Sumitomo Mitsui Financial Group Inc. Takes $13.47 Million Position in Boston Scientific Co. (NYSE:BSX)

Sumitomo Mitsui Financial Group Inc. acquired a new position in shares of Boston Scientific Co. (NYSE:BSX) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 150,810 shares of the medical equipment provider’s stock, valued at approximately $13,470,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Parnassus Investments LLC grew its holdings in shares of Boston Scientific by 0.7% in the 4th quarter. Parnassus Investments LLC now owns 14,861 shares of the medical equipment provider’s stock worth $1,327,000 after acquiring an additional 97 shares during the period. PDS Planning Inc raised its stake in shares of Boston Scientific by 1.5% during the 4th quarter. PDS Planning Inc now owns 7,474 shares of the medical equipment provider’s stock worth $668,000 after buying an additional 113 shares during the last quarter. Adero Partners LLC grew its stake in Boston Scientific by 3.3% in the 4th quarter. Adero Partners LLC now owns 3,737 shares of the medical equipment provider’s stock valued at $334,000 after acquiring an additional 120 shares during the last quarter. Grove Bank & Trust grew its stake in Boston Scientific by 4.4% in the 4th quarter. Grove Bank & Trust now owns 2,923 shares of the medical equipment provider’s stock valued at $261,000 after acquiring an additional 122 shares during the last quarter. Finally, PFG Investments LLC raised its position in Boston Scientific by 1.6% during the fourth quarter. PFG Investments LLC now owns 8,113 shares of the medical equipment provider’s stock worth $725,000 after acquiring an additional 125 shares during the last quarter. Institutional investors and hedge funds own 89.07% of the company’s stock.

Insider Transactions at Boston Scientific

In other Boston Scientific news, EVP Arthur C. Butcher sold 17,313 shares of the stock in a transaction on 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 approximately $560,103.60. This represents a 75.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John Bradley Sorenson sold 6,528 shares of Boston Scientific stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $104.97, for a total transaction of $685,244.16. Following the completion of the transaction, the executive vice president now directly owns 26,449 shares of the company’s stock, valued at $2,776,351.53. This trade represents a 19.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 133,183 shares of company stock worth $13,948,476. 0.50% of the stock is currently owned by corporate insiders.

Boston Scientific Trading Down 8.9 %

Shares of BSX opened at $89.78 on Monday. Boston Scientific Co. has a 12 month low of $66.80 and a 12 month high of $107.17. The stock’s 50-day moving average is $101.90 and its two-hundred day moving average is $93.71. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.08 and a quick ratio of 1.02. The stock has a market cap of $132.78 billion, a PE ratio of 71.82, a P/E/G ratio of 2.79 and a beta of 0.77.

Boston Scientific (NYSE:BSX) last released its quarterly earnings results on Wednesday, February 5th. The medical equipment provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.65 by $0.05. Boston Scientific had a return on equity of 17.80% and a net margin of 11.07%. Equities analysts forecast that Boston Scientific Co. will post 2.85 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. UBS Group increased their price target on shares of Boston Scientific from $105.00 to $130.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Canaccord Genuity Group increased their target price on Boston Scientific from $98.00 to $101.00 and gave the company a “buy” rating in a report on Monday, December 9th. StockNews.com cut Boston Scientific from a “buy” rating to a “hold” rating in a report on Saturday, March 8th. JPMorgan Chase & Co. upped their price objective on Boston Scientific from $100.00 to $110.00 and gave the company an “overweight” rating in a research report on Monday, December 16th. Finally, Truist Financial boosted their target price on shares of Boston Scientific from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. Two analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Boston Scientific currently has an average rating of “Moderate Buy” and a consensus price target of $108.91.

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.