St. Jude already has implantable pacemakers and defibrillator devices.
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Research firm Zacks has rated St. Jude Medical (NYSE:STJ) and has ranked it at 3, indicating that for the short term the shares are a hold. The medical technology company reported $1.03 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.00 by $0.03. Full-year adjusted earnings will be $3.96 to $4 a share, up from an earlier forecast of $3.92 to $3.97 a share.
Key Stats: Atrial fibrillation sales increased roughly 9% year over year to $279 million, while on a constant currency basis, it surged 18%. The company has a market cap of $21,449 million and the number of outstanding shares have been calculated to be 280,122,000 shares.
In conjunction with the announcement, Thoratec announced preliminary second-quarter revenue of $128 million to $129 million that beat the expectations of medtech analyst Michael Weinstein with J.P. Morgan who was expecting the LVAD maker to garner only $121 million. Analysts at Needham & Company LLC reiterated a “strong-buy” rating and set a $91.00 price target (up previously from $86.00) on shares of St. Jude Medical in a research note on Tuesday.
Stock Price: Following the earnings release, share prices did not show any movement in the pre-market trading session. Starks said in the news release the deal “expands and enhances” St. Jude’s presence in the heart failure-treatment market. Today, you can download 7 Best Stocks for the Next 30 Days.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Also, VP Mark W. Murphy sold 5,882 shares of the company’s stock in a transaction that occurred on Monday, April 27th. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. The deal also builds on St. Jude’s May 2014 acquisition of CardioMEMS, which makes a wireless technology that’s placed in the pulmonary artery to measure cardiac performance. Analysts at Evercore ISI initiated coverage on shares of St. Jude Medical in a research note on Tuesday, May 26th. The stock ended up at $76.71. The disclosure for this sale can be found here.
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In an analyst report issued by Cowen on 20 July, St. Jude Medical Inc (NYSE:STJ) had its target price upped to $86.00. Coronary Artery Disease, offers ILUMIEN system imaging platform. Chronic Pain, offers Spinal cord stimulation devices. Heart Valve Disease, offers Surgical Valve Replacement. (St. Jude) develops, manufactures and distributes cardiovascular medical devices.
