Sumitomo Mitsui Trust Group Inc. Boosts Stake in ResMed Inc. (NYSE:RMD)

Sumitomo Mitsui Trust Group Inc. boosted its holdings in ResMed Inc. (NYSE:RMD - Free Report) by 4.4% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 345,542 shares of the medical equipment provider's stock after acquiring an additional 14,465 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.24% of ResMed worth $84,354,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. iA Global Asset Management Inc. purchased a new position in shares of ResMed in the 1st quarter worth about $3,055,000. Versor Investments LP boosted its holdings in shares of ResMed by 327.3% in the 2nd quarter. Versor Investments LP now owns 4,700 shares of the medical equipment provider's stock worth $900,000 after purchasing an additional 3,600 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of ResMed by 245.2% in 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 purchasing an additional 23,801 shares in the last quarter. Addenda Capital Inc. boosted its holdings 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 worth $11,291,000 after purchasing an additional 8,747 shares in the last quarter. Finally, Asset Management One Co. Ltd. boosted its holdings in shares of ResMed by 5.1% in the 3rd quarter. Asset Management One Co. Ltd. now owns 58,860 shares of the medical equipment provider's stock worth $14,369,000 after purchasing an additional 2,878 shares in the last quarter. 54.98% of the stock is currently owned by institutional investors.

Insider Activity at ResMed

In other ResMed news, General Counsel Michael J. Rider sold 882 shares of the business's stock in a transaction 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 sale, the general counsel now directly owns 10,512 shares of the company's stock, valued at approximately $2,428,272. The trade was a 7.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Witte Jan De sold 796 shares of the business's stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $248.81, for a total value of $198,052.76. Following the completion of the transaction, the director now owns 6,723 shares of the company's stock, valued at $1,672,749.63. This represents a 10.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 63,056 shares of company stock worth $15,086,020 over the last ninety days. 0.71% of the stock is owned by corporate insiders.

ResMed Trading Down 1.7 %

NYSE RMD opened at $231.43 on Friday. The company has a quick ratio of 1.91, a current ratio of 2.92 and a debt-to-equity ratio of 0.13. ResMed Inc. has a twelve month low of $147.31 and a twelve month high of $260.49. The firm has a market capitalization of $33.97 billion, a PE ratio of 30.65, a P/E/G ratio of 1.71 and a beta of 0.69. The stock's 50 day moving average is $243.30 and its 200 day moving average is $223.37.

ResMed (NYSE:RMD - Get Free Report) last released its quarterly earnings results 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. ResMed had a return on equity of 25.53% and a net margin of 23.15%. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same period in the previous year, the company posted $1.64 earnings per share. The firm's revenue was up 11.1% on a year-over-year basis. Research analysts forecast that ResMed Inc. will post 9.28 earnings per share for the current fiscal year.

ResMed Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 7th will be given a dividend of $0.53 per share. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $2.12 annualized dividend and a dividend yield of 0.92%. ResMed's dividend payout ratio is presently 28.08%.

Analysts Set New Price Targets

RMD has been the subject of a number of research reports. Bank of America upped their price objective on ResMed from $240.00 to $270.00 and gave the stock a "buy" rating in a report on Thursday, September 26th. Wolfe Research restated an "underperform" rating and set a $180.00 target price on shares of ResMed in a report on Wednesday, September 18th. KeyCorp increased their target price on ResMed from $251.00 to $266.00 and gave the company an "overweight" rating in a report on Friday, October 25th. Baird R W upgraded ResMed to a "strong-buy" rating in a report on Tuesday, September 24th. Finally, StockNews.com upgraded ResMed from a "hold" rating to a "buy" rating in a report on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $225.70.

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.