49 Wealth Management LLC Makes New Investment in Boston Scientific Co. (NYSE:BSX)

49 Wealth Management LLC purchased a new position in Boston Scientific Co. (NYSE:BSX) in the third quarter, HoldingsChannel reports. The institutional investor purchased 2,488 shares of the medical equipment provider’s stock, valued at approximately $208,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Legal & General Group Plc raised its holdings in shares of Boston Scientific by 2.7% in the second quarter. Legal & General Group Plc now owns 13,922,773 shares of the medical equipment provider’s stock worth $1,072,195,000 after buying an additional 360,793 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Boston Scientific by 0.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 8,018,377 shares of the medical equipment provider’s stock valued at $671,940,000 after buying an additional 64,720 shares during the period. Ameriprise Financial Inc. grew its position in Boston Scientific by 30.0% during the second quarter. Ameriprise Financial Inc. now owns 7,899,610 shares of the medical equipment provider’s stock valued at $608,349,000 after buying an additional 1,824,405 shares during the period. Price T Rowe Associates Inc. MD grew its position in Boston Scientific by 13.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,182,160 shares of the medical equipment provider’s stock valued at $491,907,000 after buying an additional 878,404 shares during the period. Finally, Marshall Wace LLP grew its position in shares of Boston Scientific by 115.9% in the second quarter. Marshall Wace LLP now owns 6,720,480 shares of the medical equipment provider’s stock valued at $517,544,000 after purchasing an additional 3,608,158 shares during the period. Hedge funds and other institutional investors own 89.07% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on BSX. Truist Financial lifted their target price on shares of Boston Scientific from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Wells Fargo & Company lifted their target price on shares of Boston Scientific from $87.00 to $98.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. TD Cowen lifted their price target on shares of Boston Scientific from $86.00 to $100.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Evercore ISI lifted their price target 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. Finally, Raymond James lifted their price objective on shares of Boston Scientific from $91.00 to $94.00 and gave the company a “strong-buy” rating in a report on Wednesday, September 4th. Four investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Boston Scientific currently has a consensus rating of “Moderate Buy” and a consensus target price of $93.39.

Boston Scientific Stock Down 1.6 %

Shares of NYSE:BSX opened at $90.00 on Friday. The firm has a 50 day simple moving average of $85.99 and a 200-day simple moving average of $80.12. Boston Scientific Co. has a twelve month low of $53.93 and a twelve month high of $91.93. The company has a market capitalization of $132.64 billion, a PE ratio of 74.38, a P/E/G ratio of 2.66 and a beta of 0.79. The company has a current ratio of 1.48, a quick ratio of 1.02 and a debt-to-equity ratio of 0.44.

Boston Scientific (NYSE:BSX) last released its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $0.63 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 firm had revenue of $4.21 billion during the quarter, compared to the consensus estimate of $4.04 billion. During the same quarter in the prior year, the firm earned $0.50 EPS. Boston Scientific’s revenue for the quarter was up 19.3% on a year-over-year basis. On average, equities analysts predict that Boston Scientific Co. will post 2.46 EPS for the current fiscal year.

Insider Activity at Boston Scientific

In other Boston Scientific news, CEO Michael F. Mahoney sold 162,777 shares of the company’s stock in a transaction on 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 in the company, valued at approximately $133,046,484.48. This represents a 9.38 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Wendy Carruthers sold 6,983 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $83.86, for a total transaction of $585,594.38. Following the transaction, the executive vice president now owns 34,748 shares of the company’s stock, valued at approximately $2,913,967.28. The trade was a 16.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 314,147 shares of company stock worth $26,643,598 in the last 90 days. 0.50% of the stock is owned by insiders.

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.