Boston Scientific (NYSE:BSX) Given New $85.00 Price Target at Oppenheimer

Boston Scientific (NYSE:BSX) had its price objective trimmed by Oppenheimer from $90.00 to $85.00 in a report published on Monday morning, MarketBeat Ratings reports. The brokerage currently has an outperform rating on the medical equipment provider’s stock.

Several other equities analysts also recently weighed in on BSX. Wolfe Research downgraded Boston Scientific from an “outperform” rating to a “peer perform” rating in a research note on Friday, May 29th. Piper Sandler reissued an “overweight” rating and issued a $65.00 target price on shares of Boston Scientific in a report on Friday, June 12th. Stifel Nicolaus cut their price target on Boston Scientific from $75.00 to $65.00 and set a “buy” rating for the company in a research note on Thursday, June 25th. Raymond James Financial reiterated an “outperform” rating and issued a $88.00 price objective (down from $97.00) on shares of Boston Scientific in a research report on Monday, March 30th. Finally, Jefferies Financial Group cut their target price 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. One 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 given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $79.64.

Boston Scientific Trading Up 3.0%

Shares of BSX opened at $45.56 on Monday. Boston Scientific has a twelve month low of $42.20 and a twelve month high of $109.50. 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 capitalization of $67.72 billion, a P/E ratio of 19.06, a PEG ratio of 0.85 and a beta of 0.58. The firm’s 50-day moving average is $47.00 and its two-hundred day moving average is $63.47.

Boston Scientific announced that its Board of Directors has approved a share repurchase program on Monday, May 18th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the medical equipment provider to purchase up to 6.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other news, Director David C. Habiger bought 2,250 shares of the stock in a transaction on Wednesday, May 20th. The stock was purchased at an average cost of $55.92 per share, with a total value of $125,820.00. Following the purchase, the director owned 13,878 shares of the company’s stock, valued at approximately $776,057.76. The trade was a 19.35% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Cheryl Pegus purchased 1,770 shares of Boston Scientific stock in a transaction on Wednesday, May 20th. The shares were acquired at an average cost of $56.49 per share, for a total transaction of $99,987.30. Following the purchase, the director owned 1,770 shares in the company, valued at approximately $99,987.30. This trade represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought a total of 9,800 shares of company stock valued at $554,012 over the last 90 days. Insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On Boston Scientific

Several institutional investors have recently added to or reduced their stakes in the business. FWL Investment Management LLC acquired a new position in shares of Boston Scientific during the 2nd quarter valued at about $26,000. Swiss RE Ltd. purchased a new stake in Boston Scientific in the fourth quarter valued at approximately $26,000. Garton & Associates Financial Advisors LLC acquired a new position in Boston Scientific during the fourth quarter worth approximately $26,000. Bangor Savings Bank raised its stake in Boston Scientific by 94.7% during the fourth quarter. Bangor Savings Bank now owns 292 shares of the medical equipment provider’s stock worth $28,000 after purchasing an additional 142 shares during the period. Finally, Clal Insurance Enterprises Holdings Ltd purchased a new position in Boston Scientific during the first quarter worth approximately $28,000. 89.07% of the stock is currently owned by institutional investors and hedge funds.

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.