Boston Scientific (NYSE:BSX) Sets New 1-Year High on Analyst Upgrade

Boston Scientific Co. (NYSE:BSX) shares hit a new 52-week high during trading on Wednesday after Citigroup raised their price target on the stock from $79.00 to $85.00. Citigroup currently has a buy rating on the stock. Boston Scientific traded as high as $74.39 and last traded at $73.77, with a volume of 3638035 shares changing hands. The stock had previously closed at $68.99.

A number of other brokerages have also issued reports on BSX. Oppenheimer increased their target price on shares of Boston Scientific from $58.00 to $68.00 and gave the stock a “market perform” rating in a research report on Thursday, February 1st. Mizuho increased their target price on shares of Boston Scientific from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft increased their target price on shares of Boston Scientific from $63.00 to $73.00 and gave the stock a “hold” rating in a research report on Thursday. Wells Fargo & Company increased their target price on shares of Boston Scientific from $72.00 to $82.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, Royal Bank of Canada increased their target price on shares of Boston Scientific from $78.00 to $82.00 and gave the stock an “outperform” rating in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $74.27.

Insider Activity

In other news, EVP John Bradley Sorenson sold 16,351 shares of the firm’s stock in a transaction on 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 completion of the transaction, the executive vice president now owns 50,638 shares of the company’s stock, valued at $3,509,213.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP John Bradley Sorenson sold 16,351 shares of the stock in a transaction on 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 completion of 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 filing with the SEC, which is available at this link. Also, CFO Daniel J. Brennan sold 13,662 shares of the stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $65.86, for a total transaction of $899,779.32. Following the sale, the chief financial officer now owns 271,542 shares of the company’s stock, valued at $17,883,756.12. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 50,979 shares of company stock valued at $3,418,529. Insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Boston Scientific

Several large investors have recently modified their holdings of BSX. IFP Advisors Inc increased its position in shares of Boston Scientific by 29.1% during the third quarter. IFP Advisors Inc now owns 5,026 shares of the medical equipment provider’s stock worth $265,000 after buying an additional 1,132 shares during the period. Private Trust Co. NA grew its holdings in Boston Scientific by 498.8% in the third quarter. Private Trust Co. NA now owns 5,132 shares of the medical equipment provider’s stock worth $271,000 after purchasing an additional 4,275 shares during the period. Czech National Bank grew its holdings in Boston Scientific by 50.4% in the third quarter. Czech National Bank now owns 255,916 shares of the medical equipment provider’s stock worth $13,512,000 after purchasing an additional 85,706 shares during the period. Blue Fin Capital Inc. grew its holdings in Boston Scientific by 19.9% in the third quarter. Blue Fin Capital Inc. now owns 8,024 shares of the medical equipment provider’s stock worth $424,000 after purchasing an additional 1,334 shares during the period. Finally, WS Portfolio Advisory LLC acquired a new stake in Boston Scientific in the third quarter worth $5,056,000. 89.07% of the stock is currently owned by institutional investors and hedge funds.

Boston Scientific Price Performance

The company has a debt-to-equity ratio of 0.44, a current ratio of 1.32 and a quick ratio of 0.82. The firm has a market capitalization of $107.54 billion, a price-to-earnings ratio of 68.50, a PEG ratio of 2.42 and a beta of 0.78. The business’s fifty day simple moving average is $67.68 and its 200 day simple moving average is $60.37.

Boston Scientific (NYSE:BSX) last posted its quarterly earnings results on Wednesday, January 31st. The medical equipment provider reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.04. Boston Scientific had a net margin of 11.19% and a return on equity of 15.99%. The business had revenue of $3.73 billion during the quarter, compared to analysts’ expectations of $3.59 billion. During the same period last year, the company posted $0.45 earnings per share. On average, research analysts forecast that Boston Scientific Co. will post 2.25 EPS for the current year.

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.