Boston Scientific (NYSE:BSX) Hits New 1-Year High Following Better-Than-Expected Earnings

Boston Scientific Co. (NYSE:BSX)’s stock price reached a new 52-week high on Wednesday following a better than expected earnings announcement. The stock traded as high as $106.51 and last traded at $105.34, with a volume of 581320 shares. The stock had previously closed at $103.54.

The medical equipment provider reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.05. Boston Scientific had a return on equity of 17.23% and a net margin of 11.26%.

Analyst Ratings Changes

Several analysts have issued reports on BSX shares. Stifel Nicolaus upped their price objective on Boston Scientific from $85.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Mizuho increased their price objective on Boston Scientific from $100.00 to $110.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. TD Cowen increased their price objective on Boston Scientific from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Truist Financial increased their price objective on Boston Scientific from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Finally, Bank of America upped their target price on Boston Scientific from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. One research analyst has rated the stock with a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $100.39.

Insider Activity at Boston Scientific

In other Boston Scientific news, EVP Arthur C. Butcher sold 17,313 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $101.80, for a total transaction of $1,762,463.40. Following the sale, the executive vice president now directly owns 5,502 shares of the company’s stock, valued at $560,103.60. The trade was a 75.88 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP John Bradley Sorenson sold 4,119 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $90.02, for a total transaction of $370,792.38. Following the sale, the executive vice president now directly owns 35,319 shares in the company, valued at $3,179,416.38. This trade represents a 10.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 47,302 shares of company stock valued at $4,464,725. 0.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. AustralianSuper Pty Ltd grew its stake in Boston Scientific by 4,292.3% in the 3rd quarter. AustralianSuper Pty Ltd now owns 2,676,847 shares of the medical equipment provider’s stock valued at $224,320,000 after buying an additional 2,615,903 shares during the last quarter. State Street Corp grew its stake in Boston Scientific by 2.3% in the 3rd quarter. State Street Corp now owns 62,846,328 shares of the medical equipment provider’s stock valued at $5,266,522,000 after buying an additional 1,389,172 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in Boston Scientific by 98.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,205,368 shares of the medical equipment provider’s stock valued at $184,810,000 after buying an additional 1,091,561 shares during the last quarter. Fisher Funds Management LTD acquired a new position in Boston Scientific in the 4th quarter valued at about $94,710,000. Finally, Assenagon Asset Management S.A. grew its stake in Boston Scientific by 32.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 3,897,117 shares of the medical equipment provider’s stock valued at $326,578,000 after buying an additional 951,580 shares during the last quarter. 89.07% of the stock is currently owned by institutional investors and hedge funds.

Boston Scientific Stock Performance

The stock’s 50 day moving average is $94.01 and its 200 day moving average is $86.71. The firm has a market cap of $155.97 billion, a price-to-earnings ratio of 87.06, a price-to-earnings-growth ratio of 2.68 and a beta of 0.80. The company has a current ratio of 1.48, a quick ratio of 1.02 and a debt-to-equity ratio of 0.44.

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.