Wall Street Zen Upgrades Boston Scientific (NYSE:BSX) to Buy

Boston Scientific (NYSE:BSX) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Saturday.

Other equities analysts have also recently issued research reports about the company. Wolfe Research cut Boston Scientific from an “outperform” rating to a “peer perform” rating in a report on Friday, May 29th. Raymond James Financial reaffirmed an “outperform” rating and set a $88.00 target price (down from $97.00) on shares of Boston Scientific in a research note on Monday, March 30th. Daiwa Securities Group lowered shares of Boston Scientific from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 29th. Piper Sandler reiterated an “overweight” rating and issued a $65.00 target price on shares of Boston Scientific in a research report on Friday, June 12th. Finally, Canaccord Genuity Group reduced their price target on shares of Boston Scientific from $71.00 to $70.00 and set a “buy” rating for the company in a research report on Monday, June 1st. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $79.84.

Boston Scientific Trading Up 1.6%

Boston Scientific stock opened at $44.26 on Friday. The company has a current ratio of 1.90, a quick ratio of 1.22 and a debt-to-equity ratio of 0.42. The firm has a market cap of $65.78 billion, a PE ratio of 18.52, a P/E/G ratio of 0.84 and a beta of 0.58. The stock’s 50 day simple moving average is $47.21 and its two-hundred day simple moving average is $64.06. Boston Scientific has a 12 month low of $42.20 and a 12 month high of $109.50.

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

Boston Scientific announced that its board has initiated a share repurchase plan on Monday, May 18th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the medical equipment provider to purchase up to 6.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Edward J. Ludwig acquired 3,580 shares of the stock in a transaction on Wednesday, May 20th. The shares were bought at an average price of $56.68 per share, with a total value of $202,914.40. Following the completion of the purchase, the director owned 25,359 shares of the company’s stock, valued at approximately $1,437,348.12. This represents a 16.44% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David C. Habiger purchased 2,250 shares of Boston Scientific stock in a transaction dated Wednesday, May 20th. The shares were bought at an average price of $55.92 per share, for a total transaction of $125,820.00. Following the acquisition, the director owned 13,878 shares in the company, valued at approximately $776,057.76. This trade represents a 19.35% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have purchased 9,800 shares of company stock worth $554,012. 0.34% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Boston Scientific

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of Boston Scientific during the 4th quarter worth $2,199,395,000. Assenagon Asset Management S.A. boosted its stake in Boston Scientific by 133.6% during the first quarter. Assenagon Asset Management S.A. now owns 10,057,936 shares of the medical equipment provider’s stock worth $631,135,000 after buying an additional 5,751,760 shares during the period. Janus Henderson Group PLC increased its position in shares of Boston Scientific by 31.0% during the first quarter. Janus Henderson Group PLC now owns 16,497,366 shares of the medical equipment provider’s stock valued at $1,035,202,000 after acquiring an additional 3,907,981 shares during the last quarter. Maverick Capital Ltd. acquired a new position in shares of Boston Scientific in the 4th quarter worth approximately $280,735,000. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of Boston Scientific by 25.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 13,891,668 shares of the medical equipment provider’s stock worth $871,702,000 after purchasing an additional 2,856,040 shares during the period. Institutional investors and hedge funds own 89.07% of the company’s stock.

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.