Principal Financial Group Inc. Sells 988 Shares of ResMed Inc. (NYSE:RMD)

Principal Financial Group Inc. decreased its position in shares of ResMed Inc. (NYSE:RMD) by 0.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 185,788 shares of the medical equipment provider’s stock after selling 988 shares during the period. Principal Financial Group Inc. owned approximately 0.13% of ResMed worth $42,488,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Peak Financial Advisors LLC purchased a new stake in shares of ResMed during the fourth quarter valued at about $2,972,000. Spire Wealth Management grew its stake in shares of ResMed by 11.3% during the 4th quarter. Spire Wealth Management now owns 10,800 shares of the medical equipment provider’s stock worth $2,470,000 after purchasing an additional 1,100 shares during the period. Retireful LLC acquired a new stake in shares of ResMed during the 3rd quarter worth approximately $742,000. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of ResMed by 38.6% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,830 shares of the medical equipment provider’s stock worth $2,989,000 after purchasing an additional 3,576 shares during the period. Finally, Asset Management One Co. Ltd. grew its stake in ResMed by 2.8% in the 4th quarter. Asset Management One Co. Ltd. now owns 60,489 shares of the medical equipment provider’s stock valued at $14,105,000 after acquiring an additional 1,629 shares during the period. 54.98% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Piper Sandler lifted their price target on ResMed from $252.00 to $260.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. Stifel Nicolaus began coverage on ResMed in a report on Friday, December 13th. They issued a “hold” rating and a $250.00 price target for the company. Robert W. Baird boosted their price objective on ResMed from $280.00 to $283.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. KeyCorp upped their price objective on ResMed from $266.00 to $280.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Finally, UBS Group raised ResMed from a “hold” rating to a “strong-buy” rating in a report on Friday, January 31st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $244.73.

ResMed Stock Performance

NYSE RMD opened at $232.89 on Friday. The stock has a market cap of $34.20 billion, a P/E ratio of 27.50, a PEG ratio of 1.52 and a beta of 0.70. The company’s 50-day simple moving average is $237.76 and its 200 day simple moving average is $239.01. ResMed Inc. has a twelve month low of $170.56 and a twelve month high of $263.05. The company has a quick ratio of 2.29, a current ratio of 3.33 and a debt-to-equity ratio of 0.13.

ResMed (NYSE:RMD) last announced its earnings results on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.29 by $0.14. ResMed had a net margin of 25.34% and a return on equity of 26.17%. As a group, research analysts forecast that ResMed Inc. will post 9.44 earnings per share for the current fiscal year.

ResMed Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Thursday, February 13th will be given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 0.91%. The ex-dividend date of this dividend is Thursday, February 13th. ResMed’s dividend payout ratio (DPR) is currently 25.03%.

Insider Buying and Selling at ResMed

In other ResMed news, CEO Michael J. Farrell sold 8,009 shares of the firm’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $236.77, for a total value of $1,896,290.93. Following the transaction, the chief executive officer now directly owns 455,472 shares of the company’s stock, valued at $107,842,105.44. This trade represents a 1.73 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Peter C. Farrell sold 2,000 shares of ResMed stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $245.65, for a total transaction of $491,300.00. Following the sale, the director now directly owns 81,218 shares in the company, valued at $19,951,201.70. This trade represents a 2.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,147 shares of company stock worth $2,905,745 over the last quarter. 0.71% of the stock is currently owned by insiders.

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.