Allstate Corp Purchases New Stake in Boston Scientific Co. (NYSE:BSX)

Allstate Corp acquired a new position in Boston Scientific Co. (NYSE:BSX) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 43,744 shares of the medical equipment provider’s stock, valued at approximately $3,907,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of BSX. Vanguard Group Inc. increased its holdings in shares of Boston Scientific by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 132,890,784 shares of the medical equipment provider’s stock valued at $11,869,805,000 after purchasing an additional 1,600,062 shares in the last quarter. State Street Corp increased its holdings in Boston Scientific by 2.3% in the third quarter. State Street Corp now owns 62,846,328 shares of the medical equipment provider’s stock valued at $5,266,522,000 after buying an additional 1,389,172 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of 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 during the period. Geode Capital Management LLC boosted its stake 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 in the last quarter. Finally, Norges Bank acquired a new stake in shares of Boston Scientific in the 4th quarter worth approximately $1,762,522,000. Institutional investors and hedge funds own 89.07% of the company’s stock.

Boston Scientific Stock Performance

Boston Scientific stock opened at $99.29 on Friday. The company has a market cap of $146.86 billion, a price-to-earnings ratio of 79.43, a price-to-earnings-growth ratio of 2.79 and a beta of 0.77. Boston Scientific Co. has a 12 month low of $66.80 and a 12 month high of $107.17. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.08 and a quick ratio of 1.02. The stock’s 50-day moving average is $102.16 and its 200-day moving average is $93.04.

Boston Scientific (NYSE:BSX) last posted its quarterly earnings results on Wednesday, February 5th. The medical equipment provider reported $0.70 EPS for the quarter, beating the consensus estimate of $0.65 by $0.05. Boston Scientific had a net margin of 11.07% and a return on equity of 17.80%. Equities analysts anticipate that Boston Scientific Co. will post 2.85 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on BSX shares. UBS Group boosted their target price on Boston Scientific from $105.00 to $130.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Raymond James boosted their price objective on shares of Boston Scientific from $119.00 to $122.00 and gave the stock a “strong-buy” rating in a research report on Thursday, February 6th. Deutsche Bank Aktiengesellschaft upgraded shares of Boston Scientific from a “hold” rating to a “buy” rating and set a $108.00 target price for the company in a report on Friday, January 10th. JPMorgan Chase & Co. upped their price target on shares of Boston Scientific from $100.00 to $110.00 and gave the company an “overweight” rating in a report on Monday, December 16th. Finally, Truist Financial raised their price objective on shares of Boston Scientific from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Wednesday, December 18th. Two research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $108.91.

Insider Buying and Selling

In other news, EVP John Bradley Sorenson sold 6,528 shares of the company’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $104.97, for a total value of $685,244.16. Following the completion of the transaction, the executive vice president now directly owns 26,449 shares in the company, valued at approximately $2,776,351.53. This represents a 19.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Arthur C. Butcher sold 17,313 shares of Boston Scientific stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $101.80, for a total transaction of $1,762,463.40. Following the sale, the executive vice president now directly owns 5,502 shares in the company, valued at $560,103.60. This trade represents a 75.88 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 137,302 shares of company stock valued at $14,319,269. Company insiders own 0.50% of the company’s stock.

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.