Zacks Investment Research lowered shares of Boston Scientific (NYSE:BSX) from a buy rating to a hold rating in a report released on Monday, May 28th.
According to Zacks, “Boston Scientific posted an impressive first quarter on growth across all business lines and geographies. The 2018 view also paints a bright picture for the near term. Boston Scientific achieved clinical milestones for Ranger Drug Coated Balloon and WATCHMAN Left Atrial Appendage Closure device. Also, post the suspension of Lotus valve in Europe, ACURATE TAVR valve platform continues to build momentum. During the quarter, Boston Scientific announced several strategic acquisitions including NxThera and nVision in Urology and Pelvic Health, EmCision in Endoscopy, Securus in EP and Millipede in Structural Heart. This inorganic expansion plan bode well for the stocks operational growth. Over the past three months, Boston Scientific outperformed its industry. On the flip side, a delay in the relaunch of the Lotus range of heart devices is expected to hamper sales in 2018 too.”
Several other research firms have also issued reports on BSX. Jefferies Financial Group restated a hold rating and set a $31.00 price target on shares of Boston Scientific in a research report on Thursday, April 26th. Raymond James raised their price target on Boston Scientific from $32.00 to $34.00 and gave the stock a strong-buy rating in a research report on Thursday, April 26th. ValuEngine upgraded Boston Scientific from a hold rating to a buy rating in a research report on Wednesday, May 2nd. JPMorgan Chase & Co. lifted their price objective on Boston Scientific from $31.00 to $32.00 and gave the stock an overweight rating in a research report on Thursday, April 26th. Finally, Leerink Swann lifted their price objective on Boston Scientific from $32.00 to $33.00 and gave the stock an outperform rating in a research report on Thursday, April 26th. One analyst has rated the stock with a sell rating, three have given a hold rating, eighteen have given a buy rating and three have issued a strong buy rating to the stock. Boston Scientific currently has a consensus rating of Buy and an average price target of $32.39.
Shares of NYSE BSX traded up $0.78 during trading hours on Monday, reaching $32.51. 12,398,360 shares of the stock traded hands, compared to its average volume of 8,282,360. The stock has a market cap of $47.36 billion, a price-to-earnings ratio of 25.80, a P/E/G ratio of 2.45 and a beta of 0.77. The company has a current ratio of 0.82, a quick ratio of 0.59 and a debt-to-equity ratio of 0.68. Boston Scientific has a 52-week low of $24.54 and a 52-week high of $37.30.
Boston Scientific (NYSE:BSX) last posted its quarterly earnings results on Wednesday, April 25th. The medical equipment provider reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.01. Boston Scientific had a return on equity of 25.10% and a net margin of 1.21%. The business had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.34 billion. During the same period last year, the company earned $0.29 EPS. Boston Scientific’s revenue for the quarter was up 10.1% compared to the same quarter last year. analysts forecast that Boston Scientific will post 1.39 EPS for the current fiscal year.
In other news, EVP Kevin J. Ballinger sold 68,486 shares of the business’s stock in a transaction on Monday, June 11th. The stock was sold at an average price of $34.12, for a total value of $2,336,742.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Daniel J. Brennan sold 60,209 shares of the business’s stock in a transaction on Monday, March 19th. The stock was sold at an average price of $27.87, for a total value of $1,678,024.83. Following the completion of the transaction, the chief financial officer now owns 299,644 shares of the company’s stock, valued at approximately $8,351,078.28. The disclosure for this sale can be found here. Insiders have sold 206,116 shares of company stock valued at $6,320,005 in the last quarter. 0.73% of the stock is owned by company insiders.
Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. raised its stake in shares of Boston Scientific by 8.7% in the first quarter. BlackRock Inc. now owns 106,292,471 shares of the medical equipment provider’s stock worth $2,903,912,000 after purchasing an additional 8,510,783 shares during the last quarter. Bollard Group LLC raised its stake in shares of Boston Scientific by 0.3% in the fourth quarter. Bollard Group LLC now owns 33,854,117 shares of the medical equipment provider’s stock worth $839,244,000 after purchasing an additional 118,050 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Boston Scientific by 2.9% in the fourth quarter. Geode Capital Management LLC now owns 13,040,987 shares of the medical equipment provider’s stock worth $322,533,000 after purchasing an additional 373,607 shares during the last quarter. Wells Fargo & Company MN raised its stake in shares of Boston Scientific by 6.6% in the first quarter. Wells Fargo & Company MN now owns 12,730,496 shares of the medical equipment provider’s stock worth $347,797,000 after purchasing an additional 784,825 shares during the last quarter. Finally, OppenheimerFunds Inc. raised its stake in shares of Boston Scientific by 11.5% in the fourth quarter. OppenheimerFunds Inc. now owns 7,976,540 shares of the medical equipment provider’s stock worth $197,739,000 after purchasing an additional 824,195 shares during the last quarter. Hedge funds and other institutional investors own 89.02% of the company’s stock.
About Boston Scientific
Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. It operates through three segments: Cardiovascular, Rhythm Management, and MedSurg. The company offers interventional cardiology products, including drug-eluting coronary stent systems used in the treatment of coronary artery disease; percutaneous coronary interventions therapy products to treat atherosclerosis; intravascular catheter-directed ultrasound imaging catheters, fractional flow reserve devices, and systems for use in coronary arteries and heart chambers, as well as certain peripheral vessels; and structural heart therapy systems.
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