Russell Investments Group Ltd. decreased its stake in Boston Scientific Co. (NYSE:BSX) by 27.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 325,912 shares of the medical equipment provider’s stock after selling 121,607 shares during the quarter. Russell Investments Group Ltd.’s holdings in Boston Scientific were worth $10,645,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of BSX. BlackRock Inc. increased its position in 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 buying an additional 8,510,783 shares in the last quarter. TD Asset Management Inc. increased its position in Boston Scientific by 531.8% in the second quarter. TD Asset Management Inc. now owns 2,488,256 shares of the medical equipment provider’s stock worth $81,366,000 after buying an additional 2,094,436 shares in the last quarter. Eaton Vance Management increased its position in Boston Scientific by 42.3% in the first quarter. Eaton Vance Management now owns 6,564,617 shares of the medical equipment provider’s stock worth $179,345,000 after buying an additional 1,951,777 shares in the last quarter. Cannell Peter B & Co. Inc. purchased a new stake in Boston Scientific in the first quarter worth about $33,890,000. Finally, Bodenholm Capital AB purchased a new stake in Boston Scientific in the first quarter worth about $32,975,000. Institutional investors and hedge funds own 90.94% of the company’s stock.
A number of brokerages have commented on BSX. Argus upped their price target on Boston Scientific to $41.00 and gave the stock a “buy” rating in a research report on Wednesday. They noted that the move was a valuation call. Raymond James increased their target price on Boston Scientific from $40.00 to $41.00 and gave the stock a “strong-buy” rating in a research report on Tuesday. Jefferies Financial Group upgraded Boston Scientific from a “hold” rating to a “buy” rating and increased their target price for the stock from $34.00 to $42.00 in a research report on Tuesday. Guggenheim reiterated a “buy” rating and set a $43.00 target price on shares of Boston Scientific in a research report on Friday, July 27th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $37.00 target price on shares of Boston Scientific in a research report on Thursday, July 26th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, eighteen have issued a buy rating and three have assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $35.86.
In related news, EVP David A. Pierce sold 5,000 shares of the stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $36.02, for a total transaction of $180,100.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kevin J. Ballinger sold 68,486 shares of the stock in a transaction that occurred on Monday, June 11th. The shares were sold at an average price of $34.12, for a total value of $2,336,742.32. The disclosure for this sale can be found here. Over the last three months, insiders have sold 136,393 shares of company stock valued at $4,619,864. 0.73% of the stock is owned by corporate insiders.
Shares of Boston Scientific stock opened at $35.75 on Thursday. Boston Scientific Co. has a 12 month low of $24.54 and a 12 month high of $37.30. The company has a market cap of $49.18 billion, a P/E ratio of 25.58, a PEG ratio of 2.60 and a beta of 0.63. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.83 and a quick ratio of 0.60.
Boston Scientific (NYSE:BSX) last announced its quarterly earnings results on Wednesday, July 25th. The medical equipment provider reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.07. Boston Scientific had a return on equity of 26.35% and a net margin of 5.48%. The company had revenue of $2.49 billion during the quarter, compared to analyst estimates of $2.47 billion. During the same period in the prior year, the company earned $0.32 earnings per share. The firm’s revenue was up 10.3% on a year-over-year basis. research analysts predict that Boston Scientific Co. will post 1.39 earnings per share 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 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.
Further Reading: Market Capitalization
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