Boston Scientific (NYSE:BSX) Shares Gap Up – Here’s What Happened

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 traded.

Wall Street Analysts Forecast Growth

BSX has been the subject of a number of analyst reports. Wells Fargo & Company increased their price target on Boston Scientific from $98.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, December 11th. Stifel Nicolaus raised their price target on shares of Boston Scientific from $85.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Deutsche Bank Aktiengesellschaft raised shares of Boston Scientific from a “hold” rating to a “buy” rating and set a $108.00 price target on the stock in a report on Friday. Mizuho raised their price objective on shares of Boston Scientific from $100.00 to $110.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Finally, JPMorgan Chase & Co. upped their target price on shares of Boston Scientific from $100.00 to $110.00 and gave the company an “overweight” rating in a research note on Monday, December 16th. Three research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Boston Scientific currently has an average rating of “Moderate Buy” and a consensus target price of $97.26.

Boston Scientific Stock Performance

The stock has a 50 day moving average price of $89.73 and a two-hundred day moving average price of $83.67. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.48 and a quick ratio of 1.02. The company has a market capitalization of $139.48 billion, a price-to-earnings ratio of 78.21, a price-to-earnings-growth ratio of 2.67 and a beta of 0.80.

Boston Scientific (NYSE:BSX) last released its 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. The company had revenue of $4.21 billion during the quarter, compared to the consensus estimate of $4.04 billion. Boston Scientific had a return on equity of 17.23% and a net margin of 11.26%. The firm’s quarterly revenue was up 19.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.50 earnings per share. On average, 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, EVP Wendy Carruthers sold 6,983 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $90.78, for a total transaction of $633,916.74. Following the sale, the executive vice president now directly owns 29,308 shares of the company’s stock, valued at approximately $2,660,580.24. This represents a 19.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Arthur C. Butcher sold 14,010 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $89.27, for a total transaction of $1,250,672.70. Following the transaction, the executive vice president now owns 978 shares in the company, valued at $87,306.06. This represents a 93.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,989 shares of company stock worth $2,702,261 in the last ninety days. Company insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Private Advisor Group LLC lifted its stake 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 last quarter. Prudential PLC increased its stake in shares of Boston Scientific by 6.8% in the second quarter. Prudential PLC now owns 34,685 shares of the medical equipment provider’s stock valued at $2,671,000 after buying an additional 2,209 shares during the period. Wedbush Securities Inc. acquired a new stake in Boston Scientific during the 2nd quarter worth approximately $251,000. Andra AP fonden bought a new stake in Boston Scientific during the 2nd quarter worth approximately $29,000. Finally, MGO One Seven LLC increased its position in Boston Scientific by 101.5% in the 2nd quarter. MGO One Seven LLC now owns 16,672 shares of the medical equipment provider’s stock valued at $1,284,000 after acquiring an additional 8,399 shares during the period. 89.07% of the stock is owned by institutional investors and hedge funds.

Boston Scientific Company Profile

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.