Park Place Capital Corp Trims Stake in Boston Scientific Co. (NYSE:BSX)

Park Place Capital Corp reduced its position in shares of Boston Scientific Co. (NYSE:BSX) by 29.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 762 shares of the medical equipment provider’s stock after selling 316 shares during the period. Park Place Capital Corp’s holdings in Boston Scientific were worth $59,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System purchased a new position in Boston Scientific in the fourth quarter worth $5,116,000. Sierra Summit Advisors LLC purchased a new stake in Boston Scientific during the fourth quarter valued at about $8,038,000. TD Asset Management Inc boosted its position in Boston Scientific by 10.7% during the fourth quarter. TD Asset Management Inc now owns 1,615,932 shares of the medical equipment provider’s stock valued at $93,417,000 after buying an additional 155,565 shares during the period. HealthInvest Partners AB purchased a new stake in Boston Scientific during the fourth quarter valued at about $3,746,000. Finally, BI Asset Management Fondsmaeglerselskab A S boosted its position in Boston Scientific by 225.6% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 105,671 shares of the medical equipment provider’s stock valued at $7,237,000 after buying an additional 73,219 shares during the period. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Boston Scientific

In other Boston Scientific news, EVP Wendy Carruthers sold 6,983 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $77.30, for a total value of $539,785.90. Following the sale, the executive vice president now owns 42,908 shares in the company, valued at approximately $3,316,788.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Boston Scientific news, EVP Wendy Carruthers sold 6,983 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $77.30, for a total value of $539,785.90. Following the sale, the executive vice president now owns 42,908 shares in the company, valued at approximately $3,316,788.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Arthur C. Butcher sold 14,011 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was 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 in the company, valued at approximately $1,521,641.98. The disclosure for this sale can be found here. In the last quarter, insiders have sold 51,837 shares of company stock worth $3,884,563. 0.50% of the stock is owned by corporate insiders.

Boston Scientific Stock Performance

Shares of BSX stock traded down $0.66 during mid-day trading on Friday, reaching $74.50. 5,500,518 shares of the company’s stock traded hands, compared to its average volume of 6,960,298. Boston Scientific Co. has a 12 month low of $48.35 and a 12 month high of $79.43. The firm has a 50 day moving average price of $76.42 and a two-hundred day moving average price of $70.98. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.14 and a current ratio of 1.66. The firm has a market capitalization of $109.30 billion, a PE ratio of 62.61, a price-to-earnings-growth ratio of 2.49 and a beta of 0.78.

Boston Scientific (NYSE:BSX) last issued its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.04. Boston Scientific had a net margin of 12.00% and a return on equity of 16.80%. The firm had revenue of $4.12 billion during the quarter, compared to the consensus estimate of $4.02 billion. During the same quarter in the previous year, the firm posted $0.53 EPS. The company’s revenue for the quarter was up 14.5% compared to the same quarter last year. On average, research analysts forecast that Boston Scientific Co. will post 2.4 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently commented on BSX. Wells Fargo & Company upped their price objective on shares of Boston Scientific from $72.00 to $82.00 and gave the company an “overweight” rating in a research note on Thursday, April 25th. Truist Financial upped their price objective on shares of Boston Scientific from $86.00 to $90.00 and gave the company a “buy” rating in a research note on Tuesday, July 16th. Argus upped their price objective on shares of Boston Scientific from $80.00 to $95.00 and gave the company a “buy” rating in a research note on Tuesday, May 28th. Royal Bank of Canada reissued an “outperform” rating and issued a $85.00 price target on shares of Boston Scientific in a research note on Thursday, July 25th. Finally, TD Cowen increased their price target on shares of Boston Scientific from $77.00 to $86.00 and gave the stock a “buy” rating in a research note on Tuesday, July 16th. Two 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, Boston Scientific has an average rating of “Moderate Buy” and an average target price of $84.76.

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.