ResMed Inc. $RMD Shares Sold by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group trimmed its ResMed stake by 3.1% in Q4, selling 11,504 shares and finishing the period with 365,552 shares (about 0.25% of the company) valued at roughly $88.05 million.
• Company insiders have been selling recently — CEO Michael J. Farrell sold 4,991 shares under a pre-arranged Rule 10b5-1 plan for about $1.13 million, and insiders have sold 21,023 shares (~$5.23 million) in the last 90 days, leaving insiders with 0.65% ownership.
• ResMed reported an earnings beat (Q EPS $2.81 vs. $2.68 estimate and revenue $1.42B, up 11% YoY) and holds a consensus "Moderate Buy" analyst rating with an average target price of $295.17.

Sumitomo Mitsui Trust Group Inc. lowered its position in ResMed Inc. (NYSE:RMD - Free Report) by 3.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 365,552 shares of the medical equipment provider's stock after selling 11,504 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.25% of ResMed worth $88,051,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of RMD. SJS Investment Consulting Inc. raised its position in shares of 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. ORG Partners LLC raised its position in shares of ResMed by 181.6% in the fourth quarter. ORG Partners LLC now owns 107 shares of the medical equipment provider's stock worth $26,000 after acquiring an additional 69 shares during the period. Imprint Wealth LLC acquired a new position in shares of ResMed in the third quarter worth about $26,000. WFA of San Diego LLC acquired a new position in shares of ResMed in the second quarter worth about $26,000. Finally, Sunbelt Securities Inc. acquired a new position in shares of ResMed in the third quarter worth about $31,000. Institutional investors and hedge funds own 54.98% of the company's stock.

Insider Activity

In related news, CEO Michael J. Farrell sold 4,991 shares of the company's stock in a transaction dated Tuesday, April 7th. The shares were sold at an average price of $225.50, for a total transaction of $1,125,470.50. Following the completion of the sale, the chief executive officer owned 466,223 shares of the company's stock, valued at approximately $105,133,286.50. This represents a 1.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter C. Farrell sold 2,000 shares of the company's stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $225.00, for a total transaction of $450,000.00. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 21,023 shares of company stock valued at $5,230,857. 0.65% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

RMD has been the subject of a number of analyst reports. Citigroup decreased their price objective on shares of ResMed from $345.00 to $340.00 and set a "buy" rating for the company in a research report on Thursday, April 9th. Wall Street Zen cut shares of ResMed from a "buy" rating to a "hold" rating in a research note on Saturday, March 14th. Stifel Nicolaus boosted their target price on shares of ResMed from $260.00 to $265.00 and gave the stock a "hold" rating in a research note on Friday, January 30th. Evercore set a $255.00 target price on shares of ResMed and gave the stock an "outperform" rating in a research note on Monday. Finally, Weiss Ratings cut shares of ResMed from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, March 19th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, ResMed currently has an average rating of "Moderate Buy" and an average target price of $295.17.

ResMed Stock Up 0.5%

RMD stock opened at $230.00 on Tuesday. The stock has a market capitalization of $33.51 billion, a P/E ratio of 22.75, a P/E/G ratio of 1.52 and a beta of 0.93. The firm has a 50-day simple moving average of $243.10 and a 200-day simple moving average of $251.24. The company has a quick ratio of 2.32, a current ratio of 3.06 and a debt-to-equity ratio of 0.06. ResMed Inc. has a 52 week low of $202.00 and a 52 week high of $293.81.

ResMed (NYSE:RMD - Get Free Report) last released its earnings results on Friday, January 30th. The medical equipment provider reported $2.81 EPS for the quarter, topping analysts' consensus estimates of $2.68 by $0.13. ResMed had a net margin of 27.53% and a return on equity of 25.20%. The business had revenue of $1.42 billion during the quarter, compared to analysts' expectations of $1.40 billion. During the same quarter in the previous year, the company earned $2.43 earnings per share. The company's quarterly revenue was up 11.0% on a year-over-year basis. Equities analysts forecast that ResMed Inc. will post 9.47 earnings per share for the current fiscal year.

ResMed Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 19th. Investors of record on Thursday, February 12th were paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Thursday, February 12th. ResMed's dividend payout ratio is currently 23.74%.

ResMed Profile

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.

Want to see what other hedge funds are holding RMD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ResMed Inc. (NYSE:RMD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.