Sumitomo Mitsui Trust Group Inc. Purchases 7,644 Shares of ResMed Inc. $RMD

Sumitomo Mitsui Trust Group Inc. raised its position in ResMed Inc. (NYSE:RMD) by 2.1% in the second quarter, HoldingsChannel.com reports. The fund owned 372,834 shares of the medical equipment provider’s stock after purchasing an additional 7,644 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in ResMed were worth $96,191,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the company. Ballentine Partners LLC lifted its stake in ResMed by 6.3% in the 1st quarter. Ballentine Partners LLC now owns 1,782 shares of the medical equipment provider’s stock valued at $399,000 after purchasing an additional 105 shares during the last quarter. Inspire Investing LLC lifted its position in shares of ResMed by 29.3% in the first quarter. Inspire Investing LLC now owns 28,578 shares of the medical equipment provider’s stock valued at $6,397,000 after buying an additional 6,472 shares during the last quarter. Intech Investment Management LLC boosted its stake in shares of ResMed by 63.2% during the 1st quarter. Intech Investment Management LLC now owns 15,325 shares of the medical equipment provider’s stock worth $3,430,000 after acquiring an additional 5,934 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of ResMed by 8.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 739,007 shares of the medical equipment provider’s stock worth $165,427,000 after acquiring an additional 58,155 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of ResMed by 2.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 977,401 shares of the medical equipment provider’s stock worth $218,791,000 after acquiring an additional 22,789 shares during the last quarter. 54.98% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at ResMed

In related news, CEO Michael J. Farrell sold 8,009 shares of the firm’s stock in a transaction on Tuesday, October 7th. The stock was sold at an average price of $282.85, for a total value of $2,265,345.65. Following the transaction, the chief executive officer owned 467,792 shares in the company, valued at approximately $132,314,967.20. This trade represents a 1.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Michael J. Rider sold 100 shares of the business’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $274.36, for a total value of $27,436.00. Following the completion of the transaction, the general counsel directly owned 11,327 shares of the company’s stock, valued at approximately $3,107,675.72. This trade represents a 0.88% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,743 shares of company stock valued at $5,284,514. 0.65% of the stock is owned by corporate insiders.

ResMed Stock Performance

NYSE RMD opened at $259.87 on Friday. The company has a quick ratio of 2.53, a current ratio of 3.44 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $37.93 billion, a P/E ratio of 27.33, a P/E/G ratio of 1.79 and a beta of 0.83. ResMed Inc. has a 12-month low of $199.92 and a 12-month high of $293.81. The firm has a 50-day moving average price of $275.26 and a two-hundred day moving average price of $259.39.

ResMed (NYSE:RMD) last announced its earnings results on Thursday, July 31st. The medical equipment provider reported $2.55 EPS for the quarter, topping the consensus estimate of $2.47 by $0.08. The company had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.33 billion. ResMed had a net margin of 27.22% and a return on equity of 25.62%. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period last year, the firm earned $2.08 earnings per share. Analysts anticipate that ResMed Inc. will post 9.47 earnings per share for the current year.

ResMed Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 18th. Stockholders of record on Thursday, August 14th were given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Thursday, August 14th. This is a positive change from ResMed’s previous quarterly dividend of $0.53. ResMed’s dividend payout ratio is currently 25.24%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Wells Fargo & Company started coverage on ResMed in a report on Monday, October 13th. They set an “equal weight” rating and a $280.00 price target for the company. Weiss Ratings restated a “buy (b-)” rating on shares of ResMed in a research note on Saturday. KeyCorp upped their price target on shares of ResMed from $274.00 to $298.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Royal Bank Of Canada raised their price objective on shares of ResMed from $294.00 to $300.00 and gave the stock an “outperform” rating in a research report on Friday, August 1st. Finally, Wall Street Zen downgraded ResMed from a “buy” rating to a “hold” rating in a research report on Sunday, August 10th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $295.70.

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.