Jennison Associates LLC Cuts Position in Boston Scientific Co. (NYSE:BSX)

Jennison Associates LLC decreased its position in Boston Scientific Co. (NYSE:BSX) by 0.7% during the 1st quarter, Holdings Channel reports. The firm owned 1,219,320 shares of the medical equipment provider’s stock after selling 8,513 shares during the quarter. Jennison Associates LLC’s holdings in Boston Scientific were worth $83,511,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Glenmede Trust Co. NA raised its holdings in Boston Scientific by 12.1% in the third quarter. Glenmede Trust Co. NA now owns 10,442 shares of the medical equipment provider’s stock valued at $551,000 after buying an additional 1,123 shares during the period. Axxcess Wealth Management LLC acquired a new position in Boston Scientific in the third quarter worth $201,000. Lido Advisors LLC boosted its holdings in shares of Boston Scientific by 38.2% during the third quarter. Lido Advisors LLC now owns 13,266 shares of the medical equipment provider’s stock valued at $700,000 after acquiring an additional 3,669 shares during the period. Royal Bank of Canada boosted its holdings in shares of Boston Scientific by 15.9% during the third quarter. Royal Bank of Canada now owns 3,671,939 shares of the medical equipment provider’s stock valued at $193,878,000 after acquiring an additional 504,357 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of Boston Scientific by 1.4% during the third quarter. The Manufacturers Life Insurance Company now owns 1,084,086 shares of the medical equipment provider’s stock valued at $57,240,000 after acquiring an additional 14,825 shares during the period. Institutional investors and hedge funds own 89.07% of the company’s stock.

Boston Scientific Stock Up 0.7 %

Shares of NYSE:BSX traded up $0.52 during trading on Tuesday, hitting $76.63. 1,575,190 shares of the company were exchanged, compared to its average volume of 6,180,818. The company has a current ratio of 1.66, a quick ratio of 1.14 and a debt-to-equity ratio of 0.47. The stock has a market cap of $112.42 billion, a price-to-earnings ratio of 64.00, a P/E/G ratio of 2.63 and a beta of 0.78. Boston Scientific Co. has a fifty-two week low of $48.35 and a fifty-two week high of $77.99. The firm has a fifty day moving average price of $75.42 and a two-hundred day moving average price of $68.54.

Boston Scientific (NYSE:BSX) last posted its earnings results on Wednesday, April 24th. The medical equipment provider reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.05. The business had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.68 billion. Boston Scientific had a return on equity of 16.39% and a net margin of 12.06%. As a group, research analysts anticipate that Boston Scientific Co. will post 2.32 earnings per share for the current fiscal year.

Insider Buying and Selling at Boston Scientific

In other Boston Scientific news, Director Edward J. Ludwig sold 9,818 shares of the company’s stock in a transaction on Friday, April 26th. The stock was sold at an average price of $73.29, for a total value of $719,561.22. Following the transaction, the director now directly owns 41,374 shares of the company’s stock, valued at approximately $3,032,300.46. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, EVP Wendy Carruthers sold 6,983 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $77.30, for a total transaction of $539,785.90. Following the completion of the sale, the executive vice president now directly owns 42,908 shares in the company, valued at approximately $3,316,788.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Edward J. Ludwig sold 9,818 shares of the company’s stock in a transaction on Friday, April 26th. The shares were sold at an average price of $73.29, for a total value of $719,561.22. Following the sale, the director now owns 41,374 shares of the company’s stock, valued at $3,032,300.46. The disclosure for this sale can be found here. Insiders have sold a total of 72,259 shares of company stock valued at $5,344,014 in the last ninety days. 0.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on BSX shares. JPMorgan Chase & Co. upped their price objective on shares of Boston Scientific from $72.00 to $82.00 and gave the stock an “overweight” rating in a report on Thursday, April 25th. Barclays increased their price target on shares of Boston Scientific from $70.00 to $78.00 and gave the stock an “overweight” rating in a research report on Friday, April 26th. Wells Fargo & Company increased their price objective on Boston Scientific from $72.00 to $82.00 and gave the stock an “overweight” rating in a report on Thursday, April 25th. Argus increased their price objective on Boston Scientific from $80.00 to $95.00 and gave the stock a “buy” rating in a report on Tuesday, May 28th. Finally, The Goldman Sachs Group assumed coverage on Boston Scientific in a report on Thursday, May 30th. They set a “buy” rating and a $90.00 price target on the stock. Three analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Boston Scientific presently has a consensus rating of “Moderate Buy” and a consensus target price of $78.14.

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.