Boston Scientific (NYSE:BSX) Hits New 12-Month High Following Analyst Upgrade

Boston Scientific Co. (NYSE:BSX) shares hit a new 52-week high during mid-day trading on Monday after TD Cowen raised their price target on the stock from $77.00 to $86.00. TD Cowen currently has a buy rating on the stock. Boston Scientific traded as high as $78.37 and last traded at $78.37, with a volume of 120959 shares traded. The stock had previously closed at $77.69.

BSX has been the topic of several other research reports. Morgan Stanley raised their price target on Boston Scientific from $79.00 to $92.00 and gave the company an “overweight” rating in a research note on Monday. JPMorgan Chase & Co. raised their price target on Boston Scientific from $72.00 to $82.00 and gave the company an “overweight” rating in a research note on Thursday, April 25th. Evercore ISI raised their price objective on Boston Scientific from $78.00 to $81.00 and gave the company an “outperform” rating in a research report on Tuesday, July 2nd. StockNews.com raised Boston Scientific from a “hold” rating to a “buy” rating in a research report on Friday, July 12th. Finally, Barclays raised their price objective on Boston Scientific from $70.00 to $78.00 and gave the company an “overweight” rating in a research report on Friday, April 26th. Two equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Boston Scientific currently has a consensus rating of “Moderate Buy” and an average target price of $82.29.

Insider Buying and Selling

In related news, EVP Arthur C. Butcher sold 14,011 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $75.34, for a total transaction of $1,055,588.74. Following the completion of the sale, the executive vice president now directly owns 20,197 shares in the company, valued at $1,521,641.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Boston Scientific news, EVP Arthur C. Butcher sold 14,011 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $75.34, for a total transaction of $1,055,588.74. Following the transaction, the executive vice president now owns 20,197 shares of the company’s stock, valued at $1,521,641.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Edward J. Ludwig sold 9,818 shares of the business’s stock in a transaction on Friday, April 26th. The stock was sold at an average price of $73.29, for a total value of $719,561.22. Following the transaction, the director now directly owns 41,374 shares in the company, valued at approximately $3,032,300.46. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 72,259 shares of company stock worth $5,344,014. 0.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Boston Scientific

Several large investors have recently modified their holdings of BSX. Louisiana State Employees Retirement System purchased a new position in Boston Scientific during the 4th quarter valued at about $5,116,000. Sierra Summit Advisors LLC acquired a new position in Boston Scientific in the 4th quarter valued at about $8,038,000. TD Asset Management Inc grew its position in Boston Scientific by 10.7% in the 4th quarter. TD Asset Management Inc now owns 1,615,932 shares of the medical equipment provider’s stock valued at $93,417,000 after acquiring an additional 155,565 shares in the last quarter. HealthInvest Partners AB acquired a new position in Boston Scientific in the 4th quarter valued at about $3,746,000. Finally, BI Asset Management Fondsmaeglerselskab A S grew its position in Boston Scientific by 225.6% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 105,671 shares of the medical equipment provider’s stock valued at $7,237,000 after acquiring an additional 73,219 shares in the last quarter. Institutional investors and hedge funds own 89.07% of the company’s stock.

Boston Scientific Stock Performance

The company has a market capitalization of $114.64 billion, a price-to-earnings ratio of 65.66, a P/E/G ratio of 2.67 and a beta of 0.78. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.14 and a current ratio of 1.66. The firm has a 50-day simple moving average of $76.01 and a two-hundred day simple moving average of $69.43.

Boston Scientific (NYSE:BSX) last announced its quarterly earnings data on Wednesday, April 24th. The medical equipment provider reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.05. Boston Scientific had a return on equity of 16.39% and a net margin of 12.06%. The business had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.68 billion. On average, sell-side analysts anticipate that Boston Scientific Co. will post 2.32 EPS for the current fiscal year.

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.