StockNews.com Upgrades Boston Scientific (NYSE:BSX) to Buy

StockNews.com upgraded shares of Boston Scientific (NYSE:BSX) from a hold rating to a buy rating in a research report sent to investors on Thursday.

Other analysts have also issued research reports about the stock. Stifel Nicolaus raised their target price on shares of Boston Scientific from $85.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Citigroup raised their price objective on Boston Scientific from $92.00 to $98.00 and gave the stock a “buy” rating in a report on Thursday. Needham & Company LLC reiterated a “hold” rating on shares of Boston Scientific in a research note on Thursday. Canaccord Genuity Group increased their target price on Boston Scientific from $88.00 to $98.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Finally, JPMorgan Chase & Co. lifted their price target on Boston Scientific from $82.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. Three research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $93.39.

Boston Scientific Stock Performance

NYSE BSX opened at $84.73 on Thursday. The company has a quick ratio of 1.14, a current ratio of 1.61 and a debt-to-equity ratio of 0.44. The stock has a market cap of $124.31 billion, a price-to-earnings ratio of 71.20, a price-to-earnings-growth ratio of 2.87 and a beta of 0.80. Boston Scientific has a fifty-two week low of $49.15 and a fifty-two week high of $88.79. The business has a fifty day moving average of $83.47 and a 200-day moving average of $77.86.

Boston Scientific (NYSE:BSX) last released its earnings results on Wednesday, October 23rd. The medical equipment provider reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.04. Boston Scientific had a net margin of 12.00% and a return on equity of 16.59%. The company had revenue of $4.21 billion for the quarter, compared to analyst estimates of $4.04 billion. During the same period in the prior year, the firm earned $0.50 EPS. The firm’s quarterly revenue was up 19.3% on a year-over-year basis. As a group, analysts predict that Boston Scientific will post 2.4 earnings per share for the current fiscal year.

Insider Activity at Boston Scientific

In other Boston Scientific news, EVP Joseph Michael Fitzgerald sold 132,527 shares of the firm’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $85.00, for a total value of $11,264,795.00. Following the transaction, the executive vice president now directly owns 160,467 shares of the company’s stock, valued at $13,639,695. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, EVP Wendy Carruthers sold 6,983 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $81.70, for a total transaction of $570,511.10. Following the transaction, the executive vice president now directly owns 37,468 shares of the company’s stock, valued at approximately $3,061,135.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Joseph Michael Fitzgerald sold 132,527 shares of the firm’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $85.00, for a total transaction of $11,264,795.00. Following the sale, the executive vice president now directly owns 160,467 shares of the company’s stock, valued at approximately $13,639,695. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 316,253 shares of company stock worth $26,714,298. 0.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Boston Scientific

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Boston Scientific by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 127,437,884 shares of the medical equipment provider’s stock valued at $8,728,221,000 after buying an additional 1,988,082 shares during the last quarter. Capital World Investors raised its holdings in Boston Scientific by 69.9% in the first quarter. Capital World Investors now owns 16,008,085 shares of the medical equipment provider’s stock valued at $1,096,394,000 after acquiring an additional 6,588,256 shares in the last quarter. Legal & General Group Plc boosted its stake in Boston Scientific by 2.7% during the 2nd quarter. Legal & General Group Plc now owns 13,922,773 shares of the medical equipment provider’s stock valued at $1,072,195,000 after acquiring an additional 360,793 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in Boston Scientific by 30.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 7,899,610 shares of the medical equipment provider’s stock worth $608,349,000 after acquiring an additional 1,824,405 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its position in shares of Boston Scientific by 15.0% in the 1st quarter. Canada Pension Plan Investment Board now owns 7,897,203 shares of the medical equipment provider’s stock worth $540,879,000 after purchasing an additional 1,027,543 shares during the last quarter. Institutional investors and hedge funds own 89.07% of the company’s stock.

About Boston Scientific

Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. It operates through two segments, MedSurg and Cardiovascular. The company offers devices to diagnose and treat gastrointestinal and pulmonary conditions, such as resolution clips, biliary stent systems, stents and electrocautery enhanced delivery systems, direct visualization systems, digital catheters, and single-use duodenoscopes; devices to treat urological conditions, including ureteral stents, catheters, baskets, guidewires, sheaths, balloons, single-use digital flexible ureteroscopes, holmium laser systems, artificial urinary sphincter, laser system, fiber, and hydrogel systems; and devices to treat neurological movement disorders and manage chronic pain, such as spinal cord stimulator system, proprietary programming software, radiofrequency generator, indirect decompression systems, practice optimization tools, and deep brain stimulation system.