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

Boston Scientific (NYSE:BSX) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Thursday.

Several other research firms have also issued reports on BSX. Truist Financial lifted their price target on shares of Boston Scientific from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Monday, October 14th. TD Cowen raised their target price on Boston Scientific from $86.00 to $100.00 and gave the stock a “buy” rating in a research note on Monday. JPMorgan Chase & Co. increased their price target on shares of Boston Scientific from $82.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Mizuho upped their price objective on shares of Boston Scientific from $100.00 to $110.00 and gave the company an “outperform” rating in a report on Thursday. Finally, Barclays boosted their target price on shares of Boston Scientific from $78.00 to $86.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Three analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $93.39.

Boston Scientific Stock Down 2.7 %

Shares of BSX traded down $2.34 during trading hours on Thursday, hitting $85.11. The company had a trading volume of 10,848,595 shares, compared to its average volume of 6,045,070. The company has a current ratio of 1.61, a quick ratio of 1.14 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $124.86 billion, a PE ratio of 71.52, a price-to-earnings-growth ratio of 2.87 and a beta of 0.80. Boston Scientific has a one year low of $49.15 and a one year high of $88.79. The company’s fifty day moving average price is $83.19 and its two-hundred day moving average price is $77.57.

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

Insider Buying and Selling

In related news, CEO Michael F. Mahoney sold 162,777 shares of Boston Scientific stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $84.63, for a total value of $13,775,817.51. Following the sale, the chief executive officer now directly owns 1,572,096 shares in the company, valued at approximately $133,046,484.48. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, EVP Wendy Carruthers sold 6,983 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $81.70, for a total value 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. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Michael F. Mahoney sold 162,777 shares of the company’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $84.63, for a total transaction of $13,775,817.51. Following the sale, the chief executive officer now directly owns 1,572,096 shares of the company’s stock, valued at approximately $133,046,484.48. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 316,253 shares of company stock worth $26,714,298 in the last 90 days. Insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in Boston Scientific by 1.6% during the first quarter. Vanguard Group Inc. now owns 127,437,884 shares of the medical equipment provider’s stock worth $8,728,221,000 after buying an additional 1,988,082 shares in the last quarter. Capital World Investors increased its stake in shares of Boston Scientific by 69.9% in the 1st quarter. Capital World Investors now owns 16,008,085 shares of the medical equipment provider’s stock worth $1,096,394,000 after acquiring an additional 6,588,256 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of 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 worth $1,072,195,000 after acquiring an additional 360,793 shares during the period. Ameriprise Financial Inc. boosted its position in shares of 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 valued at $608,349,000 after acquiring an additional 1,824,405 shares during the last quarter. Finally, Canada Pension Plan Investment Board grew its stake 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 valued at $540,879,000 after buying an additional 1,027,543 shares during the period. 89.07% of the stock is currently 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.