Sumitomo Mitsui Trust Group Inc. Purchases 14,465 Shares of ResMed Inc. (NYSE:RMD)

Sumitomo Mitsui Trust Group Inc. increased its position in shares of ResMed Inc. (NYSE:RMD) by 4.4% during the third quarter, HoldingsChannel.com reports. The firm owned 345,542 shares of the medical equipment provider’s stock after buying an additional 14,465 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in ResMed were worth $84,354,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of RMD. iA Global Asset Management Inc. acquired a new position in ResMed in the first quarter worth $3,055,000. Versor Investments LP boosted its stake in ResMed by 327.3% in the second quarter. Versor Investments LP now owns 4,700 shares of the medical equipment provider’s stock valued at $900,000 after acquiring an additional 3,600 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in ResMed by 245.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 33,507 shares of the medical equipment provider’s stock worth $6,414,000 after acquiring an additional 23,801 shares during the period. Addenda Capital Inc. lifted its stake in shares of ResMed by 17.4% in the 2nd quarter. Addenda Capital Inc. now owns 58,986 shares of the medical equipment provider’s stock valued at $11,291,000 after purchasing an additional 8,747 shares during the period. Finally, Asset Management One Co. Ltd. lifted its stake in ResMed by 5.1% in the third quarter. Asset Management One Co. Ltd. now owns 58,860 shares of the medical equipment provider’s stock valued at $14,369,000 after buying an additional 2,878 shares during the period. 54.98% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Baird R W upgraded ResMed to a “strong-buy” rating in a report on Tuesday, September 24th. KeyCorp upped their price target on shares of ResMed from $251.00 to $266.00 and gave the company an “overweight” rating in a report on Friday, October 25th. StockNews.com upgraded shares of ResMed from a “hold” rating to a “buy” rating in a report on Tuesday, October 15th. Bank of America boosted their price objective on shares of ResMed from $240.00 to $270.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Finally, Royal Bank of Canada lifted their price target on ResMed from $224.00 to $232.00 and gave the company a “sector perform” rating in a research note on Friday, October 25th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $225.70.

Insider Buying and Selling at ResMed

In other news, General Counsel Michael J. Rider sold 882 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $231.00, for a total value of $203,742.00. Following the transaction, the general counsel now owns 10,512 shares of the company’s stock, valued at approximately $2,428,272. This represents a 7.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kaushik Ghoshal sold 5,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $252.56, for a total value of $1,262,800.00. Following the transaction, the insider now owns 21,788 shares in the company, valued at approximately $5,502,777.28. This trade represents a 18.67 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 63,056 shares of company stock worth $15,086,020 over the last ninety days. Insiders own 0.71% of the company’s stock.

ResMed Stock Down 1.7 %

ResMed stock opened at $231.43 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.92 and a quick ratio of 1.91. The company’s 50-day moving average is $243.30 and its 200-day moving average is $223.37. The firm has a market capitalization of $33.97 billion, a PE ratio of 30.65, a P/E/G ratio of 1.81 and a beta of 0.69. ResMed Inc. has a fifty-two week low of $147.31 and a fifty-two week high of $260.49.

ResMed (NYSE:RMD) last released its quarterly earnings data on Thursday, October 24th. The medical equipment provider reported $2.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.17. ResMed had a return on equity of 25.53% and a net margin of 23.15%. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same quarter in the prior year, the company earned $1.64 earnings per share. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. Sell-side analysts anticipate that ResMed Inc. will post 9.22 earnings per share for the current year.

ResMed Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 7th will be given a dividend of $0.53 per share. The ex-dividend date is Thursday, November 7th. This represents a $2.12 dividend on an annualized basis and a yield of 0.92%. ResMed’s dividend payout ratio (DPR) is 28.08%.

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.