Gabelli Funds LLC Sells 20,800 Shares of Boston Scientific Co. (NYSE:BSX)

Gabelli Funds LLC lowered its stake in Boston Scientific Co. (NYSE:BSX) by 18.0% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 94,700 shares of the medical equipment provider’s stock after selling 20,800 shares during the quarter. Gabelli Funds LLC’s holdings in Boston Scientific were worth $6,486,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of BSX. Pinnacle Associates Ltd. increased its stake in Boston Scientific by 2.0% during the 1st quarter. Pinnacle Associates Ltd. now owns 7,478 shares of the medical equipment provider’s stock valued at $512,000 after purchasing an additional 148 shares in the last quarter. KCM Investment Advisors LLC lifted its holdings in Boston Scientific by 1.7% during 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. Hazlett Burt & Watson Inc. lifted its holdings in Boston Scientific by 24.0% during the first quarter. Hazlett Burt & Watson Inc. now owns 826 shares of the medical equipment provider’s stock valued at $57,000 after purchasing an additional 160 shares during the last quarter. BSW Wealth Partners lifted its holdings in Boston Scientific by 2.3% during the fourth quarter. BSW Wealth Partners now owns 7,398 shares of the medical equipment provider’s stock valued at $428,000 after purchasing an additional 165 shares during the last quarter. Finally, Allstate Corp increased its position in shares of Boston Scientific by 2.9% during the fourth quarter. Allstate Corp now owns 5,938 shares of the medical equipment provider’s stock valued at $343,000 after buying an additional 165 shares during the period. Institutional investors own 89.07% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Canaccord Genuity Group upped their price target on Boston Scientific from $83.00 to $88.00 and gave the company a “buy” rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft upped their target price on Boston Scientific from $73.00 to $78.00 and gave the stock a “hold” rating in a research note on Thursday. Robert W. Baird boosted their price target on Boston Scientific from $90.00 to $91.00 and gave the company an “outperform” rating in a report on Thursday. JPMorgan Chase & Co. raised their target price on shares of Boston Scientific from $82.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $85.00 target price on shares of Boston Scientific in a research report on Thursday. Two investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $84.76.

Insider Activity at Boston Scientific

In related news, EVP Wendy Carruthers sold 6,983 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $75.33, for a total transaction of $526,029.39. Following the completion of the sale, the executive vice president now directly owns 45,628 shares of the company’s stock, valued at approximately $3,437,157.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Wendy Carruthers sold 6,983 shares of the stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $75.33, for a total value of $526,029.39. Following the transaction, the executive vice president now owns 45,628 shares of the company’s stock, valued at $3,437,157.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Charles J. Dockendorff sold 3,946 shares of Boston Scientific stock in a transaction dated 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. In the last 90 days, insiders have sold 62,441 shares of company stock worth $4,624,453. Company insiders own 0.50% of the company’s stock.

Boston Scientific Price Performance

Shares of NYSE BSX traded up $0.66 during midday trading on Friday, reaching $74.92. The stock had a trading volume of 7,973,424 shares, compared to its average volume of 5,863,226. The stock has a 50-day moving average of $76.49 and a 200-day moving average of $70.32. 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 Co. has a 12-month low of $48.35 and a 12-month high of $79.43. The company has a market capitalization of $109.92 billion, a price-to-earnings ratio of 62.98, a price-to-earnings-growth ratio of 2.47 and a beta of 0.78.

Boston Scientific (NYSE:BSX) last released its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $0.62 earnings per share (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 business had revenue of $4.12 billion for the quarter, compared to the consensus estimate of $4.02 billion. During the same quarter in the previous year, the company posted $0.53 EPS. The company’s revenue was up 14.5% compared to the same quarter last year. As a group, research analysts anticipate that Boston Scientific Co. will post 2.4 EPS for the current fiscal 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.