Boston Scientific (NYSE:BSX) Shares Gap Up – Still a Buy?

Boston Scientific Co. (NYSE:BSX) shares gapped up before the market opened on Wednesday . The stock had previously closed at $91.99, but opened at $96.68. Boston Scientific shares last traded at $96.52, with a volume of 2,529,217 shares changing hands.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on BSX. Mizuho boosted their price objective on shares of Boston Scientific from $100.00 to $110.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Bank of America boosted their target price on Boston Scientific from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. BTIG Research raised their price target on Boston Scientific from $84.00 to $93.00 and gave the company a “buy” rating in a report on Monday, October 14th. Truist Financial upped their target price on shares of Boston Scientific from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Wednesday, December 18th. Finally, Royal Bank of Canada boosted their price target on shares of Boston Scientific from $95.00 to $98.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Four research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $95.96.

Boston Scientific Trading Up 4.5 %

The company has a quick ratio of 1.02, a current ratio of 1.48 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $141.71 billion, a P/E ratio of 79.46, a price-to-earnings-growth ratio of 2.67 and a beta of 0.80. The business has a fifty day moving average price of $89.25 and a 200 day moving average price of $83.50.

Boston Scientific (NYSE:BSX) last released 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 return on equity of 17.23% and a net margin of 11.26%. 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 posted $0.50 EPS. The business’s revenue was up 19.3% on a year-over-year basis. On average, analysts expect that Boston Scientific Co. will post 2.46 earnings per share for the current fiscal year.

Insider Transactions at Boston Scientific

In other Boston Scientific news, EVP Arthur C. Butcher sold 14,010 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $89.27, for a total value of $1,250,672.70. Following the completion of the sale, the executive vice president now owns 978 shares in the company, valued at $87,306.06. This trade represents a 93.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP John Bradley Sorenson sold 4,119 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $90.02, for a total transaction of $370,792.38. Following the completion of the sale, the executive vice president now directly owns 35,319 shares in the company, valued at approximately $3,179,416.38. The trade was a 10.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 29,989 shares of company stock worth $2,702,261 in the last three months. Insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Private Advisor Group LLC boosted its position in Boston Scientific by 9.8% during the second quarter. Private Advisor Group LLC now owns 35,059 shares of the medical equipment provider’s stock worth $2,700,000 after purchasing an additional 3,143 shares during the period. Savant Capital LLC boosted its holdings in shares of Boston Scientific by 2.0% during the 2nd quarter. Savant Capital LLC now owns 14,174 shares of the medical equipment provider’s stock worth $1,092,000 after buying an additional 273 shares during the period. First Foundation Advisors grew its stake in Boston Scientific by 51.2% in the 2nd quarter. First Foundation Advisors now owns 549 shares of the medical equipment provider’s stock valued at $42,000 after buying an additional 186 shares during the last quarter. Prudential PLC raised its holdings in Boston Scientific by 6.8% in the 2nd quarter. Prudential PLC now owns 34,685 shares of the medical equipment provider’s stock valued at $2,671,000 after acquiring an additional 2,209 shares during the period. Finally, Wedbush Securities Inc. acquired a new stake in Boston Scientific during the second quarter worth approximately $251,000. 89.07% 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 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.