Boston Scientific Co. (NYSE:BSX) Short Interest Up 10.7% in September

Boston Scientific Co. (NYSE:BSX) was the target of a significant increase in short interest in September. As of September 15th, there was short interest totalling 12,200,000 shares, an increase of 10.7% from the August 31st total of 11,020,000 shares. Based on an average trading volume of 5,530,000 shares, the short-interest ratio is presently 2.2 days.

Boston Scientific Price Performance

Shares of Boston Scientific stock traded up $0.34 during midday trading on Tuesday, reaching $84.14. The company had a trading volume of 4,354,164 shares, compared to its average volume of 6,002,487. The stock has a fifty day simple moving average of $79.55 and a 200 day simple moving average of $75.56. The company has a current ratio of 1.61, a quick ratio of 1.14 and a debt-to-equity ratio of 0.44. Boston Scientific has a 1-year low of $48.35 and a 1-year high of $84.89. The company has a market capitalization of $123.44 billion, a price-to-earnings ratio of 70.71, a price-to-earnings-growth ratio of 2.78 and a beta of 0.79.

Boston Scientific (NYSE:BSX) last announced its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $0.62 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $4.02 billion. During the same quarter in the previous year, the business earned $0.53 EPS. The firm’s revenue was up 14.5% on a year-over-year basis. As a group, equities research analysts forecast that Boston Scientific will post 2.4 earnings per share for the current year.

Insider Transactions at Boston Scientific

In other news, EVP Wendy Carruthers sold 6,983 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $81.70, for a total value of $570,511.10. Following the completion of the sale, the executive vice president now owns 37,468 shares in the company, valued at $3,061,135.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Boston Scientific

Institutional investors have recently added to or reduced their stakes in the stock. Precision Wealth Strategies LLC bought a new stake in Boston Scientific during the 4th quarter worth about $956,000. Aveo Capital Partners LLC lifted its position in Boston Scientific by 1.3% during the 4th quarter. Aveo Capital Partners LLC now owns 12,841 shares of the medical equipment provider’s stock worth $742,000 after buying an additional 171 shares in the last quarter. Steward Partners Investment Advisory LLC raised its holdings in shares of Boston Scientific by 19.4% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 25,379 shares of the medical equipment provider’s stock valued at $1,467,000 after purchasing an additional 4,127 shares during the period. Scotia Capital Inc. raised its holdings in shares of Boston Scientific by 70.1% in the 4th quarter. Scotia Capital Inc. now owns 17,021 shares of the medical equipment provider’s stock valued at $984,000 after purchasing an additional 7,014 shares during the period. Finally, Bank of Nova Scotia raised its holdings in shares of Boston Scientific by 164.7% in the 4th quarter. Bank of Nova Scotia now owns 521,456 shares of the medical equipment provider’s stock valued at $30,142,000 after purchasing an additional 324,446 shares during the period. 89.07% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have commented on BSX. BTIG Research increased their target price on shares of Boston Scientific from $80.00 to $84.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Boston Scientific from $73.00 to $78.00 and gave the stock a “hold” rating in a research report on Thursday, July 25th. Truist Financial increased their target price on shares of Boston Scientific from $86.00 to $90.00 and gave the stock a “buy” rating in a research report on Tuesday, July 16th. Raymond James increased their target price on shares of Boston Scientific from $91.00 to $94.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, September 4th. Finally, Morgan Stanley increased their target price on shares of Boston Scientific from $79.00 to $92.00 and gave the stock an “overweight” rating in a research report on Monday, July 15th. Three analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $87.10.

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.