Canaccord Genuity Group Increases Boston Scientific (NYSE:BSX) Price Target to $98.00

Boston Scientific (NYSE:BSX) had its price objective increased by equities research analysts at Canaccord Genuity Group from $88.00 to $98.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the medical equipment provider’s stock. Canaccord Genuity Group’s price objective suggests a potential upside of 11.34% from the stock’s current price.

BSX has been the topic of several other reports. StockNews.com cut shares of Boston Scientific from a “buy” rating to a “hold” rating in a report on Tuesday, September 24th. Citigroup upped their price objective on shares of Boston Scientific from $90.00 to $92.00 and gave the stock a “buy” rating in a report on Thursday, August 22nd. Morgan Stanley upped their price objective on shares of Boston Scientific from $79.00 to $92.00 and gave the stock an “overweight” rating in a report on Monday, July 15th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Boston Scientific from $73.00 to $78.00 and gave the stock a “hold” rating in a report on Thursday, July 25th. Finally, TD Cowen upped their price objective on shares of Boston Scientific from $77.00 to $86.00 and gave the stock a “buy” rating in a report on Tuesday, July 16th. Four analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Boston Scientific currently has a consensus rating of “Moderate Buy” and an average target price of $90.68.

Boston Scientific Trading Down 0.0 %

Boston Scientific stock opened at $88.02 on Monday. The company’s fifty day simple moving average is $82.97 and its 200-day simple moving average is $77.50. 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 has a 12 month low of $49.15 and a 12 month high of $88.79. The stock has a market cap of $129.13 billion, a P/E ratio of 73.97, a P/E/G ratio of 2.87 and a beta of 0.80.

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

Insider Activity

In other news, CEO Michael F. Mahoney sold 162,777 shares of the company’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $84.63, for a total transaction of $13,775,817.51. Following the completion of the transaction, the chief executive officer now owns 1,572,096 shares of the company’s stock, valued at approximately $133,046,484.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Joseph Michael Fitzgerald sold 132,527 shares of the stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $85.00, for a total value of $11,264,795.00. Following the completion of the transaction, the executive vice president now owns 160,467 shares of the company’s stock, valued at $13,639,695. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael F. Mahoney sold 162,777 shares of the stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $84.63, for a total transaction of $13,775,817.51. Following the completion of the transaction, the chief executive officer now directly owns 1,572,096 shares of the company’s stock, valued at $133,046,484.48. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 316,253 shares of company stock valued at $26,714,298. Insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BSX. Park Avenue Securities LLC grew its stake in Boston Scientific by 12.8% during the first quarter. Park Avenue Securities LLC now owns 12,435 shares of the medical equipment provider’s stock worth $852,000 after buying an additional 1,413 shares during the last quarter. Northwest Investment Counselors LLC bought a new stake in Boston Scientific during the first quarter worth about $31,000. Ignite Planners LLC bought a new stake in Boston Scientific during the first quarter worth about $220,000. Dynamic Advisor Solutions LLC grew its stake in Boston Scientific by 1.0% during the first quarter. Dynamic Advisor Solutions LLC now owns 63,221 shares of the medical equipment provider’s stock worth $4,330,000 after buying an additional 599 shares during the last quarter. Finally, Richelieu Gestion SA bought a new stake in Boston Scientific during the first quarter worth about $185,000. Institutional investors and hedge funds 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.