Boston Scientific (NYSE:BSX) Given New $78.00 Price Target at Royal Bank of Canada

Boston Scientific (NYSE:BSX) had its price objective boosted by Royal Bank of Canada from $70.00 to $78.00 in a research note released on Monday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the medical equipment provider’s stock.

Several other analysts also recently commented on the stock. StockNews.com downgraded shares of Boston Scientific from a buy rating to a hold rating in a research report on Saturday, March 16th. Argus raised their target price on shares of Boston Scientific from $69.00 to $80.00 and gave the company a buy rating in a research note on Wednesday, April 3rd. Truist Financial raised their target price on shares of Boston Scientific from $59.00 to $66.00 and gave the company a buy rating in a research note on Friday, December 22nd. Wells Fargo & Company raised their target price on shares of Boston Scientific from $70.00 to $72.00 and gave the company an overweight rating in a research note on Thursday, February 1st. Finally, Mizuho raised shares of Boston Scientific from a neutral rating to a buy rating and raised their target price for the company from $65.00 to $80.00 in a research note on Thursday, February 1st. Two analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $68.50.

Boston Scientific Stock Down 0.9 %

Shares of BSX stock opened at $67.44 on Monday. The company has a market capitalization of $98.94 billion, a price-to-earnings ratio of 63.03, a PEG ratio of 2.38 and a beta of 0.78. Boston Scientific has a one year low of $48.35 and a one year high of $69.21. The company’s fifty day moving average price is $67.05 and its 200-day moving average price is $59.52. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.32 and a quick ratio of 0.82.

Boston Scientific (NYSE:BSX) last announced its quarterly earnings data on Wednesday, January 31st. The medical equipment provider reported $0.55 EPS for the quarter, beating the consensus estimate of $0.51 by $0.04. The firm had revenue of $3.73 billion for the quarter, compared to the consensus estimate of $3.59 billion. Boston Scientific had a net margin of 11.19% and a return on equity of 15.99%. During the same period last year, the firm earned $0.45 EPS. Sell-side analysts expect that Boston Scientific will post 2.25 EPS for the current fiscal year.

Insider Transactions at Boston Scientific

In other news, EVP John Bradley Sorenson sold 16,351 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $69.30, for a total value of $1,133,124.30. Following the completion of the sale, the executive vice president now owns 50,638 shares in the company, valued at approximately $3,509,213.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Daniel J. Brennan sold 13,662 shares of Boston Scientific stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $65.86, for a total transaction of $899,779.32. Following the completion of the sale, the chief financial officer now owns 271,542 shares in the company, valued at approximately $17,883,756.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP John Bradley Sorenson sold 16,351 shares of Boston Scientific stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $69.30, for a total transaction of $1,133,124.30. Following the sale, the executive vice president now owns 50,638 shares of the company’s stock, valued at approximately $3,509,213.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 50,979 shares of company stock worth $3,418,529. 0.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Boston Scientific

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BSW Wealth Partners lifted its holdings in Boston Scientific by 2.3% during the 4th quarter. BSW Wealth Partners now owns 7,398 shares of the medical equipment provider’s stock valued at $428,000 after buying an additional 165 shares in the last quarter. Allstate Corp lifted its holdings in Boston Scientific by 2.9% during the 4th quarter. Allstate Corp now owns 5,938 shares of the medical equipment provider’s stock valued at $343,000 after buying an additional 165 shares in the last quarter. First Affirmative Financial Network lifted its holdings in Boston Scientific by 4.3% during the 1st quarter. First Affirmative Financial Network now owns 4,028 shares of the medical equipment provider’s stock valued at $276,000 after buying an additional 166 shares in the last quarter. Childress Capital Advisors LLC lifted its holdings in Boston Scientific by 2.6% during the 4th quarter. Childress Capital Advisors LLC now owns 6,673 shares of the medical equipment provider’s stock valued at $386,000 after buying an additional 169 shares in the last quarter. Finally, Valley National Advisers Inc. raised its holdings in shares of Boston Scientific by 2.3% in the 4th quarter. Valley National Advisers Inc. now owns 7,526 shares of the medical equipment provider’s stock valued at $435,000 after purchasing an additional 170 shares in the last quarter. Institutional investors own 89.07% of the company’s stock.

Boston Scientific Company Profile

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.