Cordasco Financial Network held its position in St. Jude Medical Inc. (NYSE:STJ) during the second quarter, Holdings Channel reports. The firm owned 4,000 shares of the medical technology company’s stock at the end of the second quarter. Cordasco Financial Network’s holdings in St. Jude Medical were worth $312,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bank of Montreal Can bought a new position in shares of St. Jude Medical during the second quarter valued at $20,502,000. Shell Asset Management Co. increased its position in shares of St. Jude Medical by 55.4% in the second quarter. Shell Asset Management Co. now owns 22,619 shares of the medical technology company’s stock worth $1,764,000 after buying an additional 8,064 shares during the last quarter. Daiwa Securities Group Inc. increased its position in shares of St. Jude Medical by 3.8% in the second quarter. Daiwa Securities Group Inc. now owns 6,850 shares of the medical technology company’s stock worth $534,000 after buying an additional 250 shares during the last quarter. John G Ullman & Associates Inc. increased its position in shares of St. Jude Medical by 17.4% in the second quarter. John G Ullman & Associates Inc. now owns 85,534 shares of the medical technology company’s stock worth $6,672,000 after buying an additional 12,675 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its position in St. Jude Medical by 64.5% in the second quarter. Robeco Institutional Asset Management B.V. now owns 20,360 shares of the medical technology company’s stock worth $1,588,000 after buying an additional 7,984 shares during the period. 81.77% of the stock is currently owned by institutional investors and hedge funds.

St. Jude Medical Inc. (NYSE:STJ) traded down 0.19% on Monday, reaching $79.04. The company’s stock had a trading volume of 2,480,657 shares. The firm’s 50 day moving average price is $80.99 and its 200-day moving average price is $72.90. St. Jude Medical Inc. has a 52 week low of $48.83 and a 52 week high of $84.00. The company has a market capitalization of $22.52 billion, a price-to-earnings ratio of 34.37 and a beta of 1.32.

St. Jude Medical (NYSE:STJ) last issued its earnings results on Wednesday, July 20th. The medical technology company reported $1.06 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $1.06. St. Jude Medical had a return on equity of 27.60% and a net margin of 11.40%. The business earned $1.56 billion during the quarter, compared to analysts’ expectations of $1.55 billion. During the same quarter in the previous year, the business earned $1.07 EPS. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. On average, equities analysts predict 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. Stockholders of record on Friday, September 30th will be issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date is Wednesday, September 28th. St. Jude Medical’s payout ratio is currently 53.91%.

A number of analysts have issued reports on the company. Barclays PLC reaffirmed an “equal weight” rating and issued a $83.00 target price on shares of St. Jude Medical in a research note on Monday, August 15th. Canaccord Genuity set a $85.00 price objective on shares of St. Jude Medical and gave the stock a “hold” rating in a research report on Wednesday, July 20th. 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 reiterated a “hold” rating and issued a $85.00 target price on shares of St. Jude Medical in a report on Thursday, July 21st. Finally, Wedbush cut shares of St. Jude Medical from an “outperform” rating to a “neutral” rating and increased their price target for the company from $70.00 to $84.00 in a research note on Friday, July 15th. Twenty-one analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. St. Jude Medical presently has a consensus rating of “Hold” and an average 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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