Boston Scientific (NYSE:BSX) Releases Q3 Earnings Guidance

Boston Scientific (NYSE:BSX) updated its third quarter earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $0.57 to $0.59 for the period, compared to the consensus estimate of $0.57. The company issued revenue guidance of +13 to +15% yr/yr or $3.986 billion to $4.056 billion, compared to the consensus revenue estimate of $3.96 billion. Boston Scientific also updated its FY 2024 guidance to 2.380-2.420 EPS.

Analysts Set New Price Targets

A number of research analysts have weighed in on BSX shares. Robert W. Baird raised their price target on Boston Scientific from $90.00 to $91.00 and gave the company an outperform rating in a research note on Thursday. Canaccord Genuity Group raised their price target on Boston Scientific from $83.00 to $88.00 and gave the company a buy rating in a research note on Thursday. The Goldman Sachs Group started coverage on Boston Scientific in a research note on Thursday, May 30th. They issued a buy rating and a $90.00 price target for the company. Truist Financial raised their price target on Boston Scientific from $86.00 to $90.00 and gave the company a buy rating in a research note on Tuesday, July 16th. Finally, Royal Bank of Canada restated an outperform rating and issued a $85.00 price target on shares of Boston Scientific in a research note on Thursday. Two investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $84.76.

Boston Scientific Stock Performance

NYSE:BSX traded down $2.75 during mid-day trading on Thursday, hitting $75.01. 5,795,621 shares of the stock were exchanged, compared to its average volume of 6,249,545. The stock has a market capitalization of $110.05 billion, a price-to-earnings ratio of 63.87, a price-to-earnings-growth ratio of 2.70 and a beta of 0.78. The firm’s 50-day simple moving average is $76.49 and its 200 day simple moving average is $70.18. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.14 and a current ratio of 1.66. Boston Scientific has a fifty-two week low of $48.35 and a fifty-two week high of $79.43.

Boston Scientific (NYSE:BSX) last released its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.04. The business had revenue of $4.12 billion during the quarter, compared to analysts’ expectations of $4.02 billion. Boston Scientific had a return on equity of 16.39% and a net margin of 12.06%. The firm’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period last year, the firm posted $0.53 EPS. As a group, equities analysts anticipate that Boston Scientific will post 2.32 EPS for the current fiscal year.

Insider Buying and Selling at Boston Scientific

In other Boston Scientific news, Director Edward J. Ludwig sold 9,818 shares of Boston Scientific stock in a transaction on Friday, April 26th. The stock was sold at an average price of $73.29, for a total value of $719,561.22. Following the completion of the transaction, the director now directly owns 41,374 shares of the company’s stock, valued at approximately $3,032,300.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Boston Scientific news, Director Edward J. Ludwig sold 9,818 shares of Boston Scientific stock in a transaction on Friday, April 26th. The stock was sold at an average price of $73.29, for a total value of $719,561.22. Following the completion of the transaction, the director now directly owns 41,374 shares of the company’s stock, valued at approximately $3,032,300.46. 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 Boston Scientific stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $72.70, for a total value 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 in the last three months. Corporate insiders own 0.50% of the company’s stock.

About Boston Scientific

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.