St. Jude Medical Inc. (NYSE:STJ) declared a quarterly dividend on Wednesday, August 3rd. Shareholders of record on Friday, September 30th will be given a dividend of 0.31 per share by the medical technology company on Friday, October 28th. This represents a $1.24 annualized dividend and a yield of 1.56%. The ex-dividend date of this dividend is Wednesday, September 28th.

Several hedge funds have recently added to or reduced their stakes in the company. Credit Suisse AG raised its stake in St. Jude Medical by 141.6% in the second quarter. Credit Suisse AG now owns 1,142,067 shares of the medical technology company’s stock worth $89,081,000 after buying an additional 669,322 shares during the last quarter. State of Wisconsin Investment Board raised its stake in St. Jude Medical by 7.3% in the second quarter. State of Wisconsin Investment Board now owns 418,442 shares of the medical technology company’s stock worth $32,638,000 after buying an additional 28,510 shares during the last quarter. American International Group Inc. raised its stake in St. Jude Medical by 1.5% in the second quarter. American International Group Inc. now owns 122,474 shares of the medical technology company’s stock worth $9,553,000 after buying an additional 1,786 shares during the last quarter. Sei Investments Co. raised its stake in St. Jude Medical by 17.9% in the second quarter. Sei Investments Co. now owns 78,594 shares of the medical technology company’s stock worth $6,130,000 after buying an additional 11,949 shares during the last quarter. Finally, Fifth Third Bancorp raised its stake in St. Jude Medical by 30.9% in the second quarter. Fifth Third Bancorp now owns 3,389 shares of the medical technology company’s stock worth $264,000 after buying an additional 800 shares during the last quarter. Hedge funds and other institutional investors own 81.78% of the company’s stock.

St. Jude Medical (NYSE:STJ) opened at 79.61 on Friday. The firm’s 50-day moving average is $80.63 and its 200-day moving average is $73.16. St. Jude Medical has a 52-week low of $48.83 and a 52-week high of $84.00. The stock has a market capitalization of $22.68 billion, a price-to-earnings ratio of 34.61 and a beta of 1.32.

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

Several brokerages have recently weighed in on STJ. JPMorgan Chase & Co. reissued a “hold” rating on shares of St. Jude Medical in a research note on Sunday, July 17th. Wedbush downgraded shares of St. Jude Medical from an “outperform” rating to a “neutral” rating and increased their target price for the company from $70.00 to $84.00 in a research note on Friday, July 15th. Zacks Investment Research downgraded shares of St. Jude Medical from a “buy” rating to a “hold” rating in a research note on Friday, July 22nd. Leerink Swann reissued a “hold” rating and issued a $85.00 target price on shares of St. Jude Medical in a research note on Thursday, July 21st. Finally, Canaccord Genuity set a $85.00 target price on shares of St. Jude Medical and gave the company a “hold” rating in a research note on Wednesday, July 20th. Twenty-one analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price 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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