,296 shares during the period. Principal Financial Group Inc.’s holdings in ResMed were worth $48,314,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RMD. Vanguard Group Inc. increased its holdings in ResMed by 1.4% in the second quarter. Vanguard Group Inc. now owns 18,746,925 shares of the medical equipment provider’s stock worth $4,836,707,000 after purchasing an additional 253,223 shares in the last quarter. State Street Corp boosted its holdings in shares of ResMed by 1.0% during the 2nd quarter. State Street Corp now owns 6,615,852 shares of the medical equipment provider’s stock worth $1,706,890,000 after buying an additional 64,448 shares in the last quarter. Geode Capital Management LLC grew its position in shares of ResMed by 2.4% during the 2nd quarter. Geode Capital Management LLC now owns 4,215,145 shares of the medical equipment provider’s stock worth $1,083,409,000 after buying an additional 98,717 shares during the period. Norges Bank acquired a new stake in shares of ResMed during the 2nd quarter worth approximately $306,452,000. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of ResMed by 2.3% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,021,001 shares of the medical equipment provider’s stock valued at $263,418,000 after acquiring an additional 22,873 shares in the last quarter. 54.98% of the stock is owned by institutional investors and hedge funds.

Insider Activity at ResMed

In other ResMed news, Director Witte Jan De sold 2,055 shares of the firm’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $255.00, for a total transaction of $524,025.00. Following the transaction, the director directly owned 4,261 shares in the company, valued at approximately $1,086,555. This trade represents a 32.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Peter C. Farrell sold 2,000 shares of the company’s stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $248.83, for a total transaction of $497,660.00. Following the completion of the sale, the director owned 66,773 shares of the company’s stock, valued at approximately $16,615,125.59. The trade was a 2.91% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 21,594 shares of company stock valued at $5,403,495. 0.65% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on RMD. Piper Sandler increased their target price on shares of ResMed from $270.00 to $275.00 and gave the stock a “neutral” rating in a research note on Friday, January 30th. UBS Group reissued a “buy” rating and set a $345.00 price objective on shares of ResMed in a research report on Friday, December 12th. Mizuho reduced their target price on ResMed from $310.00 to $300.00 and set an “outperform” rating for the company in a research note on Friday, October 31st. Stifel Nicolaus upped their price target on ResMed from $260.00 to $265.00 and gave the stock a “hold” rating in a research note on Friday, January 30th. Finally, Royal Bank Of Canada increased their price target on ResMed from $311.00 to $314.00 and gave the stock an “outperform” rating in a report on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $299.27.

ResMed Trading Up 4.6%

RMD opened at $262.87 on Thursday. ResMed Inc. has a fifty-two week low of $199.92 and a fifty-two week high of $293.81. The firm has a market capitalization of $38.29 billion, a PE ratio of 26.00, a P/E/G ratio of 1.67 and a beta of 0.87. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.06 and a quick ratio of 2.32. The company’s 50-day moving average is $251.18 and its 200 day moving average is $263.31.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, January 29th. The medical equipment provider reported $2.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.68 by $0.13. The business had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.40 billion. ResMed had a return on equity of 25.20% and a net margin of 27.53%.The company’s quarterly revenue was up 11.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.43 EPS. As a group, research analysts predict that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 19th. Investors of record on Thursday, February 12th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend is Thursday, February 12th. ResMed’s dividend payout ratio is presently 23.74%.

ResMed Company Profile

ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.