CIBC Asset Management Inc Raises Position in Boston Scientific Co. (NYSE:BSX)

CIBC Asset Management Inc increased its position in Boston Scientific Co. (NYSE:BSX) by 7.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 232,304 shares of the medical equipment provider’s stock after acquiring an additional 16,037 shares during the period. CIBC Asset Management Inc’s holdings in Boston Scientific were worth $19,467,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. CRA Financial Services LLC increased its stake in Boston Scientific by 4.3% during the third quarter. CRA Financial Services LLC now owns 2,841 shares of the medical equipment provider’s stock worth $238,000 after acquiring an additional 117 shares during the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its position in Boston Scientific by 9.7% in the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,352 shares of the medical equipment provider’s stock worth $115,000 after buying an additional 119 shares during the last quarter. Ashton Thomas Securities LLC lifted its position in Boston Scientific by 1.3% in the third quarter. Ashton Thomas Securities LLC now owns 9,968 shares of the medical equipment provider’s stock worth $835,000 after buying an additional 129 shares during the last quarter. CVA Family Office LLC increased its position in Boston Scientific by 7.4% during the second quarter. CVA Family Office LLC now owns 1,909 shares of the medical equipment provider’s stock valued at $147,000 after acquiring an additional 131 shares during the last quarter. Finally, Jacobsen Capital Management increased its position in Boston Scientific by 4.9% during the third quarter. Jacobsen Capital Management now owns 2,820 shares of the medical equipment provider’s stock valued at $236,000 after acquiring an additional 133 shares during the last quarter. 89.07% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on BSX. Raymond James upped their price target on shares of Boston Scientific from $91.00 to $94.00 and gave the company a “strong-buy” rating in a report on Wednesday, September 4th. Bank of America upped their target price on Boston Scientific from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. TD Cowen upped their price objective on Boston Scientific from $86.00 to $100.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Royal Bank of Canada boosted their target price on shares of Boston Scientific from $95.00 to $98.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Finally, Truist Financial boosted their price objective on shares of Boston Scientific from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Four investment 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 stock. Based on data from MarketBeat, Boston Scientific has a consensus rating of “Moderate Buy” and a consensus target price of $93.39.

Boston Scientific Price Performance

Shares of NYSE BSX opened at $86.98 on Friday. Boston Scientific Co. has a fifty-two week low of $53.56 and a fifty-two week high of $89.30. The business has a 50-day simple moving average of $85.15 and a two-hundred day simple moving average of $79.39. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.02 and a current ratio of 1.48. The company has a market cap of $128.19 billion, a PE ratio of 71.88, a P/E/G ratio of 2.61 and a beta of 0.79.

Boston Scientific (NYSE:BSX) last released its earnings results on Wednesday, October 23rd. The medical equipment provider reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.04. The firm had revenue of $4.21 billion during 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 company’s revenue was up 19.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.50 earnings per share. As a group, equities analysts expect that Boston Scientific Co. 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 stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $81.70, for a total transaction of $570,511.10. Following the completion of the transaction, the executive vice president now owns 37,468 shares of the company’s stock, valued at $3,061,135.60. This represents a 15.71 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Joseph Michael Fitzgerald sold 132,527 shares of Boston Scientific stock in a transaction that occurred on 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 completion of the sale, the executive vice president now directly owns 160,467 shares in the company, valued at $13,639,695. This represents a 45.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 309,270 shares of company stock valued at $26,196,718 over the last ninety days. Company insiders own 0.50% 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.