Redmont Wealth Advisors LLC Takes Position in Boston Scientific Co. (NYSE:BSX)

Redmont Wealth Advisors LLC acquired a new stake in Boston Scientific Co. (NYSE:BSX) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 878 shares of the medical equipment provider’s stock, valued at approximately $60,000.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Bruce G. Allen Investments LLC acquired a new position in Boston Scientific in the 4th quarter worth about $28,000. Northwest Investment Counselors LLC purchased a new stake in Boston Scientific during the 1st quarter worth approximately $31,000. Sachetta LLC purchased a new stake in Boston Scientific during the 4th quarter worth approximately $32,000. Frazier Financial Advisors LLC purchased a new stake in Boston Scientific during the 4th quarter worth approximately $32,000. Finally, Jones Financial Companies Lllp increased its stake in Boston Scientific by 53.0% during the 4th quarter. Jones Financial Companies Lllp now owns 557 shares of the medical equipment provider’s stock worth $32,000 after buying an additional 193 shares in the last quarter. Institutional investors and hedge funds own 89.07% of the company’s stock.

Insider Buying and Selling

In related news, EVP Wendy Carruthers sold 6,983 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $77.30, for a total value of $539,785.90. Following the completion of the sale, the executive vice president now owns 42,908 shares in the company, valued at $3,316,788.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, EVP John Bradley Sorenson sold 17,587 shares of Boston Scientific 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 completion of the sale, the executive vice president now directly owns 50,638 shares in the company, valued at approximately $3,620,617. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Wendy Carruthers sold 6,983 shares of Boston Scientific stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $77.30, for a total transaction of $539,785.90. Following the sale, the executive vice president now owns 42,908 shares of the company’s stock, valued at $3,316,788.40. The disclosure for this sale can be found here. Insiders have sold a total of 72,259 shares of company stock valued at $5,344,014 over the last quarter. 0.50% of the stock is currently owned by insiders.

Boston Scientific Stock Performance

Shares of BSX stock traded down $0.44 during mid-day trading on Wednesday, hitting $76.11. 2,144,371 shares of the stock were exchanged, compared to its average volume of 6,242,145. The stock’s fifty day simple moving average is $75.16 and its two-hundred day simple moving average is $67.96. The stock has a market capitalization of $111.66 billion, a price-to-earnings ratio of 63.96, a P/E/G ratio of 2.65 and a beta of 0.78. Boston Scientific Co. has a 12-month low of $48.35 and a 12-month high of $77.99. 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 (NYSE:BSX) last released its quarterly earnings results on Wednesday, April 24th. The medical equipment provider reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.05. Boston Scientific had a return on equity of 16.39% and a net margin of 12.06%. The firm had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.68 billion. On average, analysts forecast that Boston Scientific Co. will post 2.32 EPS for the current year.

Wall Street Analysts Forecast Growth

BSX has been the subject of a number of analyst reports. UBS Group upped their price target on Boston Scientific from $74.00 to $90.00 and gave the company a “buy” rating in a research report on Thursday, April 25th. Evercore ISI upped their price target on Boston Scientific from $78.00 to $81.00 and gave the company an “outperform” rating in a research report on Tuesday. Citigroup upped their price target on Boston Scientific from $85.00 to $87.00 and gave the company a “buy” rating in a research report on Wednesday, May 22nd. JPMorgan Chase & Co. upped their price target on Boston Scientific from $72.00 to $82.00 and gave the company an “overweight” rating in a research report on Thursday, April 25th. Finally, TD Cowen upped their price target on Boston Scientific from $65.00 to $77.00 and gave the company an “outperform” rating in a research report on Thursday, March 7th. Three research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Boston Scientific presently has an average rating of “Moderate Buy” and an average target price of $77.41.

Boston Scientific 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.