Boston Scientific (NYSE:BSX) Lowered to Hold at Needham & Company LLC

Boston Scientific (NYSE:BSX) was downgraded by stock analysts at Needham & Company LLC from a “buy” rating to a “hold” rating in a report released on Friday, MarketBeat reports.

BSX has been the subject of a number of other reports. Canaccord Genuity Group upped their price objective on shares of Boston Scientific from $83.00 to $88.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Morgan Stanley upped their price objective on shares of Boston Scientific from $79.00 to $92.00 and gave the stock an “overweight” rating in a research report on Monday, July 15th. StockNews.com cut shares of Boston Scientific from a “buy” rating to a “hold” rating in a research report on Tuesday, September 24th. Robert W. Baird upped their price objective on shares of Boston Scientific from $90.00 to $91.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Finally, Citigroup upped their price objective on shares of Boston Scientific from $90.00 to $92.00 and gave the stock a “buy” rating in a research report on Thursday, August 22nd. Four equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Boston Scientific presently has an average rating of “Moderate Buy” and an average target price of $88.55.

Boston Scientific Stock Performance

Shares of NYSE BSX opened at $86.43 on Friday. The company’s fifty day moving average price is $82.25 and its 200 day moving average price is $76.95. Boston Scientific has a 1 year low of $49.15 and a 1 year high of $88.09. The company has a market capitalization of $126.80 billion, a PE ratio of 72.63, a price-to-earnings-growth ratio of 2.87 and a beta of 0.80. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.14 and a current ratio of 1.61.

Boston Scientific (NYSE:BSX) last announced its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.04. Boston Scientific had a net margin of 12.00% and a return on equity of 16.59%. The firm had revenue of $4.12 billion for the quarter, compared to the consensus estimate of $4.02 billion. During the same period in the prior year, the firm posted $0.53 earnings per share. The firm’s quarterly revenue was up 14.5% compared to the same quarter last year. On average, research analysts predict that Boston Scientific will post 2.4 earnings per share for the current year.

Insider Activity at Boston Scientific

In related news, EVP Wendy Carruthers sold 6,983 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $81.70, for a total value of $570,511.10. Following the completion of the sale, the executive vice president now owns 37,468 shares of the company’s stock, valued at approximately $3,061,135.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Boston Scientific news, CEO Michael F. Mahoney sold 162,777 shares of the stock in a transaction dated 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 of the company’s stock, valued at $133,046,484.48. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Wendy Carruthers sold 6,983 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $81.70, for a total transaction of $570,511.10. Following the transaction, the executive vice president now directly owns 37,468 shares of the company’s stock, valued at approximately $3,061,135.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 316,253 shares of company stock valued at $26,714,298. 0.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Eagle Bay Advisors LLC boosted its stake in Boston Scientific by 542.1% during the first quarter. Eagle Bay Advisors LLC now owns 366 shares of the medical equipment provider’s stock worth $25,000 after buying an additional 309 shares during the period. First Foundation Advisors purchased a new position in shares of Boston Scientific in the first quarter valued at approximately $25,000. Triad Wealth Partners LLC purchased a new position in shares of Boston Scientific in the second quarter valued at approximately $26,000. Andra AP fonden purchased a new position in shares of Boston Scientific in the second quarter valued at approximately $29,000. Finally, RiverPark Advisors LLC purchased a new position in shares of Boston Scientific in the first quarter valued at approximately $30,000. Hedge funds and other institutional investors own 89.07% of the company’s stock.

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.