Boston Scientific (NYSE:BSX) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Boston Scientific (NYSE:BSX) had its price objective lifted by research analysts at Canaccord Genuity Group from $98.00 to $101.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the medical equipment provider’s stock. Canaccord Genuity Group’s target price would suggest a potential upside of 11.94% from the stock’s previous close.

Several other equities analysts have also weighed in on the stock. Evercore ISI lifted their target price on shares of Boston Scientific from $82.00 to $90.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. StockNews.com cut Boston Scientific from a “buy” rating to a “hold” rating in a report on Monday, November 4th. Wells Fargo & Company raised their price target on shares of Boston Scientific from $87.00 to $98.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. BTIG Research upped their price target on Boston Scientific from $84.00 to $93.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Finally, Barclays raised their price objective on shares of Boston Scientific from $78.00 to $86.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Four equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Boston Scientific presently has a consensus rating of “Moderate Buy” and an average price target of $93.52.

Boston Scientific Trading Up 1.7 %

NYSE BSX opened at $90.23 on Monday. The company has a quick ratio of 1.02, a current ratio of 1.48 and a debt-to-equity ratio of 0.44. The firm has a market cap of $132.98 billion, a PE ratio of 74.55, a price-to-earnings-growth ratio of 2.65 and a beta of 0.80. Boston Scientific has a 52 week low of $54.86 and a 52 week high of $91.93. The company has a 50 day moving average price of $87.50 and a 200 day moving average price of $81.44.

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 the consensus estimate of $0.59 by $0.04. The firm had revenue of $4.21 billion for the quarter, compared to the consensus estimate of $4.04 billion. Boston Scientific had a return on equity of 17.23% and a net margin of 11.26%. The firm’s revenue was up 19.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.50 EPS. As a group, sell-side analysts forecast that Boston Scientific will post 2.46 EPS for the current fiscal year.

Insider Buying and Selling

In other Boston Scientific news, EVP Wendy Carruthers sold 6,983 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $83.86, for a total value of $585,594.38. Following the completion of the transaction, the executive vice president now owns 34,748 shares in the company, valued at $2,913,967.28. This represents a 16.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Arthur C. Butcher sold 14,010 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $89.27, for a total transaction of $1,250,672.70. Following the transaction, the executive vice president now owns 978 shares in the company, valued at approximately $87,306.06. This trade represents a 93.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 328,157 shares of company stock worth $27,957,676 over the last 90 days. 0.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Boston Scientific

Several hedge funds have recently modified their holdings of BSX. Marshall Wace LLP raised its stake in shares of Boston Scientific by 115.9% during the 2nd quarter. Marshall Wace LLP now owns 6,720,480 shares of the medical equipment provider’s stock worth $517,544,000 after buying an additional 3,608,158 shares in the last quarter. AustralianSuper Pty Ltd raised its position in shares of Boston Scientific by 4,292.3% during the 3rd quarter. AustralianSuper Pty Ltd now owns 2,676,847 shares of the medical equipment provider’s stock worth $224,320,000 after purchasing an additional 2,615,903 shares during the last quarter. Ameriprise Financial Inc. increased its position in Boston Scientific by 30.0% during the second quarter. Ameriprise Financial Inc. now owns 7,899,610 shares of the medical equipment provider’s stock worth $608,349,000 after buying an additional 1,824,405 shares in the last quarter. State Street Corp raised its stake in Boston Scientific by 2.3% in the 3rd quarter. State Street Corp now owns 62,846,328 shares of the medical equipment provider’s stock valued at $5,266,522,000 after purchasing an additional 1,389,172 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Boston Scientific by 98.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,205,368 shares of the medical equipment provider’s stock valued at $184,810,000 after buying an additional 1,091,561 shares during the period. 89.07% of the stock is owned by institutional investors and hedge funds.

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.