Boston Scientific (NYSE:BSX) Sets New 12-Month High at $84.66

Boston Scientific Co. (NYSE:BSX)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $84.66 and last traded at $84.03, with a volume of 163779 shares traded. The stock had previously closed at $82.57.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on BSX. Evercore ISI boosted their price objective on shares of Boston Scientific from $78.00 to $81.00 and gave the stock an “outperform” rating in a report on Tuesday, July 2nd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $85.00 price target on shares of Boston Scientific in a report on Thursday, July 25th. Argus upped their price objective on Boston Scientific from $80.00 to $95.00 and gave the stock a “buy” rating in a research note on Tuesday, May 28th. BTIG Research increased their price target on Boston Scientific from $80.00 to $84.00 and gave the company a “buy” rating in a research note on Monday, July 15th. Finally, Truist Financial increased their price objective on shares of Boston Scientific from $86.00 to $90.00 and gave the company a “buy” rating in a research report on Tuesday, July 16th. Three equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $85.38.

Boston Scientific Trading Up 0.3 %

The company has a market capitalization of $123.12 billion, a PE ratio of 70.52, a price-to-earnings-growth ratio of 2.75 and a beta of 0.79. The company has a quick ratio of 1.14, a current ratio of 1.61 and a debt-to-equity ratio of 0.44. The stock’s 50 day moving average is $78.72 and its two-hundred day moving average is $74.63.

Boston Scientific (NYSE:BSX) last announced its earnings results on Wednesday, July 24th. The medical equipment provider reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.04. The business had revenue of $4.12 billion during the quarter, compared to the consensus estimate of $4.02 billion. Boston Scientific had a net margin of 12.00% and a return on equity of 16.59%. The firm’s revenue was up 14.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.53 earnings per share. As a group, sell-side analysts predict that Boston Scientific Co. will post 2.4 EPS for the current fiscal year.

Insider Activity at Boston Scientific

In other news, EVP Wendy Carruthers sold 6,983 shares of Boston Scientific stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $74.12, for a total transaction of $517,579.96. Following the completion of the sale, the executive vice president now directly owns 40,188 shares in the company, valued at $2,978,734.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold 20,949 shares of company stock valued at $1,627,877 in the last ninety days. Corporate insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Newbridge Financial Services Group Inc. lifted its holdings in Boston Scientific by 2,100.5% in the second quarter. Newbridge Financial Services Group Inc. now owns 9,132 shares of the medical equipment provider’s stock valued at $703,000 after acquiring an additional 8,717 shares during the period. Sanctuary Advisors LLC purchased a new position in Boston Scientific in the 2nd quarter worth approximately $5,349,000. Brown Financial Advisors purchased a new position in Boston Scientific during the second quarter worth approximately $1,423,000. RiverFront Investment Group LLC acquired a new position in shares of Boston Scientific during the 2nd quarter valued at about $222,000. Finally, Cetera Investment Advisers boosted its holdings in Boston Scientific by 2.9% in the 2nd quarter. Cetera Investment Advisers now owns 295,984 shares of the medical equipment provider’s stock valued at $22,794,000 after purchasing an additional 8,399 shares during the last quarter. Hedge funds and other institutional investors own 89.07% 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 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.