Shares of major medical devices manufacturer
St. Jude Medical Inc.
) reached new 52-week high of $59.39 in mid-day trading
yesterday. Shares of the company closed at $58.98 on the same
day, representing an impressive one-year and year-to-date returns
of 79.4% and 63.7%, respectively.
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ST JUDE MEDICAL (STJ): Free Stock Analysis
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STJ has a market cap of $16.8 billion. Average volume of shares
traded over the last three months stood at approximately
Shares of St. Jude Medical started escalating following its
strong third quarter results on Oct 16 and higher earnings
guidance. Adjusted earnings per share in the quarter were 90
cents and beat the Zacks Consensus Estimate by a penny. It also
surpassed the year-ago earnings of 83 cents by 8.4%. Adjusted
earnings were at the higher end of the company's third-quarter
guidance of 88-90 cents a share.
Revenues inched up 1% (3% in constant currency) year over year to
$1,338 million in the third quarter and exceeded the Zacks
Consensus Estimate of $1,321 million. Revenues in the U.S. (48.3%
of total revenues) grew 1.1% to $646 million while that in the
international markets (51.7%) increased 0.7% to $692 million in
the reported quarter.
STJ upgraded its adjusted earnings expectations for 2013 to the
band of $3.72-$3.74 from the earlier range of $3.70-$3.73. The
current Zacks Consensus Estimate for 2013 earnings is pegged at
$3.73 per share, which lies within the guided range.
Currently, St. Jude carries a Zacks Rank #3 (Hold). Despite a
difficult Med-tech space, we are optimistic about St. Jude's
strong ability to drive bottom line growth on the back of
cost-saving measures and restructuring efforts.
Some better-ranked stocks in the medical products industry
Hill-Rom Holdings, Inc.
). Both Hill-Rom Holdings and NuVasive carry a Zacks Rank #1
(Strong Buy), while diaDexus carry a Zacks Rank #2 (Buy).