Boston Scientific (NYSE:BSX) Given New $98.00 Price Target at Wells Fargo & Company

Boston Scientific (NYSE:BSX) had its target price increased by equities researchers at Wells Fargo & Company from $87.00 to $98.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the medical equipment provider’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 13.49% from the company’s current price.

Several other equities research analysts also recently issued reports on the stock. Robert W. Baird raised 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. Raymond James lifted their price target on Boston Scientific from $91.00 to $94.00 and gave the stock a “strong-buy” rating in a report on Wednesday, September 4th. Truist Financial increased their price objective on Boston Scientific from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Citigroup lifted their price objective on shares of Boston Scientific from $92.00 to $98.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Boston Scientific from $73.00 to $78.00 and gave the stock a “hold” rating in a report on Thursday, July 25th. Four research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $92.73.

Boston Scientific Stock Performance

Shares of BSX traded down $1.10 during mid-day trading on Thursday, reaching $86.35. The company’s stock had a trading volume of 2,226,216 shares, compared to its average volume of 6,003,222. The company has a current ratio of 1.61, a quick ratio of 1.14 and a debt-to-equity ratio of 0.44. The stock has a market cap of $126.68 billion, a P/E ratio of 72.56, a PEG ratio of 2.87 and a beta of 0.80. Boston Scientific has a 1-year low of $49.15 and a 1-year high of $88.79. The business has a 50-day simple moving average of $83.19 and a two-hundred day simple moving average of $77.57.

Boston Scientific (NYSE:BSX) last announced its quarterly earnings results 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. The business 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 16.59% and a net margin of 12.00%. The company’s quarterly revenue was up 19.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.50 EPS. As a group, equities research analysts anticipate that Boston Scientific will post 2.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Boston Scientific

In other Boston Scientific news, EVP Joseph Michael Fitzgerald sold 132,527 shares of the company’s stock in a transaction on 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 completion of the transaction, the executive vice president now directly owns 160,467 shares in the company, valued at approximately $13,639,695. This represents 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 other Boston Scientific news, CEO Michael F. Mahoney sold 162,777 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now owns 1,572,096 shares in the company, valued at approximately $133,046,484.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Joseph Michael Fitzgerald sold 132,527 shares of the business’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $85.00, for a total value of $11,264,795.00. Following the completion of the sale, the executive vice president now directly owns 160,467 shares in the company, valued at approximately $13,639,695. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 316,253 shares of company stock valued at $26,714,298 in the last quarter. Company insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Boston Scientific

Several large investors have recently modified their holdings of the stock. Eagle Bay Advisors LLC lifted its stake in shares of Boston Scientific by 542.1% in 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 in the last quarter. First Foundation Advisors purchased a new stake in Boston Scientific during the 1st quarter valued at $25,000. Triad Wealth Partners LLC bought a new position in shares of Boston Scientific during the 2nd quarter valued at $26,000. Values First Advisors Inc. purchased a new position in shares of Boston Scientific in the 3rd quarter worth $28,000. Finally, Andra AP fonden bought a new stake in shares of Boston Scientific in the second quarter worth $29,000. 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.