Boston Scientific (NYSE:BSX) Sets New 12-Month High After Analyst Upgrade

Boston Scientific Co. (NYSE:BSX) shares reached a new 52-week high during mid-day trading on Thursday after Citigroup raised their price target on the stock from $90.00 to $92.00. Citigroup currently has a buy rating on the stock. Boston Scientific traded as high as $79.59 and last traded at $79.34, with a volume of 324528 shares traded. The stock had previously closed at $78.81.

A number of other research analysts have also recently issued reports on BSX. Needham & Company LLC lifted their price objective on shares of Boston Scientific from $82.00 to $86.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. BTIG Research upped their price objective on Boston Scientific from $80.00 to $84.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $85.00 price objective on shares of Boston Scientific in a research note on Thursday, July 25th. TD Cowen boosted their target price on Boston Scientific from $77.00 to $86.00 and gave the stock a “buy” rating in a research note on Tuesday, July 16th. Finally, The Goldman Sachs Group initiated coverage on shares of Boston Scientific in a research note on Thursday, May 30th. They issued a “buy” rating and a $90.00 price target on the stock. Two investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Boston Scientific presently has an average rating of “Moderate Buy” and an average target price of $85.24.

Insider Transactions at Boston Scientific

In other Boston Scientific news, EVP Wendy Carruthers sold 6,983 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $75.33, for a total transaction of $526,029.39. Following the completion of the transaction, the executive vice president now owns 45,628 shares in the company, valued at approximately $3,437,157.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Boston Scientific news, EVP Arthur C. Butcher sold 14,011 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $75.34, for a total value of $1,055,588.74. Following the transaction, the executive vice president now directly owns 20,197 shares of the company’s stock, valued at $1,521,641.98. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Wendy Carruthers sold 6,983 shares of the stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $75.33, for a total value of $526,029.39. Following the transaction, the executive vice president now owns 45,628 shares in the company, valued at $3,437,157.24. The disclosure for this sale can be found here. Insiders sold 34,960 shares of company stock worth $2,638,984 over the last ninety days. 0.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Cetera Investment Advisers grew its stake in shares of Boston Scientific by 2.9% in the 2nd quarter. Cetera Investment Advisers now owns 295,984 shares of the medical equipment provider’s stock valued at $22,794,000 after buying an additional 8,399 shares during the period. Truist Financial Corp boosted its holdings in Boston Scientific by 1.1% in the second quarter. Truist Financial Corp now owns 214,594 shares of the medical equipment provider’s stock worth $16,526,000 after acquiring an additional 2,254 shares in the last quarter. HWG Holdings LP acquired a new stake in Boston Scientific in the second quarter valued at approximately $482,000. EP Wealth Advisors LLC increased its holdings in shares of Boston Scientific by 4.1% during the second quarter. EP Wealth Advisors LLC now owns 13,066 shares of the medical equipment provider’s stock valued at $1,006,000 after acquiring an additional 514 shares in the last quarter. Finally, Ecofi Investissements SA acquired a new position in shares of Boston Scientific during the second quarter worth approximately $11,058,000. Institutional investors and hedge funds own 89.07% of the company’s stock.

Boston Scientific Trading Down 0.5 %

The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.14 and a current ratio of 1.66. The firm has a market capitalization of $116.15 billion, a P/E ratio of 66.53, a PEG ratio of 2.49 and a beta of 0.78. The firm has a 50 day simple moving average of $76.59 and a two-hundred day simple moving average of $72.40.

Boston Scientific (NYSE:BSX) last released its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.04. The business had revenue of $4.12 billion for the quarter, compared to analysts’ expectations of $4.02 billion. Boston Scientific had a net margin of 12.00% and a return on equity of 16.80%. The firm’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.53 earnings per share. Equities research analysts forecast that Boston Scientific Co. will post 2.4 earnings per share for the current year.

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.