Wells Fargo & Company Raises Boston Scientific (NYSE:BSX) Price Target to $100.00

Boston Scientific (NYSE:BSX) had its price objective upped by Wells Fargo & Company from $98.00 to $100.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the medical equipment provider’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 10.60% from the stock’s previous close.

Several other brokerages have also recently weighed in on BSX. BTIG Research raised their price target on shares of Boston Scientific from $84.00 to $93.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Morgan Stanley lifted their target price on Boston Scientific from $92.00 to $100.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Canaccord Genuity Group raised their price objective on Boston Scientific from $98.00 to $101.00 and gave the company a “buy” rating in a research note on Monday. Mizuho upped their target price on shares of Boston Scientific from $100.00 to $110.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Finally, Citigroup boosted their price target on shares of Boston Scientific from $92.00 to $98.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. Four investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $94.43.

Boston Scientific Price Performance

Shares of BSX opened at $90.42 on Wednesday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.02 and a current ratio of 1.48. The firm has a market cap of $133.26 billion, a PE ratio of 74.81, a price-to-earnings-growth ratio of 2.65 and a beta of 0.80. The business’s 50 day moving average price is $87.74 and its two-hundred day moving average price is $81.61. Boston Scientific has a 52-week low of $54.95 and a 52-week high of $91.93.

Boston Scientific (NYSE:BSX) last issued its earnings results on Wednesday, October 23rd. The medical equipment provider reported $0.63 EPS for the quarter, beating the consensus estimate of $0.59 by $0.04. The company had revenue of $4.21 billion during the quarter, compared to the consensus estimate of $4.04 billion. Boston Scientific had a return on equity of 17.23% and a net margin of 11.26%. The firm’s revenue for the quarter was up 19.3% compared to the same quarter last year. During the same period last year, the business posted $0.50 EPS. On average, equities analysts anticipate that Boston Scientific will post 2.46 EPS for the current year.

Insider Buying and Selling

In other news, Director Edward J. Ludwig sold 4,877 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $91.63, for a total transaction of $446,879.51. Following the sale, the director now owns 39,398 shares in the company, valued at approximately $3,610,038.74. This trade represents a 11.02 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Wendy Carruthers sold 6,983 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $83.86, for a total transaction of $585,594.38. Following the completion of the transaction, the executive vice president now owns 34,748 shares of the company’s stock, valued at $2,913,967.28. This trade represents a 16.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 328,157 shares of company stock worth $27,957,676. Corporate insiders own 0.50% of the company’s stock.

Institutional Trading of Boston Scientific

A number of hedge funds have recently bought and sold shares of the company. Marshall Wace LLP grew its stake in shares of Boston Scientific by 115.9% during the second quarter. Marshall Wace LLP now owns 6,720,480 shares of the medical equipment provider’s stock valued at $517,544,000 after buying an additional 3,608,158 shares during the last quarter. AustralianSuper Pty Ltd grew its position in Boston Scientific by 4,292.3% during the 3rd quarter. AustralianSuper Pty Ltd now owns 2,676,847 shares of the medical equipment provider’s stock worth $224,320,000 after acquiring an additional 2,615,903 shares during the last quarter. Ameriprise Financial Inc. increased its stake in Boston Scientific by 30.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 7,899,610 shares of the medical equipment provider’s stock worth $608,349,000 after purchasing an additional 1,824,405 shares during the period. State Street Corp lifted its position in Boston Scientific by 2.3% in the third quarter. State Street Corp now owns 62,846,328 shares of the medical equipment provider’s stock valued at $5,266,522,000 after purchasing an additional 1,389,172 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Boston Scientific by 98.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,205,368 shares of the medical equipment provider’s stock valued at $184,810,000 after purchasing an additional 1,091,561 shares during the period. 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.