1776 Wealth LLC Trims Stake in Boston Scientific Co. (NYSE:BSX)

1776 Wealth LLC cut its position in shares of Boston Scientific Co. (NYSE:BSX) by 5.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,593 shares of the medical equipment provider’s stock after selling 638 shares during the quarter. 1776 Wealth LLC’s holdings in Boston Scientific were worth $971,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of BSX. Koshinski Asset Management Inc. acquired a new position in shares of Boston Scientific in the 1st quarter valued at $250,000. Kingsview Wealth Management LLC raised its holdings in Boston Scientific by 4.1% in the first quarter. Kingsview Wealth Management LLC now owns 5,570 shares of the medical equipment provider’s stock valued at $381,000 after buying an additional 219 shares during the period. Blair William & Co. IL lifted its position in Boston Scientific by 9.3% during the first quarter. Blair William & Co. IL now owns 18,312 shares of the medical equipment provider’s stock valued at $1,254,000 after buying an additional 1,560 shares in the last quarter. Nwam LLC purchased a new stake in Boston Scientific during the first quarter worth approximately $229,000. Finally, First Foundation Advisors acquired a new stake in shares of Boston Scientific in the first quarter worth $25,000. 89.07% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Boston Scientific

In other news, EVP Wendy Carruthers sold 6,983 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $81.70, for a total transaction of $570,511.10. Following the sale, the executive vice president now directly owns 37,468 shares of the company’s stock, valued at $3,061,135.60. The trade was a 15.71 % 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 link. Also, EVP Joseph Michael Fitzgerald sold 132,527 shares of the stock in a transaction on 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 trade represents a 45.23 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 309,270 shares of company stock valued at $26,196,718. 0.50% of the stock is owned by corporate insiders.

Boston Scientific Stock Performance

Shares of NYSE BSX traded down $0.60 during midday trading on Friday, reaching $86.99. 10,230,145 shares of the company traded hands, compared to its average volume of 6,083,564. The company has a market cap of $128.21 billion, a price-to-earnings ratio of 71.88, a PEG ratio of 2.61 and a beta of 0.79. The stock has a 50-day moving average price of $85.26 and a 200 day moving average price of $79.49. Boston Scientific Co. has a 52 week low of $53.56 and a 52 week high of $89.30. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.48 and a quick ratio of 1.02.

Boston Scientific (NYSE:BSX) last issued its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $4.04 billion. During the same period in the prior year, the business posted $0.50 EPS. The business’s revenue for the quarter was up 19.3% compared to the same quarter last year. Sell-side analysts anticipate that Boston Scientific Co. will post 2.46 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Barclays upped their price target on shares of Boston Scientific from $78.00 to $86.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. StockNews.com downgraded Boston Scientific from a “buy” rating to a “hold” rating in a research report on Monday, November 4th. Deutsche Bank Aktiengesellschaft increased their target price on Boston Scientific from $73.00 to $78.00 and gave the company a “hold” rating in a research note on Thursday, July 25th. Citigroup boosted their price target on Boston Scientific from $92.00 to $98.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Finally, Evercore ISI increased their price objective on shares of Boston Scientific from $82.00 to $90.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Four investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Boston Scientific currently has an average rating of “Moderate Buy” and an average target price of $93.39.

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.