Sumitomo Mitsui Trust Group Inc. Has $96.19 Million Holdings in ResMed Inc. $RMD

Key Points

• Sumitomo Mitsui Trust Group Inc. increased its stake in ResMed by 2.1% in Q2, holding 372,834 shares valued at approximately $96.19 million.
• ResMed's CEO recently sold 8,009 shares for over $2.26 million, reducing his ownership by 1.68%, while insider sales in the last three months totaled 18,743 shares worth $5.28 million.
• ResMed announced a quarterly dividend increase to $0.60, reflecting an annual yield of 0.9%, up from the previous dividend of $0.53.

Sumitomo Mitsui Trust Group Inc. boosted its stake in ResMed Inc. (NYSE:RMD - Free Report) by 2.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. 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. owned about 0.25% of ResMed worth $96,191,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC increased its stake in shares of ResMed by 384.8% in the 1st quarter. Golden State Wealth Management LLC now owns 160 shares of the medical equipment provider's stock valued at $36,000 after acquiring an additional 127 shares during the last quarter. Zions Bancorporation National Association UT acquired a new position in ResMed during the first quarter valued at approximately $45,000. Groupe la Francaise bought a new stake in ResMed in the first quarter valued at approximately $45,000. Harbour Investments Inc. raised its holdings in ResMed by 264.2% in the second 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, Larson Financial Group LLC boosted its position in shares of ResMed by 926.7% during the first quarter. Larson Financial Group LLC now owns 308 shares of the medical equipment provider's stock worth $69,000 after purchasing an additional 278 shares in the last quarter. Institutional investors own 54.98% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Mizuho upped their price objective on shares of ResMed from $270.00 to $290.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Citigroup began coverage on ResMed in a report on Thursday, September 18th. They issued a "buy" rating and a $330.00 price target for the company. Morgan Stanley raised their price target on ResMed from $298.00 to $304.00 and gave the stock an "overweight" rating in a research report on Tuesday. KeyCorp boosted their price objective on ResMed from $274.00 to $298.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Finally, Wall Street Zen downgraded shares of ResMed from a "buy" rating to a "hold" rating in a report on Sunday, August 10th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $295.70.

Insider Buying and Selling at ResMed

In related news, CEO Michael J. Farrell sold 8,009 shares of ResMed stock in a transaction dated 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 sale, the chief executive officer owned 467,792 shares of the company's stock, valued at approximately $132,314,967.20. The trade was a 1.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Michael J. Rider sold 100 shares of the company's stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $274.36, for a total value of $27,436.00. Following the sale, the general counsel owned 11,327 shares in the company, valued at $3,107,675.72. The trade was 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 worth $5,284,514. Insiders own 0.65% of the company's stock.

ResMed Stock Down 2.0%

Shares of ResMed stock opened at $259.87 on Friday. The firm has a market cap of $37.93 billion, a PE ratio of 27.33, a P/E/G ratio of 1.79 and a beta of 0.83. The business's 50 day simple moving average is $275.26 and its 200 day simple moving average is $259.39. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.53 and a current ratio of 3.44. ResMed Inc. has a 52-week low of $199.92 and a 52-week high of $293.81.

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

ResMed Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 18th. Investors of record on Thursday, August 14th were given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 0.9%. This is an increase from ResMed's previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, August 14th. ResMed's payout ratio is 25.24%.

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.

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