The ResMed Inc. (ASX: RMD) share price is in the green today after it was boosted into the S&P/ASX 50 Index (ASX: XFL).
The respiratory medical device company focused on the treatment of sleep-apnoea is now officially one of ASX's largest companies, and the market is seemingly pleased with its recognition.
Right now, the ResMed share price is $39.55, 0.64% higher than its previous close.
Let's take a closer look at ResMed's new spot among the exchange's top dogs.
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ResMed joins the ASX's top 50
The ResMed share price is gaining today as the company moves in with ASX's big wigs.
S&P Dow Jones Index's quarterly rebalance of the S&P/ASX indices dropped after Friday's close.
It saw ResMed and Tabcorp Holdings Limited (ASX: TAH) added to the ASX 50. Sadly, A2 Milk Company Ltd (ASX: A2M) and AGL Energy Limited (ASX: AGL) were shown the door. As was Ampol Ltd (ASX: ALD).
Those interested in how other S&P/ASX index's faired through the rebalance can find The Motley Fool Australia's in-depth report on all the changes here.
It's no wonder the healthcare company has wiggled its way into a higher class. The ResMed share price has gained an impressive 64% over the last 6 months.
For comparison, the S&P/ASX 200 Index (ASX: XJO) increased just 11% in the same time frame.
ResMed's stock isn't only gaining today, it's also flying off the shelf.
For context, over the past 4 weeks, an average day saw 906,863 of the company's shares traded. Today, more than 1.4 million of ResMed's securities have been traded. That represents more than $55 million worth of ResMed stock.
ResMed share price snapshot
The ResMed share price has gained 43% year to date. It has also increased 66% since this time last year.
The company has a market capitalisation of around $57 billion.
