Capital Group Investment Management PTE. LTD. Buys New Shares in Boston Scientific Co. (NYSE:BSX)

Capital Group Investment Management PTE. LTD. purchased a new stake in shares of Boston Scientific Co. (NYSE:BSX) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 12,700 shares of the medical equipment provider’s stock, valued at approximately $870,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Eagle Bay Advisors LLC lifted its holdings in shares of Boston Scientific by 542.1% during the 1st quarter. Eagle Bay Advisors LLC now owns 366 shares of the medical equipment provider’s stock worth $25,000 after acquiring an additional 309 shares during the period. First Foundation Advisors acquired a new position in Boston Scientific in the first quarter worth about $25,000. RiverPark Advisors LLC bought a new position in Boston Scientific during the first quarter worth about $30,000. Northwest Investment Counselors LLC acquired a new stake in Boston Scientific during the first quarter valued at approximately $31,000. Finally, Sachetta LLC acquired a new stake in Boston Scientific during the fourth quarter valued at approximately $32,000. 89.07% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, EVP John Bradley Sorenson sold 17,587 shares of the business’s stock in a transaction on 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Charles J. Dockendorff sold 3,946 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $72.70, for a total value of $286,874.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP John Bradley Sorenson sold 17,587 shares of the company’s stock in a transaction dated Wednesday, May 1st. The stock was 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 owns 50,638 shares in the company, valued at approximately $3,620,617. The disclosure for this sale can be found here. In the last three months, insiders have sold 62,441 shares of company stock worth $4,624,453. Company insiders own 0.50% of the company’s stock.

Analysts Set New Price Targets

BSX has been the subject of several recent analyst reports. Mizuho increased their price objective on Boston Scientific from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, May 15th. Royal Bank of Canada reiterated an “outperform” rating and set a $85.00 target price on shares of Boston Scientific in a research report on Thursday. Truist Financial boosted their price target on shares of Boston Scientific from $86.00 to $90.00 and gave the company a “buy” rating in a research report on Tuesday, July 16th. Robert W. Baird raised their price objective on shares of Boston Scientific from $90.00 to $91.00 and gave the stock an “outperform” rating in a report on Thursday. Finally, StockNews.com raised Boston Scientific from a “hold” rating to a “buy” rating in a report on Wednesday. Two 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 stock. According to data from MarketBeat, Boston Scientific has a consensus rating of “Moderate Buy” and a consensus target price of $84.76.

Boston Scientific Trading Up 0.9 %

Boston Scientific stock traded up $0.69 during mid-day trading on Friday, hitting $74.95. 7,973,286 shares of the company’s stock were exchanged, compared to its average volume of 6,295,007. The company’s 50 day simple moving average is $76.48 and its 200-day simple moving average is $70.20. The company has a quick ratio of 1.14, a current ratio of 1.66 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $109.96 billion, a P/E ratio of 62.40, a PEG ratio of 2.64 and a beta of 0.78. Boston Scientific Co. 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 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.04. Boston Scientific had a return on equity of 16.80% and a net margin of 12.00%. The company had revenue of $4.12 billion for the quarter, compared to analyst estimates of $4.02 billion. During the same quarter last year, the firm posted $0.53 earnings per share. Boston Scientific’s revenue was up 14.5% compared to the same quarter last year. On average, equities analysts anticipate that Boston Scientific Co. will post 2.35 earnings per share for the current year.

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.