Sofinnova Investments Inc. Sells 182,771 Shares of Boston Scientific Co. (NYSE:BSX)

Sofinnova Investments Inc. decreased its holdings in Boston Scientific Co. (NYSE:BSX) by 51.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 171,080 shares of the medical equipment provider’s stock after selling 182,771 shares during the period. Sofinnova Investments Inc.’s holdings in Boston Scientific were worth $13,175,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Precision Wealth Strategies LLC purchased a new position in Boston Scientific in the 4th quarter worth about $956,000. Aveo Capital Partners LLC lifted its position in Boston Scientific by 1.3% during the fourth quarter. Aveo Capital Partners LLC now owns 12,841 shares of the medical equipment provider’s stock valued at $742,000 after purchasing an additional 171 shares during the period. Jump Financial LLC bought a new position in Boston Scientific during the fourth quarter valued at approximately $361,000. Independent Advisor Alliance purchased a new stake in Boston Scientific in the fourth quarter worth approximately $228,000. Finally, TrinityPoint Wealth LLC grew its position in Boston Scientific by 5.9% in the 4th quarter. TrinityPoint Wealth LLC now owns 12,546 shares of the medical equipment provider’s stock worth $725,000 after purchasing an additional 697 shares during the period. Hedge funds and other institutional investors own 89.07% of the company’s stock.

Insider Activity at Boston Scientific

In other Boston Scientific news, EVP Wendy Carruthers sold 6,983 shares of Boston Scientific stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $77.30, for a total value of $539,785.90. Following the sale, the executive vice president now 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 accessible through this hyperlink. Over the last three months, insiders sold 20,949 shares of company stock valued at $1,627,877. Insiders own 0.50% of the company’s stock.

Boston Scientific Trading Up 0.2 %

Boston Scientific stock opened at $83.51 on Tuesday. Boston Scientific Co. has a 1 year low of $48.35 and a 1 year high of $84.11. The firm’s 50 day moving average price is $78.23 and its 200-day moving average price is $74.28. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.61 and a quick ratio of 1.14. The stock has a market cap of $122.52 billion, a P/E ratio of 70.18, a PEG ratio of 2.75 and a beta of 0.79.

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, beating 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 company had revenue of $4.12 billion for the quarter, compared to the consensus estimate of $4.02 billion. During the same period in the previous year, the firm posted $0.53 EPS. Boston Scientific’s revenue for the quarter was up 14.5% compared to the same quarter last year. On average, equities analysts predict that Boston Scientific Co. will post 2.4 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on BSX shares. Raymond James increased their price target on Boston Scientific from $91.00 to $94.00 and gave the company a “strong-buy” rating in a report on Wednesday, September 4th. Truist Financial raised their target price on Boston Scientific from $86.00 to $90.00 and gave the stock a “buy” rating in a research report on Tuesday, July 16th. Morgan Stanley upped their price target on shares of Boston Scientific from $79.00 to $92.00 and gave the company an “overweight” rating in a research report on Monday, July 15th. JPMorgan Chase & Co. raised their price objective on shares of Boston Scientific from $82.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Finally, Canaccord Genuity Group boosted their target price on shares of Boston Scientific from $83.00 to $88.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Three research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Boston Scientific has an average rating of “Moderate Buy” and a consensus target price of $85.38.

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.