Boston Scientific (NYSE:BSX – Get Free Report) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 2.230-2.270 for the period, compared to the consensus earnings per share estimate of 2.240. The company issued revenue guidance of $15.5 billion-$15.6 billion, compared to the consensus revenue estimate of $15.4 billion. Boston Scientific also updated its FY24 guidance to $2.23-2.27 EPS.
Boston Scientific Stock Performance
BSX stock opened at $61.42 on Wednesday. Boston Scientific has a 12-month low of $45.57 and a 12-month high of $61.47. The company has a current ratio of 1.42, a quick ratio of 0.90 and a debt-to-equity ratio of 0.44. The stock’s 50 day simple moving average is $57.48 and its 200 day simple moving average is $54.03. The firm has a market cap of $89.98 billion, a P/E ratio of 74.90, a P/E/G ratio of 2.19 and a beta of 0.78.
Analyst Upgrades and Downgrades
Several brokerages have weighed in on BSX. BTIG Research reaffirmed a buy rating and issued a $64.00 target price on shares of Boston Scientific in a research report on Friday, December 29th. Raymond James boosted their price objective on Boston Scientific from $61.00 to $67.00 and gave the stock a strong-buy rating in a research note on Wednesday, January 3rd. StockNews.com cut shares of Boston Scientific from a buy rating to a hold rating in a research report on Wednesday, January 24th. Needham & Company LLC dropped their target price on shares of Boston Scientific from $65.00 to $60.00 and set a buy rating on the stock in a report on Friday, October 27th. Finally, Canaccord Genuity Group raised their price objective on Boston Scientific from $60.00 to $64.00 and gave the stock a buy rating in a research note on Monday, November 27th. Two analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $61.73.
Insider Buying and Selling at Boston Scientific
In other Boston Scientific news, EVP Joseph Michael Fitzgerald sold 11,660 shares of the firm’s stock in a transaction dated Friday, January 12th. The stock was sold at an average price of $60.00, for a total transaction of $699,600.00. Following the transaction, the executive vice president now directly owns 173,472 shares in the company, valued at $10,408,320. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, CEO Michael F. Mahoney sold 113,356 shares of Boston Scientific stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $52.51, for a total value of $5,952,323.56. Following the transaction, the chief executive officer now directly owns 1,498,922 shares in the company, valued at $78,708,394.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Joseph Michael Fitzgerald sold 11,660 shares of Boston Scientific stock in a transaction dated Friday, January 12th. The stock was sold at an average price of $60.00, for a total value of $699,600.00. Following the completion of the transaction, the executive vice president now owns 173,472 shares in the company, valued at $10,408,320. The disclosure for this sale can be found here. Insiders have sold a total of 155,541 shares of company stock worth $8,446,290 over the last three months. Corporate insiders own 0.53% of the company’s stock.
Hedge Funds Weigh In On Boston Scientific
Institutional investors have recently made changes to their positions in the business. Chilton Capital Management LLC bought a new position in Boston Scientific during the first quarter valued at about $158,000. Covestor Ltd boosted its holdings in Boston Scientific by 83.5% during the first quarter. Covestor Ltd now owns 3,283 shares of the medical equipment provider’s stock valued at $145,000 after purchasing an additional 1,494 shares in the last quarter. Harbour Investments Inc. boosted its holdings in Boston Scientific by 28.0% during the first quarter. Harbour Investments Inc. now owns 2,470 shares of the medical equipment provider’s stock valued at $124,000 after purchasing an additional 540 shares in the last quarter. Parkside Financial Bank & Trust boosted its holdings in Boston Scientific by 20.6% during the first quarter. Parkside Financial Bank & Trust now owns 1,793 shares of the medical equipment provider’s stock valued at $79,000 after purchasing an additional 306 shares in the last quarter. Finally, Itau Unibanco Holding S.A. acquired a new stake in Boston Scientific during the second quarter valued at approximately $66,000. 89.11% of the stock is currently owned by institutional investors.
About Boston Scientific
Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. It operates through MedSurg and Cardiovascular segments. The company offers devices to diagnose and treat gastrointestinal and pulmonary conditions; devices to treat various urological and pelvic conditions; implantable cardioverter and implantable cardiac resynchronization therapy defibrillators; pacemakers and implantable cardiac resynchronization therapy pacemakers; and remote patient management systems.
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