Sumitomo Mitsui Trust Group Inc. Buys 4,222 Shares of ResMed Inc. $RMD

Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of ResMed Inc. (NYSE:RMD) by 1.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 377,056 shares of the medical equipment provider’s stock after purchasing an additional 4,222 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.26% of ResMed worth $103,212,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in RMD. SJS Investment Consulting Inc. raised its position in ResMed by 1,433.3% in the third quarter. SJS Investment Consulting Inc. now owns 92 shares of the medical equipment provider’s stock worth $25,000 after acquiring an additional 86 shares during the period. WFA of San Diego LLC bought a new position in shares of ResMed during the 2nd quarter valued at approximately $26,000. GoalVest Advisory LLC purchased a new stake in shares of ResMed during the 3rd quarter worth approximately $37,000. Harbour Investments Inc. raised its holdings in shares of ResMed by 264.2% in the 2nd quarter. Harbour Investments Inc. now owns 244 shares of the medical equipment provider’s stock worth $63,000 after purchasing an additional 177 shares during the period. Finally, Virtus Advisers LLC bought a new stake in shares of ResMed in the 2nd quarter worth approximately $77,000. Institutional investors own 54.98% of the company’s stock.

ResMed Trading Down 1.1%

ResMed stock opened at $254.89 on Wednesday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.13 and a current ratio of 2.89. ResMed Inc. has a fifty-two week low of $199.92 and a fifty-two week high of $293.81. The stock has a market cap of $37.20 billion, a P/E ratio of 26.09, a PEG ratio of 1.74 and a beta of 0.88. The firm’s fifty day moving average price is $248.80 and its 200-day moving average price is $263.25.

ResMed (NYSE:RMD) last posted its earnings results on Friday, October 31st. The medical equipment provider reported $2.55 EPS for the quarter, topping the consensus estimate of $2.49 by $0.06. The business had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.33 billion. ResMed had a return on equity of 25.45% and a net margin of 27.35%.The firm’s revenue was up 9.1% on a year-over-year basis. During the same period in the previous year, the business earned $2.20 earnings per share. Equities research analysts forecast that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 18th. Investors of record on Thursday, November 13th were given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Thursday, November 13th. ResMed’s dividend payout ratio is 24.56%.

Insider Activity at ResMed

In other news, CEO Michael J. Farrell sold 4,991 shares of the firm’s stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $248.46, for a total transaction of $1,240,063.86. Following the sale, the chief executive officer owned 466,223 shares in the company, valued at approximately $115,837,766.58. This trade represents a 1.06% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Witte Jan De sold 2,055 shares of ResMed stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $255.00, for a total transaction of $524,025.00. Following the sale, the director directly owned 4,261 shares of the company’s stock, valued at $1,086,555. This represents a 32.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 21,594 shares of company stock valued at $5,403,495 over the last three months. 0.65% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

RMD has been the subject of several research reports. Weiss Ratings reissued a “hold (c+)” rating on shares of ResMed in a report on Monday, December 29th. Robert W. Baird reaffirmed a “neutral” rating and set a $275.00 price target (down previously from $300.00) on shares of ResMed in a research report on Tuesday, December 16th. UBS Group reissued a “buy” rating and issued a $345.00 price objective on shares of ResMed in a report on Friday, December 12th. KeyCorp boosted their price objective on ResMed from $298.00 to $299.00 and gave the company an “overweight” rating in a research note on Friday, October 31st. Finally, Mizuho cut their target price on shares of ResMed from $310.00 to $300.00 and set an “outperform” rating for the company in a research report on Friday, October 31st. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $296.09.

About ResMed

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.