Sumitomo Mitsui Trust Holdings Inc. Trims Holdings in ResMed Inc. (NYSE:RMD)

Sumitomo Mitsui Trust Holdings Inc. cut its position in shares of ResMed Inc. (NYSE:RMD) by 5.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 331,077 shares of the medical equipment provider’s stock after selling 19,464 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in ResMed were worth $63,375,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Dorsey & Whitney Trust CO LLC lifted its stake in ResMed by 3.7% during the first quarter. Dorsey & Whitney Trust CO LLC now owns 1,473 shares of the medical equipment provider’s stock worth $292,000 after purchasing an additional 52 shares during the last quarter. QRG Capital Management Inc. lifted its stake in ResMed by 4.5% during the second quarter. QRG Capital Management Inc. now owns 1,291 shares of the medical equipment provider’s stock worth $247,000 after purchasing an additional 56 shares during the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in ResMed by 1.9% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 3,188 shares of the medical equipment provider’s stock worth $631,000 after purchasing an additional 60 shares during the last quarter. Benjamin F. Edwards & Company Inc. lifted its stake in ResMed by 7.6% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 902 shares of the medical equipment provider’s stock worth $155,000 after purchasing an additional 64 shares during the last quarter. Finally, Gulf International Bank UK Ltd lifted its stake in ResMed by 0.5% during the first quarter. Gulf International Bank UK Ltd now owns 12,614 shares of the medical equipment provider’s stock worth $2,497,000 after purchasing an additional 66 shares during the last quarter. 54.98% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Justin Leong sold 48,000 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $217.07, for a total value of $10,419,360.00. Following the completion of the transaction, the insider now owns 18,741 shares in the company, valued at approximately $4,068,108.87. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Brett Sandercock sold 1,000 shares of the stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $212.16, for a total value of $212,160.00. Following the completion of the transaction, the chief financial officer now owns 89,056 shares in the company, valued at approximately $18,894,120.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Justin Leong sold 48,000 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $217.07, for a total value of $10,419,360.00. Following the completion of the transaction, the insider now owns 18,741 shares of the company’s stock, valued at approximately $4,068,108.87. The disclosure for this sale can be found here. Insiders have sold a total of 95,049 shares of company stock valued at $20,122,695 over the last three months. Company insiders own 1.21% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Citigroup lowered ResMed from a “buy” rating to a “neutral” rating in a research report on Monday, June 24th. StockNews.com raised ResMed from a “hold” rating to a “buy” rating in a research report on Tuesday, August 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $236.00 target price on shares of ResMed in a research report on Friday, August 2nd. Oppenheimer lowered ResMed from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 25th. Finally, KeyCorp increased their target price on ResMed from $238.00 to $251.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, ResMed presently has an average rating of “Moderate Buy” and an average price target of $204.70.

ResMed Stock Performance

Shares of RMD traded up $0.53 during trading hours on Friday, reaching $227.75. 627,190 shares of the company’s stock traded hands, compared to its average volume of 1,097,600. The firm has a market capitalization of $33.46 billion, a price-to-earnings ratio of 34.98, a P/E/G ratio of 2.26 and a beta of 0.66. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.59 and a quick ratio of 1.69. ResMed Inc. has a twelve month low of $132.24 and a twelve month high of $228.02. The business’s fifty day simple moving average is $205.73 and its two-hundred day simple moving average is $199.19.

ResMed (NYSE:RMD) last released its earnings results on Thursday, August 1st. The medical equipment provider reported $2.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.03 by $0.05. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.22 billion. ResMed had a return on equity of 25.00% and a net margin of 21.79%. ResMed’s revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.60 earnings per share. Analysts predict that ResMed Inc. will post 8.72 earnings per share for the current year.

ResMed Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Thursday, August 15th will be issued a dividend of $0.53 per share. This is a positive change from ResMed’s previous quarterly dividend of $0.48. This represents a $2.12 dividend on an annualized basis and a yield of 0.93%. The ex-dividend date is Thursday, August 15th. ResMed’s payout ratio is presently 29.49%.

ResMed Company Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. It 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 technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, and cloud-based software informatics solutions to manage patient outcomes, as well as provides customer and business processes.