Principal Financial Group Inc. Sells 1,703 Shares of ResMed Inc. (NYSE:RMD)

Principal Financial Group Inc. lessened its stake in shares of ResMed Inc. (NYSE:RMD - Free Report) by 0.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 184,085 shares of the medical equipment provider's stock after selling 1,703 shares during the period. Principal Financial Group Inc. owned approximately 0.13% of ResMed worth $41,207,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Mutual Advisors LLC increased its holdings in shares of ResMed by 196.2% during the first quarter. Mutual Advisors LLC now owns 2,595 shares of the medical equipment provider's stock valued at $612,000 after acquiring an additional 1,719 shares in the last quarter. Tandem Investment Advisors Inc. increased its stake in ResMed by 0.6% during the 1st quarter. Tandem Investment Advisors Inc. now owns 504,983 shares of the medical equipment provider's stock valued at $113,040,000 after purchasing an additional 3,236 shares in the last quarter. Novem Group raised its holdings in ResMed by 32.4% in the first quarter. Novem Group now owns 4,705 shares of the medical equipment provider's stock worth $1,053,000 after buying an additional 1,152 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in ResMed by 12.4% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 17,789 shares of the medical equipment provider's stock worth $3,982,000 after buying an additional 1,968 shares during the last quarter. Finally, Vontobel Holding Ltd. lifted its stake in shares of ResMed by 49.7% in the first quarter. Vontobel Holding Ltd. now owns 5,143 shares of the medical equipment provider's stock worth $1,151,000 after buying an additional 1,707 shares in the last quarter. Hedge funds and other institutional investors own 54.98% of the company's stock.

ResMed Stock Performance

Shares of RMD stock traded down $0.80 during mid-day trading on Monday, reaching $256.16. 858,313 shares of the company's stock traded hands, compared to its average volume of 970,571. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.49 and a current ratio of 3.41. The firm has a market capitalization of $37.56 billion, a PE ratio of 28.75, a price-to-earnings-growth ratio of 1.61 and a beta of 0.77. ResMed Inc. has a 12 month low of $188.56 and a 12 month high of $263.05. The firm has a 50 day moving average price of $248.43 and a two-hundred day moving average price of $235.98.

ResMed (NYSE:RMD - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The medical equipment provider reported $2.37 EPS for the quarter, topping analysts' consensus estimates of $2.36 by $0.01. ResMed had a return on equity of 25.67% and a net margin of 26.15%. The business had revenue of $1.29 billion during the quarter, compared to analysts' expectations of $1.28 billion. During the same quarter in the prior year, the business posted $2.13 earnings per share. The business's quarterly revenue was up 7.9% on a year-over-year basis. On average, research analysts forecast that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Thursday, May 8th were given a $0.53 dividend. The ex-dividend date was Thursday, May 8th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.83%. ResMed's payout ratio is currently 23.79%.

Insider Transactions at ResMed

In related news, Director Witte Jan De sold 2,000 shares of the company's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $243.47, for a total value of $486,940.00. Following the completion of the transaction, the director owned 5,806 shares of the company's stock, valued at approximately $1,413,586.82. This represents a 25.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Michael J. Farrell sold 8,009 shares of the firm's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $251.21, for a total value of $2,011,940.89. Following the sale, the chief executive officer directly owned 455,503 shares in the company, valued at approximately $114,426,908.63. This represents a 1.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 21,004 shares of company stock valued at $5,182,843 over the last three months. Corporate insiders own 0.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on RMD shares. Wall Street Zen lowered shares of ResMed from a "buy" rating to a "hold" rating in a report on Saturday, May 24th. UBS Group reduced their target price on ResMed from $290.00 to $285.00 and set a "buy" rating for the company in a report on Thursday, April 24th. KeyCorp set a $274.00 price target on ResMed in a report on Thursday, April 24th. Piper Sandler reduced their price objective on ResMed from $260.00 to $248.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. Finally, Mizuho set a $265.00 price target on shares of ResMed in a report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, five have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, ResMed has a consensus rating of "Moderate Buy" and an average target price of $259.33.

ResMed Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. The company operates in two segments, Sleep and Respiratory Care, and Software as a Service. It offers various products and solutions for a range of respiratory disorders, including ApneaLink Air, a portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow, and snoring; and NightOwl, a portable, cloud-connected, and disposable diagnostic device that measures AHI based on derived peripheral arterial tone, actigraphy, and oximetry over several nights.