Boston Scientific (NYSE:BSX) Upgraded to Buy by StockNews.com

Boston Scientific (NYSE:BSX) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday.

BSX has been the subject of several other research reports. The Goldman Sachs Group assumed coverage on shares of Boston Scientific in a research note on Thursday, May 30th. They issued a “buy” rating and a $90.00 price target for the company. Royal Bank of Canada raised their price objective on Boston Scientific from $78.00 to $82.00 and gave the stock an “outperform” rating in a report on Thursday, April 25th. JPMorgan Chase & Co. boosted their target price on Boston Scientific from $72.00 to $82.00 and gave the company an “overweight” rating in a report on Thursday, April 25th. Needham & Company LLC reaffirmed a “buy” rating and set a $82.00 price target on shares of Boston Scientific in a research report on Tuesday, June 18th. Finally, Truist Financial upped their price objective on Boston Scientific from $86.00 to $90.00 and gave the company a “buy” rating in a research note on Tuesday, July 16th. Two equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $84.76.

Boston Scientific Stock Down 4.5 %

Boston Scientific stock opened at $74.26 on Wednesday. The business has a 50 day simple moving average of $76.48 and a 200-day simple moving average of $70.20. Boston Scientific has a 12 month low of $48.35 and a 12 month high of $79.43. The stock has a market capitalization of $108.95 billion, a PE ratio of 62.40, a price-to-earnings-growth ratio of 2.70 and a beta of 0.78. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.66 and a quick ratio of 1.14.

Boston Scientific (NYSE:BSX) last released its earnings results on Wednesday, July 24th. The medical equipment provider reported $0.62 EPS for the quarter, topping analysts’ consensus estimates 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 net margin of 12.06% and a return on equity of 16.39%. The company’s quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.53 earnings per share. On average, analysts anticipate that Boston Scientific will post 2.32 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP John Bradley Sorenson sold 17,587 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $71.50, for a total transaction of $1,257,470.50. Following the transaction, the executive vice president now owns 50,638 shares of the company’s stock, valued at $3,620,617. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Wendy Carruthers sold 6,983 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $77.30, for a total transaction of $539,785.90. Following the completion of the sale, the executive vice president now directly owns 42,908 shares in the company, valued at approximately $3,316,788.40. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP John Bradley Sorenson sold 17,587 shares of the business’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $71.50, for a total value of $1,257,470.50. Following the sale, the executive vice president now directly owns 50,638 shares of the company’s stock, valued at approximately $3,620,617. The disclosure for this sale can be found here. In the last quarter, insiders sold 62,441 shares of company stock worth $4,624,453. 0.50% of the stock is owned by corporate insiders.

Institutional Trading of Boston Scientific

A number of institutional investors have recently modified their holdings of the company. CVA Family Office LLC raised its holdings in shares of Boston Scientific by 7.4% during the 2nd quarter. CVA Family Office LLC now owns 1,909 shares of the medical equipment provider’s stock valued at $147,000 after buying an additional 131 shares during the period. ST Germain D J Co. Inc. raised its stake in shares of Boston Scientific by 8.0% during the second quarter. ST Germain D J Co. Inc. now owns 1,923 shares of the medical equipment provider’s stock valued at $148,000 after purchasing an additional 143 shares during the period. Pinnacle Associates Ltd. increased its position in shares of Boston Scientific by 2.0% during the first quarter. Pinnacle Associates Ltd. now owns 7,478 shares of the medical equipment provider’s stock worth $512,000 after acquiring an additional 148 shares during the last quarter. Transcend Capital Advisors LLC lifted its stake in shares of Boston Scientific by 2.2% in the second quarter. Transcend Capital Advisors LLC now owns 6,773 shares of the medical equipment provider’s stock worth $522,000 after acquiring an additional 148 shares in the last quarter. Finally, KCM Investment Advisors LLC boosted its holdings in Boston Scientific by 1.7% in the first quarter. KCM Investment Advisors LLC now owns 9,225 shares of the medical equipment provider’s stock valued at $632,000 after purchasing an additional 150 shares during the last quarter. Hedge funds and other 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.