Principal Financial Group Inc. Raises Position in ResMed Inc. (NYSE:RMD)

Principal Financial Group Inc. increased its stake in ResMed Inc. (NYSE:RMD - Free Report) by 2.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 186,776 shares of the medical equipment provider's stock after acquiring an additional 5,284 shares during the quarter. Principal Financial Group Inc. owned about 0.13% of ResMed worth $45,596,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Raymond James & Associates boosted its stake in shares of ResMed by 208.2% in the 2nd quarter. Raymond James & Associates now owns 20,180 shares of the medical equipment provider's stock valued at $3,863,000 after purchasing an additional 13,633 shares during the last quarter. State of Michigan Retirement System raised its position in shares of ResMed by 0.7% in the 2nd quarter. State of Michigan Retirement System now owns 42,011 shares of the medical equipment provider's stock worth $8,042,000 after acquiring an additional 300 shares in the last quarter. AustralianSuper Pty Ltd bought a new stake in shares of ResMed during the 2nd quarter valued at about $591,000. Cambridge Investment Research Advisors Inc. grew its stake in ResMed by 12.5% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 7,852 shares of the medical equipment provider's stock worth $1,503,000 after purchasing an additional 871 shares during the period. Finally, Financial Connections Group Inc. bought a new stake in ResMed in the second quarter worth approximately $37,000. 54.98% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on RMD shares. Needham & Company LLC reaffirmed a "hold" rating on shares of ResMed in a research report on Friday, October 25th. Bank of America raised their price target on shares of ResMed from $240.00 to $270.00 and gave the stock a "buy" rating in a report on Thursday, September 26th. Royal Bank of Canada upped their price objective on shares of ResMed from $224.00 to $232.00 and gave the company a "sector perform" rating in a report on Friday, October 25th. Wolfe Research reissued an "underperform" rating and set a $180.00 price objective on shares of ResMed in a research report on Wednesday, September 18th. Finally, Robert W. Baird boosted their target price on ResMed from $280.00 to $283.00 and gave the company an "outperform" rating in a research report on Friday, October 25th. One research analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $227.91.

ResMed Stock Down 2.6 %

Shares of RMD stock traded down $6.10 during trading hours on Monday, reaching $231.17. The company had a trading volume of 1,151,357 shares, compared to its average volume of 1,023,697. The company has a market cap of $33.93 billion, a price-to-earnings ratio of 30.62, a price-to-earnings-growth ratio of 1.73 and a beta of 0.68. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.92 and a quick ratio of 1.91. ResMed Inc. has a 12 month low of $164.12 and a 12 month high of $260.49. The business has a fifty day simple moving average of $242.72 and a 200-day simple moving average of $228.69.

ResMed (NYSE:RMD - Get Free Report) last issued its quarterly earnings data on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.17. The business had revenue of $1.22 billion for the quarter, compared to analysts' expectations of $1.19 billion. ResMed had a return on equity of 25.53% and a net margin of 23.15%. The business's revenue was up 11.1% on a year-over-year basis. During the same period last year, the business earned $1.64 EPS. On average, research analysts expect that ResMed Inc. will post 9.34 earnings per share for the current fiscal year.

ResMed Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Thursday, November 7th were given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 0.92%. The ex-dividend date of this dividend was Thursday, November 7th. ResMed's payout ratio is 28.08%.

Insider Buying and Selling at ResMed

In other ResMed news, CFO Brett Sandercock sold 1,000 shares of the company's stock in a transaction on Tuesday, October 8th. The stock was sold at an average price of $233.47, for a total value of $233,470.00. Following the completion of the transaction, the chief financial officer now owns 95,812 shares in the company, valued at $22,369,227.64. This represents a 1.03 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael J. Farrell sold 14,683 shares of the firm's stock in a transaction on Monday, October 7th. The shares were sold at an average price of $231.91, for a total value of $3,405,134.53. Following the sale, the chief executive officer now directly owns 464,169 shares of the company's stock, valued at approximately $107,645,432.79. This represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 47,725 shares of company stock worth $11,253,448. Insiders own 0.71% of the company's stock.

ResMed Company 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.