Needham & Company LLC Increases Boston Scientific (NYSE:BSX) Price Target to $82.00

Boston Scientific (NYSE:BSX) had its price objective raised by Needham & Company LLC from $71.00 to $82.00 in a research report report published on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the medical equipment provider’s stock.

BSX has been the subject of several other research reports. Mizuho upgraded shares of Boston Scientific from a neutral rating to a buy rating and upped their price target for the company from $65.00 to $80.00 in a research report on Thursday, February 1st. BTIG Research reissued a buy rating and set a $64.00 price target on shares of Boston Scientific in a report on Friday, December 29th. Citigroup upped their price objective on Boston Scientific from $71.00 to $79.00 and gave the company a buy rating in a research note on Wednesday, April 3rd. Wells Fargo & Company lifted their target price on Boston Scientific from $70.00 to $72.00 and gave the company an overweight rating in a research note on Thursday, February 1st. Finally, Oppenheimer upped their price target on Boston Scientific from $58.00 to $68.00 and gave the stock a market perform rating in a research note on Thursday, February 1st. Two analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $69.00.

Boston Scientific Price Performance

Shares of BSX opened at $72.91 on Wednesday. The firm has a fifty day moving average price of $67.53 and a 200 day moving average price of $60.28. The stock has a market cap of $106.97 billion, a PE ratio of 68.14, a price-to-earnings-growth ratio of 2.38 and a beta of 0.78. Boston Scientific has a 1-year low of $48.35 and a 1-year high of $74.39. 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 earnings results on Wednesday, January 31st. The medical equipment provider reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.04. The firm had revenue of $3.73 billion during the quarter, compared to analysts’ expectations of $3.59 billion. Boston Scientific had a return on equity of 15.99% and a net margin of 11.19%. During the same period in the prior year, the firm earned $0.45 EPS. As a group, sell-side analysts anticipate that Boston Scientific will post 2.25 EPS for the current year.

Insider Buying and Selling at Boston Scientific

In other news, EVP John Bradley Sorenson sold 16,351 shares of the stock in a transaction that occurred on 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 sale, the executive vice president now directly owns 50,638 shares in the company, valued at $3,509,213.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP John Bradley Sorenson sold 16,351 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $69.30, for a total value of $1,133,124.30. Following the sale, the executive vice president now directly owns 50,638 shares in the company, valued at $3,509,213.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Daniel J. Brennan sold 13,662 shares of the business’s 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 transaction, the chief financial officer now directly owns 271,542 shares of the company’s stock, valued at approximately $17,883,756.12. The disclosure for this sale can be found here. In the last three months, insiders sold 50,979 shares of company stock worth $3,418,529. 0.50% of the stock is owned by corporate insiders.

Institutional Trading of Boston Scientific

Hedge funds and other institutional investors have recently bought and sold shares of the company. Victory Capital Management Inc. grew its position in shares of Boston Scientific by 5.6% in the third quarter. Victory Capital Management Inc. now owns 518,047 shares of the medical equipment provider’s stock valued at $27,353,000 after purchasing an additional 27,620 shares during the period. Louisiana State Employees Retirement System acquired a new position in shares of Boston Scientific during the 4th quarter valued at about $5,116,000. Glenmede Trust Co. NA lifted its holdings in shares of Boston Scientific by 12.1% during the 3rd quarter. Glenmede Trust Co. NA now owns 10,442 shares of the medical equipment provider’s stock worth $551,000 after acquiring an additional 1,123 shares during the period. Principal Financial Group Inc. boosted its position in shares of Boston Scientific by 2.1% in the third quarter. Principal Financial Group Inc. now owns 1,868,991 shares of the medical equipment provider’s stock worth $98,683,000 after acquiring an additional 38,249 shares during the last quarter. Finally, HealthInvest Partners AB purchased a new stake in Boston Scientific in the fourth quarter valued at approximately $3,746,000. 89.07% of the stock is owned by hedge funds and other institutional investors.

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.