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

Principal Financial Group Inc. reduced its position in ResMed Inc. (NYSE:RMD) by 1.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 176,502 shares of the medical equipment provider’s stock after selling 3,296 shares during the quarter. Principal Financial Group Inc. owned about 0.12% of ResMed worth $48,314,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in RMD. SJS Investment Consulting Inc. increased its stake in ResMed by 1,433.3% in the third quarter. SJS Investment Consulting Inc. now owns 92 shares of the medical equipment provider’s stock valued at $25,000 after acquiring an additional 86 shares during the last quarter. WFA of San Diego LLC acquired a new stake in shares of ResMed in the 2nd quarter valued at $26,000. GoalVest Advisory LLC acquired a new stake in shares of ResMed in the 3rd quarter valued at $37,000. Winnow Wealth LLC bought a new position in shares of ResMed in the 3rd quarter valued at $54,000. Finally, Harbour Investments Inc. raised its holdings in shares of ResMed by 264.2% during the 2nd quarter. Harbour Investments Inc. now owns 244 shares of the medical equipment provider’s stock worth $63,000 after buying an additional 177 shares in the last quarter. 54.98% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Witte Jan De sold 2,055 shares of the firm’s stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $255.00, for a total transaction of $524,025.00. Following the completion of the transaction, the director directly owned 4,261 shares in the company, valued at $1,086,555. This trade represents a 32.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael J. Farrell sold 4,991 shares of the company’s stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $248.46, for a total value of $1,240,063.86. Following the completion of the sale, the chief executive officer owned 466,223 shares in the company, valued at $115,837,766.58. The trade was a 1.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 21,594 shares of company stock valued at $5,403,495. Company insiders own 0.65% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Royal Bank Of Canada lifted their target price on ResMed from $311.00 to $314.00 and gave the company an “outperform” rating in a research report on Friday, January 30th. Piper Sandler lifted their price target on shares of ResMed from $270.00 to $275.00 and gave the company a “neutral” rating in a report on Friday, January 30th. Wells Fargo & Company upped their price objective on shares of ResMed from $265.00 to $270.00 and gave the stock an “equal weight” rating in a research report on Friday, January 30th. Stifel Nicolaus increased their price objective on shares of ResMed from $260.00 to $265.00 and gave the company a “hold” rating in a research note on Friday, January 30th. Finally, Robert W. Baird set a $281.00 target price on shares of ResMed in a research note on Friday, January 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $299.27.

ResMed Trading Up 4.6%

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

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

ResMed Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 19th. Shareholders 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 dividend yield of 0.9%. The ex-dividend date is Thursday, February 12th. ResMed’s payout ratio is 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.