Newbridge Financial Services Group Inc. Buys 8,717 Shares of Boston Scientific Co. (NYSE:BSX)

Newbridge Financial Services Group Inc. raised its stake in Boston Scientific Co. (NYSE:BSX) by 2,100.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,132 shares of the medical equipment provider’s stock after buying an additional 8,717 shares during the period. Newbridge Financial Services Group Inc.’s holdings in Boston Scientific were worth $703,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Sierra Summit Advisors LLC purchased a new position in shares of Boston Scientific in the 4th quarter worth about $8,038,000. BI Asset Management Fondsmaeglerselskab A S raised its stake in shares of Boston Scientific by 225.6% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 105,671 shares of the medical equipment provider’s stock worth $7,237,000 after acquiring an additional 73,219 shares in the last quarter. BDF Gestion purchased a new stake in shares of Boston Scientific in the 2nd quarter valued at $3,570,000. Tlwm bought a new position in shares of Boston Scientific during the 1st quarter valued at $927,000. Finally, The Manufacturers Life Insurance Company raised its position in Boston Scientific by 1.8% in the 4th quarter. The Manufacturers Life Insurance Company now owns 1,104,085 shares of the medical equipment provider’s stock worth $63,827,000 after purchasing an additional 19,999 shares during the period. Hedge funds and other institutional investors own 89.07% of the company’s stock.

Boston Scientific Stock Performance

Boston Scientific stock opened at $84.14 on Wednesday. The stock’s 50 day moving average is $79.55 and its 200 day moving average is $75.56. The company has a market capitalization of $123.44 billion, a P/E ratio of 70.71, a PEG ratio of 2.78 and a beta of 0.79. Boston Scientific Co. has a twelve month low of $48.35 and a twelve month high of $84.89. The company has a quick ratio of 1.14, a current ratio of 1.61 and a debt-to-equity ratio of 0.44.

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

Insider Transactions at Boston Scientific

In related news, EVP Wendy Carruthers sold 6,983 shares of the firm’s stock in a transaction that occurred 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 owns 40,188 shares of the company’s stock, valued at $2,978,734.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.50% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Needham & Company LLC upped their price target on shares of Boston Scientific from $82.00 to $86.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. JPMorgan Chase & Co. lifted their price target on Boston Scientific from $82.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. BTIG Research boosted their price objective on Boston Scientific from $80.00 to $84.00 and gave the company a “buy” rating in a research report on Monday, July 15th. Raymond James lifted their target price on shares of Boston Scientific from $91.00 to $94.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, September 4th. Finally, TD Cowen increased their price objective on Boston Scientific from $77.00 to $86.00 and gave the stock a “buy” rating in a report on Tuesday, July 16th. Three investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $87.10.

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.