Boston Scientific (NYSE:BSX) Downgraded by StockNews.com to Hold

Boston Scientific (NYSE:BSX) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a report released on Tuesday.

Several other analysts have also recently issued reports on BSX. Barclays raised their target price on Boston Scientific from $70.00 to $78.00 and gave the stock an “overweight” rating in a research note on Friday, April 26th. Royal Bank of Canada raised their price objective on shares of Boston Scientific from $78.00 to $82.00 and gave the stock an “outperform” rating in a report on Thursday, April 25th. Needham & Company LLC restated a “buy” rating and issued a $82.00 price objective on shares of Boston Scientific in a report on Tuesday, June 18th. TD Cowen raised their price objective on shares of Boston Scientific from $65.00 to $77.00 and gave the stock an “outperform” rating in a report on Thursday, March 7th. Finally, Raymond James raised their price objective on shares of Boston Scientific from $73.00 to $85.00 and gave the stock a “strong-buy” rating in a report on Thursday, April 25th. Three research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $77.41.

Boston Scientific Stock Down 0.6 %

NYSE BSX opened at $76.11 on Tuesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.66 and a quick ratio of 1.14. The stock has a market capitalization of $111.66 billion, a PE ratio of 63.96, a PEG ratio of 2.65 and a beta of 0.78. Boston Scientific has a 1 year low of $48.35 and a 1 year high of $77.99. The business’s 50-day moving average is $75.16 and its 200 day moving average is $67.96.

Boston Scientific (NYSE:BSX) last posted its earnings results on Wednesday, April 24th. The medical equipment provider reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.05. The company had revenue of $3.86 billion for the quarter, compared to analysts’ expectations of $3.68 billion. Boston Scientific had a return on equity of 16.39% and a net margin of 12.06%. Sell-side analysts forecast that Boston Scientific will post 2.32 earnings per share for the current year.

Insider Activity at Boston Scientific

In related news, EVP Arthur C. Butcher sold 14,011 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $75.34, for a total transaction of $1,055,588.74. Following the completion of the sale, the executive vice president now owns 20,197 shares of the company’s stock, valued at $1,521,641.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Arthur C. Butcher sold 14,011 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $75.34, for a total transaction of $1,055,588.74. Following the completion of the sale, the executive vice president now owns 20,197 shares of the company’s stock, valued at $1,521,641.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles J. Dockendorff sold 3,946 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $72.70, for a total transaction of $286,874.20. The disclosure for this sale can be found here. Insiders sold 72,259 shares of company stock valued at $5,344,014 over the last 90 days. Corporate insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Boston Scientific

A number of large investors have recently added to or reduced their stakes in BSX. AQR Capital Management LLC grew its position in Boston Scientific by 14.6% in the 3rd quarter. AQR Capital Management LLC now owns 537,152 shares of the medical equipment provider’s stock worth $28,362,000 after purchasing an additional 68,478 shares during the period. Truist Financial Corp grew its position in Boston Scientific by 23.0% in the 3rd quarter. Truist Financial Corp now owns 263,479 shares of the medical equipment provider’s stock worth $13,912,000 after purchasing an additional 49,323 shares during the period. Glenmede Trust Co. NA grew its position in Boston Scientific by 12.1% in the 3rd quarter. Glenmede Trust Co. NA now owns 10,442 shares of the medical equipment provider’s stock worth $551,000 after purchasing an additional 1,123 shares during the period. Axxcess Wealth Management LLC bought a new stake in Boston Scientific in the 3rd quarter worth approximately $201,000. Finally, Lido Advisors LLC grew its position in Boston Scientific by 38.2% in the 3rd quarter. Lido Advisors LLC now owns 13,266 shares of the medical equipment provider’s stock worth $700,000 after purchasing an additional 3,669 shares during the period. Institutional investors own 89.07% of the company’s stock.

Boston Scientific Company Profile

Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. It operates through two segments, MedSurg and Cardiovascular. The company offers devices to diagnose and treat gastrointestinal and pulmonary conditions, such as resolution clips, biliary stent systems, stents and electrocautery enhanced delivery systems, direct visualization systems, digital catheters, and single-use duodenoscopes; devices to treat urological conditions, including ureteral stents, catheters, baskets, guidewires, sheaths, balloons, single-use digital flexible ureteroscopes, holmium laser systems, artificial urinary sphincter, laser system, fiber, and hydrogel systems; and devices to treat neurological movement disorders and manage chronic pain, such as spinal cord stimulator system, proprietary programming software, radiofrequency generator, indirect decompression systems, practice optimization tools, and deep brain stimulation system.