ResMed Inc. (RMD) Shares Bought by Principal Financial Group Inc.
Principal Financial Group Inc. raised its stake in ResMed Inc. (NYSE:RMD) by 12.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 533,535 shares of the company’s stock after buying an additional 59,051 shares during the period. Principal Financial Group Inc. owned 0.38% of ResMed worth $33,735,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in the company. Glenmede Trust Co. NA boosted its stake in ResMed by 7.3% in the second quarter. Glenmede Trust Co. NA now owns 2,625 shares of the company’s stock valued at $165,000 after buying an additional 179 shares during the period. Wright Investors Service Inc. purchased a new position in ResMed during the second quarter worth approximately $233,000. CIBC World Markets Inc. purchased a new position in ResMed during the first quarter worth approximately $264,000. BB&T Securities LLC purchased a new position in ResMed during the first quarter worth approximately $268,000. Finally, Financial Architects Inc boosted its position in ResMed by 13.8% in the second quarter. Financial Architects Inc now owns 4,550 shares of the company’s stock worth $288,000 after buying an additional 550 shares during the last quarter. Institutional investors and hedge funds own 61.07% of the company’s stock.
ResMed Inc. (NYSE:RMD) traded up 0.30% during mid-day trading on Thursday, hitting $63.99. The company’s stock had a trading volume of 123,879 shares. The firm’s 50-day moving average is $67.70 and its 200-day moving average is $61.98. ResMed Inc. has a 12-month low of $49.11 and a 12-month high of $70.90. The company has a market cap of $9.00 billion, a P/E ratio of 25.70 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 (EPS) for the quarter, meeting analysts’ consensus estimates of $0.74. The firm earned $518.60 million during the quarter, compared to analyst estimates of $512.37 million. ResMed had a return on equity of 23.89% and a net margin of 18.63%. ResMed’s quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.68 earnings per share. Analysts predict that ResMed Inc. will post $2.88 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 22nd. Investors of record on Thursday, August 18th will be issued a $0.33 dividend. This is a positive change from ResMed’s previous quarterly dividend of $0.30. The ex-dividend date is Tuesday, August 16th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.07%. ResMed’s payout ratio is presently 54.32%.
A number of research firms have recently commented on RMD. JPMorgan Chase & Co. cut ResMed from an “overweight” rating to a “neutral” rating in a research note on Monday. Needham & Company LLC restated a “sell” rating on shares of ResMed in a research note on Monday, September 12th. Northland Securities set a $50.00 target price on ResMed and gave the company a “sell” rating in a research note on Monday, August 29th. Barclays PLC restated an “underweight” rating and issued a $55.00 target price on shares of ResMed in a research note on Friday, August 26th. Finally, Jefferies Group cut ResMed from a “hold” rating to an “underperform” rating and lowered their target price for the company from $60.00 to $58.00 in a research note on Tuesday, August 23rd. Four analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of C$58.60.
In related news, CFO Brett Sandercock sold 35,000 shares of the business’s stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of C$70.50, for a total value of C$2,467,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ronald R. Taylor purchased 2,487 shares of the stock in a transaction that occurred on Wednesday, August 17th. The stock was purchased at an average price 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 approximately C$1,156,475.77. The disclosure for this purchase can be found here. 2.54% of the stock is owned by corporate insiders.
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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