Bessemer Group Inc. Sells 3,851,493 Shares of Boston Scientific Corporation $BSX

Bessemer Group Inc. reduced its holdings in shares of Boston Scientific Corporation (NYSE:BSX) by 98.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,473 shares of the medical equipment provider’s stock after selling 3,851,493 shares during the quarter. Bessemer Group Inc.’s holdings in Boston Scientific were worth $2,853,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. FWL Investment Management LLC purchased a new stake in shares of Boston Scientific during the second quarter worth $26,000. Swiss RE Ltd. bought a new position in shares of Boston Scientific in the fourth quarter worth $26,000. Garton & Associates Financial Advisors LLC purchased a new position in shares of Boston Scientific in the fourth quarter valued at $26,000. Bangor Savings Bank grew its position in shares of Boston Scientific by 94.7% in the fourth quarter. Bangor Savings Bank now owns 292 shares of the medical equipment provider’s stock valued at $28,000 after purchasing an additional 142 shares in the last quarter. Finally, Sfam LLC bought a new stake in shares of Boston Scientific during the 4th quarter valued at $29,000. 89.07% of the stock is owned by institutional investors.

Boston Scientific Trading Down 1.4%

Boston Scientific stock opened at $43.14 on Wednesday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.22 and a current ratio of 1.90. Boston Scientific Corporation has a fifty-two week low of $42.20 and a fifty-two week high of $109.50. The stock has a market cap of $64.12 billion, a P/E ratio of 18.05, a PEG ratio of 0.84 and a beta of 0.58. The firm’s fifty day moving average price is $47.77 and its 200-day moving average price is $64.93.

Boston Scientific (NYSE:BSX) last posted its quarterly earnings data on Wednesday, April 22nd. The medical equipment provider reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.01. Boston Scientific had a return on equity of 19.17% and a net margin of 17.29%.The company had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.19 billion. During the same quarter last year, the company earned $0.75 earnings per share. The firm’s quarterly revenue was up 11.6% on a year-over-year basis. Equities research analysts forecast that Boston Scientific Corporation will post 3.35 earnings per share for the current fiscal year.

Boston Scientific declared that its board has approved a share buyback program on Monday, May 18th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the medical equipment provider to buy up to 6.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other Boston Scientific news, Director Cheryl Pegus acquired 1,770 shares of the business’s stock in a transaction dated Wednesday, May 20th. The stock was bought at an average price of $56.49 per share, with a total value of $99,987.30. Following the completion of the acquisition, the director owned 1,770 shares of the company’s stock, valued at $99,987.30. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director David C. Habiger acquired 2,250 shares of the firm’s stock in a transaction that occurred on Wednesday, May 20th. The stock was bought at an average price of $55.92 per share, for a total transaction of $125,820.00. Following the completion of the transaction, the director owned 13,878 shares of the company’s stock, valued at $776,057.76. The trade was a 19.35% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired 9,800 shares of company stock worth $554,012 in the last ninety days. 0.34% of the stock is currently owned by insiders.

Analysts Set New Price Targets

BSX has been the topic of a number of recent research reports. Jefferies Financial Group dropped their price objective on Boston Scientific from $100.00 to $67.00 and set a “buy” rating on the stock in a report on Wednesday, June 24th. Mizuho reduced their target price on Boston Scientific from $90.00 to $70.00 and set an “outperform” rating for the company in a report on Wednesday, July 15th. Wells Fargo & Company reiterated an “equal weight” rating and set a $55.00 price target (down from $75.00) on shares of Boston Scientific in a research report on Thursday, May 28th. Canaccord Genuity Group lowered their price target on shares of Boston Scientific from $71.00 to $70.00 and set a “buy” rating on the stock in a report on Monday, June 1st. Finally, BTIG Research restated a “buy” rating and issued a $65.00 price objective on shares of Boston Scientific in a research report on Tuesday, June 16th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Boston Scientific has a consensus rating of “Moderate Buy” and an average target price of $79.84.

About Boston Scientific

Boston Scientific Corporation (NYSE: BSX) is a global medical device company that develops, manufactures and markets a broad portfolio of products used in less-invasive medical procedures. Founded in 1979 by John Abele and Peter Nicholas, the company is headquartered in Marlborough, Massachusetts, and focuses on technologies that enable physicians to treat a wide range of cardiovascular, digestive, urologic, pulmonary and chronic pain conditions without open surgery.

Boston Scientific’s activities span product development, clinical research, regulatory affairs and commercial sales.