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St. Jude Medical, Inc. (STJ) Shares Rally Following Mistaken Report Of Acquisition Bid From Abbott Laboratories (ABT)

What does the smart money think about St. Jude Medical, Inc. (NYSE:STJ)?

Among the hedge funds that we track, Ivory Capital, led by Curtis Macnguyen, was the largest shareholder of St. Jude Medical, Inc. (NYSE:STJ), holding 1.61 million shares worth $117.31 million. David Stemerman of Conatus Capital Management was another major stakeholder of the company, with 1.38 million shares valued at $101.15 million. Ariel Investments and Balyasny Asset Management were among the other hedge funds owning a significant number of shares of the medical device manufacturer, 1.28 million and 646,326, respectively.

North Tide Capital, led by Conan Laughlin, initiated a new position in St. Jude Medical, Inc. during the second quarter, owning 500,000 shares with a market value of $36.54 million at the end of the quarter. Aaron Cowen of Suvretta Capital Management had 476,700 shares of the medical device maker in his portfolio. Gotham Asset Management and Millennium Management were among the hedge funds trimming their stakes in St. Jude Medical, Inc. (NYSE:STJ), ending the quarter with 72,464 and 172,002 shares respectively.

With positive hedge fund sentiment and strong second quarter financial results, St. Jude Medical, Inc. (NYSE:STJ) holds better prospects for the future, with or without a sale. We would recommend a long position in the company.

Disclosure: None

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