Boston Scientific (NYSE:BSX) Shares Break Above 50 Day Moving Average – Here’s What Happened

Boston Scientific Corporation (NYSE:BSX) passed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $44.47 and traded as high as $46.97. Boston Scientific shares last traded at $45.7340, with a volume of 34,550,987 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on BSX shares. Sanford C. Bernstein cut their price objective on shares of Boston Scientific from $54.00 to $49.00 and set an “outperform” rating on the stock in a report on Thursday, October 29th. Needham & Company LLC lowered their target price on shares of Boston Scientific from $57.00 to $48.00 and set a “buy” rating for the company in a report on Wednesday, October 28th. UBS Group dropped their price target on shares of Boston Scientific from $67.00 to $57.00 and set a “buy” rating on the stock in a research report on Thursday, October 29th. Truist Financial cut their price target on shares of Boston Scientific from $57.00 to $51.00 and set a “buy” rating on the stock in a report on Wednesday, October 14th. Finally, TD Cowen downgraded shares of Boston Scientific from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $56.00 to $46.00 in a research report on Friday, October 30th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $61.43.

Boston Scientific Stock Performance

The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.74 and a current ratio of 1.36. The company has a market cap of $66.28 billion, a PE ratio of 19.38, a price-to-earnings-growth ratio of 1.27 and a beta of 0.60. The company’s 50 day moving average price is $44.47 and its 200-day moving average price is $56.16.

Boston Scientific (NYSE:BSX) last posted its quarterly earnings data on Wednesday, October 28th. The medical equipment provider reported $0.73 EPS for the quarter, meeting the consensus estimate of $0.73. Boston Scientific had a return on equity of 18.61% and a net margin of 16.62%. The business had revenue of $5.14 billion for the quarter, compared to the consensus estimate of $5.09 billion. During the same quarter in the prior year, the business earned $0.75 earnings per share. Boston Scientific’s revenue for the quarter was up 1.4% on a year-over-year basis. Equities research analysts anticipate that Boston Scientific Corporation will post 3.17 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Cornerstone Wealth Management LLC purchased a new stake in Boston Scientific during the third quarter valued at about $223,000. Csenge Advisory Group purchased a new position in shares of Boston Scientific in the third quarter worth about $228,000. Alpha Wealth Funds LLC raised its position in shares of Boston Scientific by 1,816.7% in the third quarter. Alpha Wealth Funds LLC now owns 23,000 shares of the medical equipment provider’s stock valued at $1,009,000 after purchasing an additional 21,800 shares during the period. Pinion Investment Advisors LLC lifted its stake in shares of Boston Scientific by 19.2% during the 3rd quarter. Pinion Investment Advisors LLC now owns 8,612 shares of the medical equipment provider’s stock valued at $376,000 after buying an additional 1,388 shares in the last quarter. Finally, AlphaCore Capital LLC lifted its stake in shares of Boston Scientific by 129.8% during the 3rd quarter. AlphaCore Capital LLC now owns 32,157 shares of the medical equipment provider’s stock valued at $1,404,000 after buying an additional 18,162 shares in the last quarter. Hedge funds and other institutional investors own 89.07% of the company’s stock.

About Boston Scientific

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.