ResMed Inc. $RMD Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. increased its position in shares of ResMed Inc. (NYSE:RMD) by 4.0% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 187,466 shares of the medical equipment provider’s stock after purchasing an additional 7,197 shares during the period. Principal Financial Group Inc. owned approximately 0.13% of ResMed worth $42,082,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp increased its position in ResMed by 1.2% during the 4th quarter. State Street Corp now owns 6,625,408 shares of the medical equipment provider’s stock worth $1,595,862,000 after purchasing an additional 76,244 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of ResMed by 7.4% in the 4th quarter. Bank of New York Mellon Corp now owns 4,890,654 shares of the medical equipment provider’s stock valued at $1,178,012,000 after buying an additional 337,738 shares during the period. Geode Capital Management LLC lifted its holdings in shares of ResMed by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 4,302,906 shares of the medical equipment provider’s stock valued at $1,032,877,000 after buying an additional 51,218 shares during the period. Morgan Stanley boosted its stake in shares of ResMed by 25.0% in the fourth quarter. Morgan Stanley now owns 2,891,697 shares of the medical equipment provider’s stock valued at $696,523,000 after buying an additional 578,559 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in shares of ResMed by 5.2% in the fourth quarter. Northern Trust Corp now owns 1,785,384 shares of the medical equipment provider’s stock valued at $430,045,000 after buying an additional 87,502 shares in the last quarter. Institutional investors and hedge funds own 54.98% of the company’s stock.

ResMed Stock Performance

NYSE RMD opened at $198.86 on Friday. The business has a 50 day moving average price of $199.40 and a 200 day moving average price of $226.64. The company has a market capitalization of $28.85 billion, a P/E ratio of 19.18, a PEG ratio of 1.19 and a beta of 0.78. ResMed Inc. has a 1-year low of $180.26 and a 1-year high of $293.81. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.01 and a quick ratio of 2.33.

ResMed (NYSE:RMD) last posted its earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 EPS for the quarter, topping analysts’ consensus estimates of $2.79 by $0.07. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.42 billion. ResMed had a return on equity of 25.35% and a net margin of 27.44%.ResMed’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period in the previous year, the business earned $2.37 earnings per share. Sell-side analysts expect that ResMed Inc. will post 11.13 EPS for the current fiscal year.

ResMed Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Thursday, May 14th were paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Thursday, May 14th. ResMed’s payout ratio is 23.14%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on RMD. Citigroup reiterated a “neutral” rating and issued a $235.00 price objective (down from $270.00) on shares of ResMed in a research report on Sunday, July 12th. Morgan Stanley restated an “equal weight” rating and set a $230.00 target price (down from $286.00) on shares of ResMed in a research report on Wednesday, June 17th. Jefferies Financial Group lowered their price target on shares of ResMed from $240.00 to $225.00 and set a “hold” rating on the stock in a research note on Friday, July 10th. Mizuho cut their price target on shares of ResMed from $235.00 to $220.00 and set an “outperform” rating for the company in a report on Wednesday. Finally, KeyCorp reduced their price objective on shares of ResMed from $290.00 to $266.00 and set an “overweight” rating for the company in a research note on Monday, June 22nd. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $250.00.

Insider Activity at ResMed

In related news, CEO Michael J. Farrell sold 4,991 shares of the business’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $218.55, for a total value of $1,090,783.05. Following the sale, the chief executive officer directly owned 466,223 shares in the company, valued at $101,893,036.65. The trade was a 1.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 14,973 shares of company stock valued at $3,096,067. 0.65% of the stock is owned by insiders.

ResMed 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.