Principal Financial Group Inc. Decreases Stake in ResMed Inc. (NYSE:RMD)

Principal Financial Group Inc. trimmed its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 0.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 184,085 shares of the medical equipment provider's stock after selling 1,703 shares during the quarter. Principal Financial Group Inc. owned approximately 0.13% of ResMed worth $41,207,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in RMD. CVA Family Office LLC lifted its position in ResMed by 29.8% in the first quarter. CVA Family Office LLC now owns 209 shares of the medical equipment provider's stock worth $47,000 after buying an additional 48 shares during the last quarter. Central Pacific Bank Trust Division increased its stake in shares of ResMed by 9.7% during the first quarter. Central Pacific Bank Trust Division now owns 565 shares of the medical equipment provider's stock valued at $126,000 after buying an additional 50 shares during the period. Terra Nova Asset Management LLC increased its stake in shares of ResMed by 0.7% during the first quarter. Terra Nova Asset Management LLC now owns 7,950 shares of the medical equipment provider's stock valued at $1,780,000 after buying an additional 52 shares during the period. Faithward Advisors LLC grew its stake in ResMed by 4.3% in the fourth quarter. Faithward Advisors LLC now owns 1,279 shares of the medical equipment provider's stock valued at $292,000 after purchasing an additional 53 shares during the last quarter. Finally, Portside Wealth Group LLC grew its stake in shares of ResMed by 3.8% during the first quarter. Portside Wealth Group LLC now owns 1,457 shares of the medical equipment provider's stock worth $326,000 after acquiring an additional 54 shares during the last quarter. 54.98% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Piper Sandler dropped their price target on ResMed from $260.00 to $248.00 and set a "neutral" rating on the stock in a research note on Thursday, April 24th. JPMorgan Chase & Co. boosted their price target on ResMed from $286.00 to $290.00 and gave the company an "overweight" rating in a report on Thursday, April 24th. Royal Bank Of Canada boosted their price target on ResMed from $247.00 to $255.00 and gave the company a "sector perform" rating in a report on Thursday, April 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 research note on Thursday, April 24th. Finally, KeyCorp set a $274.00 price target on ResMed in a research report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $259.33.

Insider Transactions at ResMed

In other news, Director Peter C. Farrell sold 945 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $255.49, for a total transaction of $241,438.05. Following the sale, the director owned 68,273 shares of the company's stock, valued at approximately $17,443,068.77. This trade represents a 1.37% 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, CEO Michael J. Farrell sold 8,009 shares of the firm's stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $256.72, for a total value of $2,056,070.48. Following the sale, the chief executive officer directly owned 455,503 shares in the company, valued at $116,936,730.16. This trade represents a 1.73% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,013 shares of company stock valued at $7,238,913. Corporate insiders own 0.71% of the company's stock.

ResMed Trading Down 1.3%

Shares of ResMed stock traded down $3.37 during trading hours on Wednesday, hitting $253.23. The company's stock had a trading volume of 228,463 shares, compared to its average volume of 966,574. ResMed Inc. has a twelve month low of $188.56 and a twelve month high of $263.05. The firm has a fifty day moving average of $249.26 and a 200-day moving average of $236.25. The stock has a market cap of $37.13 billion, a price-to-earnings ratio of 28.42, a P/E/G ratio of 1.61 and a beta of 0.77. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.49 and a current ratio of 3.41.

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

ResMed Announces Dividend

The business 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. This represents a $2.12 dividend on an annualized basis and a yield of 0.84%. The ex-dividend date was Thursday, May 8th. ResMed's dividend payout ratio is currently 23.79%.

About ResMed

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.