Boston Scientific (NYSE:BSX) Rating Reiterated by Needham & Company LLC

Needham & Company LLC restated their hold rating on shares of Boston Scientific (NYSE:BSX) in a research note issued to investors on Thursday morning, Benzinga reports.

Several other brokerages have also recently weighed in on BSX. Morgan Stanley raised their price target on shares of Boston Scientific from $79.00 to $92.00 and gave the stock an “overweight” rating in a research note on Monday, July 15th. TD Cowen boosted their price target on Boston Scientific from $86.00 to $100.00 and gave the stock a “buy” rating in a research report on Monday. Citigroup increased their price objective on Boston Scientific from $90.00 to $92.00 and gave the company a “buy” rating in a report on Thursday, August 22nd. StockNews.com downgraded Boston Scientific from a “buy” rating to a “hold” rating in a research report on Tuesday, September 24th. Finally, Canaccord Genuity Group increased their price target on Boston Scientific from $88.00 to $98.00 and gave the company a “buy” rating in a research note on Monday. Three investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $93.39.

Boston Scientific Price Performance

NYSE:BSX traded down $0.51 during mid-day trading on Thursday, reaching $84.59. 180,323 shares of the company were exchanged, compared to its average volume of 6,016,746. Boston Scientific has a 12 month low of $49.15 and a 12 month high of $88.79. The company has a fifty day moving average of $83.19 and a 200 day moving average of $77.57. The stock has a market cap of $124.10 billion, a PE ratio of 71.52, a PEG ratio of 2.87 and a beta of 0.80. The company has a quick ratio of 1.14, a current ratio of 1.61 and a debt-to-equity ratio of 0.44.

Boston Scientific (NYSE:BSX) last issued its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.04. Boston Scientific had a return on equity of 16.59% and a net margin of 12.00%. The business had revenue of $4.21 billion during the quarter, compared to analyst estimates of $4.04 billion. During the same period in the previous year, the firm earned $0.50 EPS. Boston Scientific’s quarterly revenue was up 19.3% compared to the same quarter last year. On average, research analysts anticipate that Boston Scientific will post 2.4 EPS for the current fiscal year.

Insider Buying and Selling

In other Boston Scientific news, EVP Joseph Michael Fitzgerald sold 132,527 shares of the business’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $85.00, for a total transaction of $11,264,795.00. Following the transaction, the executive vice president now directly owns 160,467 shares of the company’s stock, valued at approximately $13,639,695. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related 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 value 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 approximately $133,046,484.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Joseph Michael Fitzgerald sold 132,527 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president now owns 160,467 shares of the company’s stock, valued at approximately $13,639,695. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 316,253 shares of company stock valued at $26,714,298 over the last ninety days. 0.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BI Asset Management Fondsmaeglerselskab A S boosted its stake in Boston Scientific by 225.6% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 105,671 shares of the medical equipment provider’s stock worth $7,237,000 after buying an additional 73,219 shares during the period. BDF Gestion purchased a new stake in shares of Boston Scientific in the 2nd quarter worth approximately $3,570,000. LRI Investments LLC purchased a new stake in Boston Scientific during the first quarter worth $139,000. Cetera Advisor Networks LLC raised its position in shares of Boston Scientific by 11.8% in the 1st quarter. Cetera Advisor Networks LLC now owns 201,426 shares of the medical equipment provider’s stock worth $13,796,000 after acquiring an additional 21,252 shares in the last quarter. Finally, Brookstone Capital Management boosted its position in Boston Scientific by 389.1% during the second quarter. Brookstone Capital Management now owns 69,945 shares of the medical equipment provider’s stock valued at $5,414,000 after purchasing an additional 55,645 shares in the last quarter. 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.