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.
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.
