Investors Buy Shares of St. Jude Medical Inc. (STJ) on Weakness
Investors bought shares of St. Jude Medical Inc. (NYSE:STJ) on weakness during trading on Tuesday. $64.40 million flowed into the stock on the tick-up and $17.94 million flowed out of the stock on the tick-down, for a money net flow of $46.46 million into the stock. Of all equities tracked, St. Jude Medical had the 6th highest net in-flow for the day. St. Jude Medical traded down ($0.13) for the day and closed at $82.75
Several equities analysts recently issued reports on STJ shares. Morgan Stanley cut shares of St. Jude Medical from an “overweight” rating to an “equal weight” rating and boosted their target price for the company from $67.00 to $81.00 in a research note on Monday, May 2nd. Argus reiterated a “hold” rating on shares of St. Jude Medical in a research note on Monday, May 2nd. JPMorgan Chase & Co. cut shares of St. Jude Medical from an “overweight” rating to a “neutral” rating and boosted their target price for the company from $66.00 to $82.50 in a research note on Thursday, April 28th. SunTrust Banks Inc. cut shares of St. Jude Medical from a “buy” rating to a “neutral” rating and boosted their target price for the company from $70.00 to $80.00 in a research note on Tuesday, May 10th. Finally, Barclays PLC boosted their target price on shares of St. Jude Medical from $80.00 to $83.00 and gave the company an “equal weight” rating in a research note on Thursday, July 21st. Twenty-two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $75.93.
The stock has a market cap of $23.58 billion and a PE ratio of 35.98. The firm’s 50 day moving average is $82.13 and its 200 day moving average is $69.53.
St. Jude Medical (NYSE:STJ) last announced its earnings results on Wednesday, July 20th. The medical technology company reported $1.06 earnings per share for the quarter, meeting the consensus estimate of $1.06. During the same period in the previous year, the firm posted $1.07 EPS. The firm earned $1.56 billion during the quarter, compared to analyst estimates of $1.55 billion. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. Equities analysts forecast that St. Jude Medical Inc. will post $4.06 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 28th. Investors of record on Friday, September 30th will be paid a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 1.50%. The ex-dividend date of this dividend is Wednesday, September 28th.
A number of hedge funds and institutional investors have recently made changes to their positions in STJ. Advisors Asset Management Inc. increased its position in shares of St. Jude Medical by 32.6% in the fourth quarter. Advisors Asset Management Inc. now owns 20,002 shares of the medical technology company’s stock valued at $1,236,000 after buying an additional 4,916 shares during the last quarter. I.G. Investment Management LTD. boosted its stake in St. Jude Medical by 29.7% in the fourth quarter. I.G. Investment Management LTD. now owns 228,600 shares of the medical technology company’s stock valued at $14,121,000 after buying an additional 52,300 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in St. Jude Medical by 32.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 823,890 shares of the medical technology company’s stock valued at $50,894,000 after buying an additional 199,858 shares during the period.
St. Jude Medical, Inc is focused on the development, manufacture and distribution of cardiovascular medical devices for the global cardiac rhythm management, cardiovascular and atrial fibrillation therapy areas, and interventional pain therapy and neurostimulation devices for the management of chronic pain and movement disorders.
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