Bank of Nova Scotia Increases Holdings in Boston Scientific Corporation $BSX

Bank of Nova Scotia raised its holdings in shares of Boston Scientific Corporation (NYSE:BSX) by 15.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,303,011 shares of the medical equipment provider’s stock after acquiring an additional 308,930 shares during the quarter. Bank of Nova Scotia owned approximately 0.15% of Boston Scientific worth $144,515,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. raised its stake in Boston Scientific by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 139,685,997 shares of the medical equipment provider’s stock worth $13,319,060,000 after acquiring an additional 1,436,550 shares in the last quarter. State Street Corp grew its holdings in shares of Boston Scientific by 1.4% during the fourth quarter. State Street Corp now owns 65,846,059 shares of the medical equipment provider’s stock worth $6,278,422,000 after purchasing an additional 920,495 shares during the last quarter. Capital World Investors grew its holdings in shares of Boston Scientific by 1.9% during the fourth quarter. Capital World Investors now owns 27,151,575 shares of the medical equipment provider’s stock worth $2,588,953,000 after purchasing an additional 502,627 shares during the last quarter. Norges Bank acquired a new stake in shares of Boston Scientific during the fourth quarter worth about $2,199,395,000. Finally, Morgan Stanley increased its position in shares of Boston Scientific by 10.8% during the fourth quarter. Morgan Stanley now owns 22,960,556 shares of the medical equipment provider’s stock worth $2,189,289,000 after purchasing an additional 2,246,308 shares in the last quarter. Institutional investors and hedge funds own 89.07% of the company’s stock.

Boston Scientific Stock Performance

Shares of BSX opened at $43.67 on Friday. The stock has a market capitalization of $64.90 billion, a P/E ratio of 18.27, a P/E/G ratio of 0.82 and a beta of 0.58. 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 1 year low of $42.20 and a 1 year high of $109.50. The company’s fifty day moving average is $47.37 and its two-hundred day moving average is $64.20.

Boston Scientific (NYSE:BSX) last released its earnings results on Wednesday, April 22nd. The medical equipment provider reported $0.80 EPS for the quarter, topping the consensus estimate of $0.79 by $0.01. Boston Scientific had a net margin of 17.29% and a return on equity of 19.17%. The company had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.19 billion. During the same quarter last year, the business earned $0.75 EPS. The business’s revenue was up 11.6% on a year-over-year basis. On average, sell-side analysts predict that Boston Scientific Corporation will post 3.35 earnings per share for the current year.

Boston Scientific declared that its Board of Directors has initiated a share buyback 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 reacquire up to 6.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have commented on BSX shares. Wall Street Zen lowered Boston Scientific from a “buy” rating to a “hold” rating in a research report on Saturday, March 28th. Jefferies Financial Group reduced their price target on shares of Boston Scientific from $100.00 to $67.00 and set a “buy” rating for the company in a research report on Wednesday, June 24th. Oppenheimer set a $90.00 price target on shares of Boston Scientific in a research note on Thursday, April 23rd. Truist Financial lowered their price objective on shares of Boston Scientific from $64.00 to $62.00 and set a “buy” rating on the stock in a research report on Thursday, July 16th. Finally, Weiss Ratings cut shares of Boston Scientific from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $79.84.

Insider Activity at Boston Scientific

In other Boston Scientific news, Director Cheryl Pegus acquired 1,770 shares of the stock in a transaction on Wednesday, May 20th. The shares were bought at an average price of $56.49 per share, with a total value of $99,987.30. Following 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Edward J. Ludwig bought 3,580 shares of the business’s stock in a transaction dated Wednesday, May 20th. The shares were acquired at an average cost 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 in the company, valued at approximately $1,437,348.12. This represents a 16.44% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought a total of 9,800 shares of company stock worth $554,012 over the last 90 days. Company insiders own 0.34% of the company’s stock.

Boston Scientific Company 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.