Boston Scientific (NYSE:BSX) Shares Cross Below 50 Day Moving Average – What’s Next?

Boston Scientific Corporation (NYSE:BSX) shares crossed below its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $45.29 and traded as low as $44.86. Boston Scientific shares last traded at $44.9480, with a volume of 15,120,965 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Argus reaffirmed a “hold” rating on shares of Boston Scientific in a research report on Friday, July 31st. Rothschild & Co Redburn decreased their target price on Boston Scientific from $106.00 to $78.00 and set a “buy” rating on the stock in a report on Thursday, July 30th. The Goldman Sachs Group dropped their price target on Boston Scientific from $71.00 to $57.00 and set a “buy” rating on the stock in a research note on Tuesday, July 14th. Evercore cut their price target on Boston Scientific from $65.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, October 7th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $60.00 price target (down from $75.00) on shares of Boston Scientific in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating, four have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $65.93.

Boston Scientific Trading Down 1.4%

The firm has a 50-day simple moving average of $45.29 and a two-hundred day simple moving average of $57.71.

Boston Scientific (NYSE:BSX) last announced its earnings results on Wednesday, July 29th. The medical equipment provider reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.03. The business had revenue of $5.44 billion during the quarter, compared to the consensus estimate of $5.38 billion. During the same period in the previous year, the firm posted $0.75 EPS. The company’s revenue was up 7.5% compared to the same quarter last year. On average, sell-side analysts forecast that Boston Scientific Corporation will post 3.21 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Boston Scientific news, CEO Michael Mahoney acquired 186,240 shares of the company’s stock in a transaction on Monday, August 3rd. The stock was acquired at an average price of $48.33 per share, for a total transaction of $9,000,979.20. Following the purchase, the chief executive officer directly owned 1,590,024 shares of the company’s stock, valued at $76,845,859.92. This trade represents a 13.27% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director David Habiger acquired 2,100 shares of the business’s stock in a transaction on Wednesday, August 5th. The stock was acquired at an average cost of $47.59 per share, with a total value of $99,939.00. Following the acquisition, the director directly owned 17,160 shares in the company, valued at approximately $816,644.40. This trade represents a 13.94% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders have acquired 194,522 shares of company stock valued at $9,385,210. 0.34% of the stock is owned by company insiders.

Institutional Investors Weigh In On Boston Scientific

Hedge funds and other institutional investors have recently made changes to their positions in the business. GraniteShares Advisors LLC grew its position in Boston Scientific by 1.5% during the first quarter. GraniteShares Advisors LLC now owns 13,599 shares of the medical equipment provider’s stock worth $853,000 after buying an additional 195 shares in the last quarter. Avantax Planning Partners Inc. grew its holdings in shares of Boston Scientific by 4.0% during the 1st quarter. Avantax Planning Partners Inc. now owns 5,242 shares of the medical equipment provider’s stock worth $329,000 after purchasing an additional 201 shares in the last quarter. WPG Advisers LLC increased its position in shares of Boston Scientific by 11.9% in the first quarter. WPG Advisers LLC now owns 1,916 shares of the medical equipment provider’s stock worth $120,000 after purchasing an additional 203 shares during the period. Natural Investments LLC increased its position in shares of Boston Scientific by 1.3% in the second quarter. Natural Investments LLC now owns 16,067 shares of the medical equipment provider’s stock worth $685,000 after purchasing an additional 206 shares during the period. Finally, 180 Wealth Advisors LLC raised its stake in Boston Scientific by 3.6% in the first quarter. 180 Wealth Advisors LLC now owns 6,468 shares of the medical equipment provider’s stock valued at $406,000 after purchasing an additional 223 shares in the last quarter. 89.07% of the stock is currently owned by institutional investors and hedge funds.

Boston Scientific Company Profile

Boston Scientific Corporation is a medical technology company that develops, manufactures and markets devices used to diagnose and treat a broad range of complex medical conditions. Founded in 1979 and headquartered in Marlborough, Massachusetts, the company serves healthcare providers and patients worldwide.

Its products support minimally invasive procedures in areas including interventional cardiology, peripheral interventions, electrophysiology, endoscopy, urology and neuromodulation.