Prudential Financial Inc. lowered its stake in shares of St. Jude Medical Inc. (NYSE:STJ) by 11.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 397,179 shares of the medical technology company’s stock after selling 53,832 shares during the period. Prudential Financial Inc. owned 0.14% of St. Jude Medical worth $30,980,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Sphinx Trading LP bought a new position in shares of St. Jude Medical during the second quarter valued at $107,000. Evercore Wealth Management LLC boosted its position in shares of St. Jude Medical by 5.8% in the second quarter. Evercore Wealth Management LLC now owns 1,641 shares of the medical technology company’s stock valued at $128,000 after buying an additional 90 shares in the last quarter. IFP Advisors Inc boosted its position in shares of St. Jude Medical by 14.8% in the first quarter. IFP Advisors Inc now owns 2,555 shares of the medical technology company’s stock valued at $141,000 after buying an additional 330 shares in the last quarter. Checchi Capital Advisers LLC boosted its position in shares of St. Jude Medical by 2.8% in the second quarter. Checchi Capital Advisers LLC now owns 2,332 shares of the medical technology company’s stock valued at $182,000 after buying an additional 64 shares in the last quarter. Finally, QUANTRES ASSET MANAGEMENT Ltd bought a new position in shares of St. Jude Medical during the second quarter valued at $203,000. Institutional investors own 81.78% of the company’s stock.

Shares of St. Jude Medical Inc. (NYSE:STJ) traded up 0.37% during midday trading on Wednesday, reaching $79.18. The company’s stock had a trading volume of 405,376 shares. St. Jude Medical Inc. has a 52 week low of $48.83 and a 52 week high of $84.00. The firm’s 50 day moving average is $80.85 and its 200 day moving average is $73.07. The firm has a market capitalization of $22.56 billion, a price-to-earnings ratio of 34.43 and a beta of 1.32.

St. Jude Medical (NYSE:STJ) last released its quarterly earnings results on Wednesday, July 20th. The medical technology company reported $1.06 earnings per share for the quarter, hitting the consensus estimate of $1.06. The company earned $1.56 billion during the quarter, compared to the consensus estimate of $1.55 billion. St. Jude Medical had a return on equity of 27.60% and a net margin of 11.40%. St. Jude Medical’s revenue was up 10.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.07 earnings per share. Equities analysts forecast that St. Jude Medical Inc. will post $4.06 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, October 28th. Shareholders of record on Friday, September 30th will be given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 1.57%. The ex-dividend date is Wednesday, September 28th. St. Jude Medical’s payout ratio is 53.91%.

Several research analysts recently weighed in on the company. Zacks Investment Research upgraded St. Jude Medical from a “hold” rating to a “buy” rating and set a $86.00 price target for the company in a research report on Tuesday, June 21st. Wedbush cut St. Jude Medical from an “outperform” rating to a “neutral” rating and lifted their price target for the company from $70.00 to $84.00 in a research report on Friday, July 15th. Barclays PLC restated an “equal weight” rating and issued a $83.00 price objective on shares of St. Jude Medical in a research report on Monday, August 15th. Jefferies Group restated a “hold” rating and issued a $60.00 price objective on shares of St. Jude Medical in a research report on Monday, September 12th. Finally, Argus restated a “hold” rating on shares of St. Jude Medical in a research report on Sunday, August 28th. Twenty-one analysts have rated the stock with a hold rating and five have issued a buy rating to the company. St. Jude Medical currently has an average rating of “Hold” and a consensus price target of $74.68.

About St. Jude Medical

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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