St. Jude Medical Rating Increased to Overweight at Morgan Stanley (STJ)
St. Jude Medical (NYSE:STJ) was upgraded by investment analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a note issued to investors on Monday, TheFlyOnTheWall.com reports. The firm currently has a $75.00 price target on the stock. Morgan Stanley’s price target would indicate a potential upside of 22.57% from the stock’s previous close.
The analysts wrote, “We are comfortable with this binary event considering (i) positive FDA panel commentary, and (ii) our estimates that do not assume substantial traction. Our December 2013 AlphaWise survey of 61 US electrophysiologists increased our conviction in the pace of adoption and ultimate market size for CardioMEMS. If St. Jude achieved $250 million in CardioMEMS sales at a 50% incremental margin, it would drive about $0.35 in EPS accretion (8%), implying an additional $5 per share in equity value.”
Shares of St. Jude Medical (NYSE:STJ) traded up 4.18% during mid-day trading on Monday, hitting $63.75. The stock had a trading volume of 4,350,931 shares. St. Jude Medical has a one year low of $36.89 and a one year high of $63.15. The stock has a 50-day moving average of $59.51 and a 200-day moving average of $54.18. The company has a market cap of $18.603 billion and a P/E ratio of 24.99.
St. Jude Medical (NYSE:STJ) last posted its quarterly earnings results on Wednesday, October 16th. The company reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.01. The company had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter last year, the company posted $0.83 earnings per share. St. Jude Medical’s revenue was up .9% compared to the same quarter last year. On average, analysts predict that St. Jude Medical will post $3.74 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, January 31st. Shareholders of record on Tuesday, December 31st will be paid a dividend of 0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.63%. The ex-dividend date is Friday, December 27th.
STJ has been the subject of a number of other recent research reports. Analysts at BMO Capital Markets upgraded shares of St. Jude Medical from a “market perform” rating to an “outperform” rating in a research note to investors on Monday, December 16th. They now have a $66.00 price target on the stock, up previously from $59.00. Separately, analysts at Barclays raised their price target on shares of St. Jude Medical from $63.00 to $65.00 in a research note to investors on Wednesday, December 11th. They now have an “overweight” rating on the stock. Finally, analysts at Sanford C. Bernstein downgraded shares of St. Jude Medical from an “outperform” rating to a “market perform” rating in a research note to investors on Tuesday, November 5th. They now have a $62.00 price target on the stock, down previously from $64.00. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $53.05.
St. Jude Medical, Inc (NYSE:STJ) develops, manufactures and distributes cardiovascular medical devices.
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