TCW Group Inc. Reduces Stock Holdings in Boston Scientific Co. (NYSE:BSX)

TCW Group Inc. lowered its stake in Boston Scientific Co. (NYSE:BSX) by 8.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,630,995 shares of the medical equipment provider’s stock after selling 147,999 shares during the period. Boston Scientific accounts for approximately 1.2% of TCW Group Inc.’s holdings, making the stock its 20th biggest holding. TCW Group Inc.’s holdings in Boston Scientific were worth $136,677,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. State Street Corp boosted its stake in shares of Boston Scientific by 2.3% during the 3rd quarter. State Street Corp now owns 62,846,328 shares of the medical equipment provider’s stock valued at $5,266,522,000 after purchasing an additional 1,389,172 shares in the last quarter. Wellington Management Group LLP boosted its position in Boston Scientific by 2.2% during the 3rd quarter. Wellington Management Group LLP now owns 32,820,828 shares of the medical equipment provider’s stock valued at $2,750,385,000 after acquiring an additional 718,515 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Boston Scientific by 1.7% during the 3rd quarter. Geode Capital Management LLC now owns 29,584,841 shares of the medical equipment provider’s stock worth $2,469,607,000 after acquiring an additional 480,729 shares during the period. Legal & General Group Plc raised its position in shares of Boston Scientific by 2.7% in the 2nd quarter. Legal & General Group Plc now owns 13,922,773 shares of the medical equipment provider’s stock worth $1,072,195,000 after acquiring an additional 360,793 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Boston Scientific by 0.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 8,018,377 shares of the medical equipment provider’s stock valued at $671,940,000 after purchasing an additional 64,720 shares during the period. 89.07% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP Wendy Carruthers sold 6,983 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $83.86, for a total value of $585,594.38. Following the completion of the sale, the executive vice president now directly owns 34,748 shares in the company, valued at $2,913,967.28. This represents a 16.73 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Edward J. Ludwig sold 4,877 shares of Boston Scientific stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $91.63, for a total value of $446,879.51. Following the transaction, the director now owns 39,398 shares in the company, valued at $3,610,038.74. This trade represents a 11.02 % 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 $27,957,676 over the last 90 days. Company insiders own 0.50% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Truist Financial upped their price target on Boston Scientific from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Canaccord Genuity Group upped their target price on shares of Boston Scientific from $98.00 to $101.00 and gave the stock a “buy” rating in a research report on Monday. Morgan Stanley lifted their price target on shares of Boston Scientific from $92.00 to $100.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Evercore ISI upped their price objective on shares of Boston Scientific from $82.00 to $90.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Finally, StockNews.com downgraded shares of Boston Scientific from a “buy” rating to a “hold” rating in a research note on Monday, November 4th. Four research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $93.52.

Boston Scientific Stock Performance

Shares of NYSE BSX opened at $90.23 on Wednesday. The firm’s 50-day moving average price is $87.50 and its 200-day moving average price is $81.44. Boston Scientific Co. has a 52-week low of $54.86 and a 52-week high of $91.93. The company has a market cap of $132.98 billion, a PE ratio of 74.57, a PEG ratio of 2.65 and a beta of 0.80. The company has a quick ratio of 1.02, a current ratio of 1.48 and a debt-to-equity ratio of 0.44.

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

Boston Scientific 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.