Boston Scientific (NYSE:BSX) Hits New 52-Week High After Better-Than-Expected Earnings

Shares of Boston Scientific Co. (NYSE:BSX) hit a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $106.51 and last traded at $105.34, with a volume of 581320 shares changing hands. The stock had previously closed at $103.54.

The medical equipment provider reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.05. Boston Scientific had a net margin of 11.26% and a return on equity of 17.23%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Canaccord Genuity Group upped their price target on shares of Boston Scientific from $98.00 to $101.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Truist Financial raised their target price on Boston Scientific from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Raymond James boosted their price target on Boston Scientific from $101.00 to $119.00 and gave the company a “strong-buy” rating in a report on Friday, January 31st. Morgan Stanley raised their price objective on Boston Scientific from $92.00 to $100.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Finally, Citigroup boosted their price objective on Boston Scientific from $98.00 to $107.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. One analyst has rated the stock with a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $100.39.

Insider Activity at Boston Scientific

In other Boston Scientific news, EVP Wendy Carruthers sold 6,983 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $90.78, for a total value of $633,916.74. Following the completion of the sale, the executive vice president now owns 29,308 shares of the company’s stock, valued at $2,660,580.24. This trade represents a 19.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Edward J. Ludwig sold 4,877 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $91.63, for a total value of $446,879.51. Following the transaction, the director now directly owns 39,398 shares in the company, valued at approximately $3,610,038.74. This represents a 11.02 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 47,302 shares of company stock worth $4,464,725. Company insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in BSX. TFC Financial Management Inc. increased its position in shares of Boston Scientific by 308.8% during the fourth quarter. TFC Financial Management Inc. now owns 278 shares of the medical equipment provider’s stock worth $25,000 after acquiring an additional 210 shares during the period. Values First Advisors Inc. bought a new stake in Boston Scientific during the 3rd quarter valued at $28,000. Dunhill Financial LLC lifted its holdings in shares of Boston Scientific by 86.4% in the 3rd quarter. Dunhill Financial LLC now owns 328 shares of the medical equipment provider’s stock worth $28,000 after buying an additional 152 shares during the period. Global Wealth Strategies & Associates lifted its holdings in shares of Boston Scientific by 423.7% in the 4th quarter. Global Wealth Strategies & Associates now owns 309 shares of the medical equipment provider’s stock worth $28,000 after buying an additional 250 shares during the period. Finally, West Oak Capital LLC bought a new position in shares of Boston Scientific during the 4th quarter worth $29,000. Hedge funds and other institutional investors own 89.07% of the company’s stock.

Boston Scientific Stock Performance

The firm has a 50 day moving average price of $94.01 and a 200 day moving average price of $86.71. The stock has a market cap of $154.68 billion, a PE ratio of 86.73, a price-to-earnings-growth ratio of 2.68 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 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.