Boston Scientific Co. (NYSE:BSX) Stock Position Decreased by Fred Alger Management LLC

Fred Alger Management LLC decreased its position in Boston Scientific Co. (NYSE:BSX) by 12.1% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,788,992 shares of the medical equipment provider’s stock after selling 245,570 shares during the quarter. Boston Scientific accounts for about 0.7% of Fred Alger Management LLC’s investment portfolio, making the stock its 27th biggest holding. Fred Alger Management LLC’s holdings in Boston Scientific were worth $149,918,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Triad Wealth Partners LLC bought a new position in Boston Scientific during the second quarter valued at about $26,000. Values First Advisors Inc. bought a new position in shares of Boston Scientific in the 3rd quarter valued at approximately $28,000. Andra AP fonden bought a new position in shares of Boston Scientific in the 2nd quarter valued at approximately $29,000. Lynx Investment Advisory acquired a new stake in Boston Scientific in the 2nd quarter worth approximately $30,000. Finally, E Fund Management Hong Kong Co. Ltd. bought a new stake in Boston Scientific during the third quarter worth approximately $30,000. Institutional investors and hedge funds own 89.07% of the company’s stock.

Insider Activity at Boston Scientific

In other Boston Scientific news, EVP Joseph Michael Fitzgerald sold 132,527 shares of the firm’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $85.00, for a total value of $11,264,795.00. Following the completion of the sale, the executive vice president now owns 160,467 shares in the company, valued at approximately $13,639,695. This trade represents a 45.23 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Wendy Carruthers sold 6,983 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $83.86, for a total transaction of $585,594.38. Following the transaction, the executive vice president now owns 34,748 shares in the company, valued at $2,913,967.28. The trade was a 16.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 328,157 shares of company stock valued at $27,894,270 in the last three months. Corporate insiders own 0.50% of the company’s stock.

Boston Scientific Stock Up 0.6 %

BSX opened at $90.75 on Friday. The firm has a market cap of $133.75 billion, a price-to-earnings ratio of 75.00, a PEG ratio of 2.67 and a beta of 0.79. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.02 and a current ratio of 1.48. The firm’s 50-day simple moving average is $86.57 and its 200-day simple moving average is $80.58. Boston Scientific Co. has a twelve month low of $53.93 and a twelve month high of $91.93.

Boston Scientific (NYSE:BSX) last issued its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.04. Boston Scientific had a net margin of 11.26% and a return on equity of 17.23%. The firm had revenue of $4.21 billion for the quarter, compared to analysts’ expectations of $4.04 billion. During the same period in the prior year, the firm earned $0.50 earnings per share. The company’s quarterly revenue was up 19.3% compared to the same quarter last year. Equities research analysts anticipate that Boston Scientific Co. will post 2.46 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on BSX. Wells Fargo & Company boosted their price objective on shares of Boston Scientific from $87.00 to $98.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Stifel Nicolaus boosted their target price on shares of Boston Scientific from $85.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Evercore ISI raised their price target on Boston Scientific from $82.00 to $90.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Barclays boosted their price objective on Boston Scientific from $78.00 to $86.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Finally, StockNews.com lowered Boston Scientific from a “buy” rating to a “hold” rating in a report on Monday, November 4th. Four analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $93.39.

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.