Boston Scientific (NYSE:BSX) PT Raised to $85.00

Boston Scientific (NYSE:BSX) had its price target increased by JPMorgan Chase & Co. from $82.00 to $85.00 in a research report released on Thursday, Benzinga reports. They currently have an overweight rating on the medical equipment provider’s stock.

A number of other equities research analysts have also weighed in on the stock. The Goldman Sachs Group initiated coverage on shares of Boston Scientific in a report on Thursday, May 30th. They set a buy rating and a $90.00 price objective on the stock. Argus boosted their price objective on shares of Boston Scientific from $80.00 to $95.00 and gave the company a buy rating in a report on Tuesday, May 28th. Canaccord Genuity Group boosted their price objective on shares of Boston Scientific from $83.00 to $88.00 and gave the company a buy rating in a report on Thursday. Royal Bank of Canada boosted their price objective on shares of Boston Scientific from $78.00 to $82.00 and gave the company an outperform rating in a report on Thursday, April 25th. Finally, BTIG Research boosted their price objective on shares of Boston Scientific from $80.00 to $84.00 and gave the company a buy rating in a report on Monday, July 15th. Two analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Boston Scientific presently has a consensus rating of Moderate Buy and a consensus price target of $84.76.

Boston Scientific Stock Performance

Shares of NYSE:BSX opened at $74.59 on Thursday. The company has a market capitalization of $109.43 billion, a price-to-earnings ratio of 62.40, a price-to-earnings-growth ratio of 2.64 and a beta of 0.78. Boston Scientific has a 52 week low of $48.35 and a 52 week high of $79.43. The company has a quick ratio of 1.14, a current ratio of 1.66 and a debt-to-equity ratio of 0.47. The firm has a 50 day moving average of $76.48 and a 200 day moving average of $70.20.

Boston Scientific (NYSE:BSX) last issued 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. The business had revenue of $4.12 billion for the quarter, compared to the consensus estimate of $4.02 billion. Boston Scientific had a return on equity of 16.80% and a net margin of 12.00%. The business’s quarterly revenue was up 14.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.53 earnings per share. On average, sell-side analysts predict that Boston Scientific will post 2.35 earnings per share for the current fiscal year.

Insider Transactions at Boston Scientific

In other news, EVP Wendy Carruthers sold 6,983 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $77.30, for a total transaction of $539,785.90. Following the sale, the executive vice president now directly owns 42,908 shares of the company’s stock, valued at approximately $3,316,788.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, EVP Wendy Carruthers sold 6,983 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $77.30, for a total transaction of $539,785.90. Following the sale, the executive vice president now directly owns 42,908 shares of the company’s stock, valued at approximately $3,316,788.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Arthur C. Butcher sold 14,011 shares of the company’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $75.34, for a total transaction of $1,055,588.74. Following the transaction, the executive vice president now owns 20,197 shares of the company’s stock, valued at approximately $1,521,641.98. The disclosure for this sale can be found here. Insiders have sold a total of 62,441 shares of company stock valued at $4,624,453 in the last ninety days. 0.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of BSX. Norges Bank acquired a new position in shares of Boston Scientific during the 4th quarter worth about $930,626,000. Putnam Investments LLC raised its holdings in Boston Scientific by 110.5% in the 4th quarter. Putnam Investments LLC now owns 13,067,570 shares of the medical equipment provider’s stock valued at $755,436,000 after acquiring an additional 6,859,280 shares during the last quarter. Capital World Investors raised its holdings in Boston Scientific by 236.1% in the 4th quarter. Capital World Investors now owns 9,419,829 shares of the medical equipment provider’s stock valued at $544,560,000 after acquiring an additional 6,617,360 shares during the last quarter. Capital Research Global Investors acquired a new stake in Boston Scientific in the 1st quarter valued at about $182,897,000. Finally, Vanguard Group Inc. raised its holdings in Boston Scientific by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 127,437,884 shares of the medical equipment provider’s stock valued at $8,728,221,000 after acquiring an additional 1,988,082 shares during the last quarter. Institutional investors and hedge funds 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.