Boston Scientific (NYSE:BSX) Reaches New 1-Year High at $82.90

Boston Scientific Co. (NYSE:BSX) reached a new 52-week high during trading on Tuesday . The stock traded as high as $82.90 and last traded at $82.86, with a volume of 117770 shares trading hands. The stock had previously closed at $82.65.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on BSX. Citigroup upped their price target on Boston Scientific from $90.00 to $92.00 and gave the company a “buy” rating in a research note on Thursday, August 22nd. Deutsche Bank Aktiengesellschaft raised their price objective on Boston Scientific from $73.00 to $78.00 and gave the stock a “hold” rating in a research note on Thursday, July 25th. Barclays upped their price target on shares of Boston Scientific from $78.00 to $86.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. BTIG Research upped their price objective on Boston Scientific from $80.00 to $84.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Finally, Robert W. Baird lifted their target price on Boston Scientific from $90.00 to $91.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Two research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Boston Scientific presently has a consensus rating of “Moderate Buy” and a consensus price target of $85.38.

Boston Scientific Stock Up 0.2 %

The stock has a fifty day moving average price of $77.52 and a two-hundred day moving average price of $73.70. The company has a market cap of $121.90 billion, a price-to-earnings ratio of 69.45, a P/E/G ratio of 2.71 and a beta of 0.79. The company has a quick ratio of 1.14, a current ratio of 1.61 and a debt-to-equity ratio of 0.44.

Boston Scientific (NYSE:BSX) last announced its earnings results on Wednesday, July 24th. The medical equipment provider reported $0.62 EPS for the quarter, topping the consensus estimate of $0.58 by $0.04. Boston Scientific had a net margin of 12.00% and a return on equity of 16.59%. The company had revenue of $4.12 billion for the quarter, compared to analysts’ expectations of $4.02 billion. During the same period last year, the firm earned $0.53 earnings per share. The business’s revenue for the quarter was up 14.5% on a year-over-year basis. As a group, sell-side analysts expect that Boston Scientific Co. will post 2.4 EPS for the current year.

Insider Activity at Boston Scientific

In other Boston Scientific news, EVP Wendy Carruthers sold 6,983 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $81.70, for a total value of $570,511.10. Following the transaction, the executive vice president now directly owns 37,468 shares of the company’s stock, valued at approximately $3,061,135.60. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold a total of 20,949 shares of company stock valued at $1,627,877 over the last quarter. 0.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in BSX. Norges Bank acquired a new stake in Boston Scientific during the 4th quarter worth approximately $930,626,000. Putnam Investments LLC grew its stake in shares of Boston Scientific by 110.5% in the fourth quarter. Putnam Investments LLC now owns 13,067,570 shares of the medical equipment provider’s stock worth $755,436,000 after purchasing an additional 6,859,280 shares during the last quarter. Capital World Investors increased its holdings in Boston Scientific by 236.1% in the fourth quarter. Capital World Investors now owns 9,419,829 shares of the medical equipment provider’s stock valued at $544,560,000 after purchasing an additional 6,617,360 shares during the period. Marshall Wace LLP raised its position in Boston Scientific by 115.9% during the 2nd quarter. Marshall Wace LLP now owns 6,720,480 shares of the medical equipment provider’s stock worth $517,544,000 after purchasing an additional 3,608,158 shares during the last quarter. Finally, Capital Research Global Investors bought a new stake in shares of Boston Scientific in the 1st quarter valued at about $182,897,000. 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.