Arrowstreet Capital Limited Partnership Has $871.70 Million Holdings in Boston Scientific Corporation $BSX

Arrowstreet Capital Limited Partnership lifted its stake in shares of Boston Scientific Corporation (NYSE:BSX) by 25.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 13,891,668 shares of the medical equipment provider’s stock after acquiring an additional 2,856,040 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.93% of Boston Scientific worth $871,702,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. Norges Bank bought a new stake in Boston Scientific during the fourth quarter worth approximately $2,199,395,000. Assenagon Asset Management S.A. raised its position in shares of Boston Scientific by 133.6% in the first quarter. Assenagon Asset Management S.A. now owns 10,057,936 shares of the medical equipment provider’s stock valued at $631,135,000 after purchasing an additional 5,751,760 shares during the period. Maverick Capital Ltd. bought a new position in shares of Boston Scientific in the fourth quarter valued at approximately $280,735,000. Farallon Capital Management LLC lifted its stake in shares of Boston Scientific by 56.7% in the fourth quarter. Farallon Capital Management LLC now owns 7,439,564 shares of the medical equipment provider’s stock worth $709,362,000 after buying an additional 2,693,007 shares during the last quarter. Finally, Alphinity Investment Management Pty Ltd acquired a new stake in shares of Boston Scientific in the fourth quarter worth $252,918,000. Institutional investors and hedge funds own 89.07% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on BSX. Royal Bank Of Canada lowered their target price on shares of Boston Scientific from $100.00 to $85.00 and set an “outperform” rating on the stock in a research note on Monday, July 13th. Citigroup cut their target price on shares of Boston Scientific from $87.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, May 28th. Oppenheimer set a $90.00 price objective on Boston Scientific in a research note on Thursday, April 23rd. Wells Fargo & Company reissued an “equal weight” rating and set a $55.00 price objective (down from $75.00) on shares of Boston Scientific in a research report on Thursday, May 28th. Finally, Truist Financial lowered their target price on Boston Scientific from $64.00 to $62.00 and set a “buy” rating on the stock in a report on Thursday, July 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 company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $79.84.

Insider Activity

In other news, Director Cheryl Pegus bought 1,770 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The stock was acquired at an average cost of $56.49 per share, for a total transaction of $99,987.30. Following the completion of the purchase, the director owned 1,770 shares of the company’s stock, valued at $99,987.30. This trade represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Edward J. Ludwig bought 3,580 shares of Boston Scientific stock in a transaction that occurred on Wednesday, May 20th. The stock was purchased at an average cost of $56.68 per share, with a total value of $202,914.40. Following the completion of the transaction, the director owned 25,359 shares of the company’s stock, valued at $1,437,348.12. This trade represents a 16.44% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders have bought 9,800 shares of company stock worth $554,012. Company insiders own 0.34% of the company’s stock.

Boston Scientific Stock Performance

NYSE:BSX opened at $43.67 on Friday. The firm’s 50-day moving average is $47.37 and its 200-day moving average is $64.20. Boston Scientific Corporation has a 52-week low of $42.20 and a 52-week high of $109.50. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.22 and a current ratio of 1.90. The company has a market cap of $64.90 billion, a price-to-earnings ratio of 18.27, a PEG ratio of 0.82 and a beta of 0.58.

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

Boston Scientific announced that its Board of Directors has authorized a stock repurchase plan on Monday, May 18th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the medical equipment provider to repurchase up to 6.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Boston Scientific Profile

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.