St. Jude Medical's board authorize $1B share repurchase St. Jude Medical announced that its board has authorized a share repurchase of up to $1B of its outstanding common stock. As of November 28, the company had approximately 308M shares of common stock issued and outstanding. The company expects to fund this program with cash on hand as well as other sources of available liquidity.
St. Jude Medical downgraded to Market Perform from Outperform at Wells Fargo Wells Fargo downgraded St. Jude Medical (STJ) to Market Perform saying competitive pressures will drive 2015 market share losses in the company's cardiac rhythm management business, which represents 50% of total sales. Wells believes the launch of CardioMEMS will not be strong enough to offset the headwinds in CRM unit. The firm thinks Boston Scientific's (BSX) earlier than expected approval for its next generation subcutaneous implantable cardioverter-defibrillator called Emblem will drive share gains against St. Jude and Medtronic (MDT) in the single chamber ICD market. Wells cut its price target range for St. Jude shares to $69-$70 from $73-$74. The medical technology company closed yesterday down $2.01 to $65.45.