First Manhattan Co. Cuts Stake in Boston Scientific Co. (NYSE:BSX)

First Manhattan Co. reduced its stake in shares of Boston Scientific Co. (NYSE:BSXGet Rating) by 1.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 613,867 shares of the medical equipment provider’s stock after selling 11,125 shares during the quarter. First Manhattan Co.’s holdings in Boston Scientific were worth $27,188,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the stock. UMB Bank N A MO purchased a new position in shares of Boston Scientific in the fourth quarter valued at $25,000. Concorde Financial Corp purchased a new position in shares of Boston Scientific in the fourth quarter valued at $34,000. Quent Capital LLC purchased a new position in shares of Boston Scientific in the fourth quarter valued at $35,000. Acadian Asset Management LLC purchased a new position in shares of Boston Scientific in the first quarter valued at $35,000. Finally, Nauset Wealth Management. LLC purchased a new position in shares of Boston Scientific in the first quarter valued at $37,000. 90.33% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on BSX shares. Wolfe Research started coverage on shares of Boston Scientific in a report on Tuesday, July 5th. They issued an “outperform” rating and a $43.00 target price for the company. Canaccord Genuity Group cut their target price on shares of Boston Scientific from $51.00 to $43.00 and set a “buy” rating for the company in a report on Wednesday, June 29th. Citigroup dropped their price objective on shares of Boston Scientific from $52.00 to $47.00 and set a “buy” rating for the company in a research note on Tuesday, May 17th. Truist Financial dropped their price objective on shares of Boston Scientific from $51.00 to $45.00 and set a “buy” rating for the company in a research note on Wednesday, July 20th. Finally, TheStreet raised shares of Boston Scientific from a “c+” rating to a “b-” rating in a research note on Wednesday, August 24th. Two equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $46.83.

Boston Scientific Stock Up 1.2 %

NYSE:BSX opened at $43.46 on Tuesday. Boston Scientific Co. has a twelve month low of $34.98 and a twelve month high of $47.49. The company has a market cap of $62.13 billion, a price-to-earnings ratio of 74.93, a price-to-earnings-growth ratio of 2.32 and a beta of 0.85. The stock has a fifty day simple moving average of $40.06 and a 200-day simple moving average of $40.95. The company has a current ratio of 1.31, a quick ratio of 0.86 and a debt-to-equity ratio of 0.51.

Boston Scientific (NYSE:BSXGet Rating) last released its quarterly earnings data on Wednesday, July 27th. The medical equipment provider reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.02. The firm had revenue of $3.24 billion during the quarter, compared to the consensus estimate of $3.22 billion. Boston Scientific had a return on equity of 14.58% and a net margin of 7.16%. The firm’s quarterly revenue was up 5.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.40 earnings per share. Analysts anticipate that Boston Scientific Co. will post 1.76 EPS for the current year.

Insider Activity at Boston Scientific

In related news, EVP Eric Francis Yves Thepaut sold 20,676 shares of Boston Scientific stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $40.99, for a total value of $847,509.24. Following the completion of the sale, the executive vice president now directly owns 72,486 shares in the company, valued at $2,971,201.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Boston Scientific news, EVP Eric Francis Yves Thepaut sold 20,676 shares of the business’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $40.99, for a total value of $847,509.24. Following the completion of the transaction, the executive vice president now directly owns 72,486 shares in the company, valued at $2,971,201.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Wendy Carruthers sold 7,500 shares of the business’s stock in a transaction dated Monday, July 18th. The stock was sold at an average price of $38.00, for a total transaction of $285,000.00. Following the completion of the transaction, the executive vice president now owns 124,913 shares of the company’s stock, valued at $4,746,694. The disclosure for this sale can be found here. Insiders sold 59,264 shares of company stock worth $2,401,673 over the last three months. 0.66% of the stock is owned by corporate insiders.

Boston Scientific Profile

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Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. It operates through three segments: MedSurg, Rhythm and Neuro, and Cardiovascular. The company offers devices to diagnose and treat gastrointestinal and pulmonary conditions; devices to treat various urological and pelvic conditions; implantable cardioverter and implantable cardiac resynchronization therapy defibrillators; pacemakers and implantable cardiac resynchronization therapy pacemakers; and remote patient management systems.

Further Reading

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Institutional Ownership by Quarter for Boston Scientific (NYSE:BSX)

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