Citigroup Forecasts Strong Price Appreciation for Boston Scientific (NYSE:BSX) Stock

Boston Scientific (NYSE:BSX) had its target price boosted by equities research analysts at Citigroup from $98.00 to $107.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the medical equipment provider’s stock. Citigroup’s price target suggests a potential upside of 18.34% from the stock’s current price.

Several other analysts have also recently issued reports on BSX. Morgan Stanley upped their target price on Boston Scientific from $92.00 to $100.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. StockNews.com lowered shares of Boston Scientific from a “buy” rating to a “hold” rating in a report on Monday, November 4th. Barclays lifted their target price on shares of Boston Scientific from $78.00 to $86.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. BTIG Research increased their price target on shares of Boston Scientific from $84.00 to $93.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Finally, Truist Financial upped their price objective on Boston Scientific from $90.00 to $100.00 and gave the company a “buy” rating in a report on Monday, October 14th. Four equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Boston Scientific currently has an average rating of “Moderate Buy” and an average target price of $94.43.

Boston Scientific Price Performance

Boston Scientific stock opened at $90.42 on Wednesday. The company has a fifty day simple moving average of $87.74 and a 200-day simple moving average of $81.61. The firm has a market capitalization of $133.26 billion, a price-to-earnings ratio of 74.81, a PEG ratio of 2.65 and a beta of 0.80. The company has a quick ratio of 1.02, a current ratio of 1.48 and a debt-to-equity ratio of 0.44. Boston Scientific has a 52-week low of $54.95 and a 52-week high of $91.93.

Boston Scientific (NYSE:BSX) last announced its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.04. Boston Scientific had a net margin of 11.26% and a return on equity of 17.23%. The company had revenue of $4.21 billion during the quarter, compared to analysts’ expectations of $4.04 billion. During the same quarter in the prior year, the company earned $0.50 EPS. Boston Scientific’s revenue was up 19.3% compared to the same quarter last year. On average, equities analysts anticipate that Boston Scientific will post 2.46 EPS for the current fiscal year.

Insider Buying and Selling

In other Boston Scientific news, EVP Wendy Carruthers sold 6,983 shares of Boston Scientific stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $90.78, for a total transaction of $633,916.74. Following the completion of the sale, the executive vice president now directly owns 29,308 shares of the company’s stock, valued at $2,660,580.24. The trade was a 19.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael F. Mahoney sold 162,777 shares of the firm’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $84.63, for a total value of $13,775,817.51. Following the sale, the chief executive officer now directly owns 1,572,096 shares in the company, valued at $133,046,484.48. This trade represents a 9.38 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 328,157 shares of company stock worth $27,957,676. Company insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of BSX. Dunhill Financial LLC lifted its position in Boston Scientific by 86.4% in the third quarter. Dunhill Financial LLC now owns 328 shares of the medical equipment provider’s stock valued at $28,000 after acquiring an additional 152 shares during the last quarter. Triad Wealth Partners LLC purchased a new stake in shares of Boston Scientific in the 2nd quarter valued at about $26,000. Values First Advisors Inc. purchased a new position in Boston Scientific during the 3rd quarter worth approximately $28,000. E Fund Management Hong Kong Co. Ltd. acquired a new position in Boston Scientific during the third quarter worth approximately $30,000. Finally, Capital Performance Advisors LLP purchased a new stake in Boston Scientific in the third quarter valued at approximately $30,000. Institutional investors and hedge funds own 89.07% 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.