Royal Bank of Canada Reiterates “Outperform” Rating for Boston Scientific (NYSE:BSX)

Royal Bank of Canada reiterated their outperform rating on shares of Boston Scientific (NYSE:BSX) in a research report sent to investors on Thursday, Benzinga reports. The brokerage currently has a $85.00 target price on the medical equipment provider’s stock.

A number of other brokerages have also weighed in on BSX. Truist Financial increased their price target on Boston Scientific from $86.00 to $90.00 and gave the stock a buy rating in a research note on Tuesday, July 16th. Morgan Stanley increased their price target on Boston Scientific from $79.00 to $92.00 and gave the stock an overweight rating in a research note on Monday, July 15th. Barclays increased their price target on Boston Scientific from $70.00 to $78.00 and gave the stock an overweight rating in a research note on Friday, April 26th. UBS Group increased their price target on Boston Scientific from $74.00 to $90.00 and gave the stock a buy rating in a research note on Thursday, April 25th. Finally, Evercore ISI increased their target price on Boston Scientific from $78.00 to $81.00 and gave the stock an outperform rating in a research report on Tuesday, July 2nd. Two research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $84.76.

Boston Scientific Price Performance

BSX stock opened at $74.92 on Thursday. Boston Scientific has a 1 year low of $48.35 and a 1 year high of $79.43. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.14 and a current ratio of 1.66. The stock’s 50 day moving average price is $76.49 and its 200 day moving average price is $70.47. The firm has a market cap of $109.92 billion, a P/E ratio of 62.96, a PEG ratio of 2.49 and a beta of 0.78.

Boston Scientific (NYSE:BSX) last posted its 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 return on equity of 16.80% and a net margin of 12.00%. The firm had revenue of $4.12 billion for the quarter, compared to analyst estimates of $4.02 billion. During the same quarter in the prior year, the company earned $0.53 EPS. Boston Scientific’s revenue was up 14.5% on a year-over-year basis. On average, sell-side analysts expect that Boston Scientific will post 2.4 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP John Bradley Sorenson sold 17,587 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $71.50, for a total transaction of $1,257,470.50. Following the transaction, the executive vice president now owns 50,638 shares of the company’s stock, valued at $3,620,617. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP John Bradley Sorenson sold 17,587 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $71.50, for a total transaction of $1,257,470.50. Following the transaction, the executive vice president now owns 50,638 shares of the company’s stock, valued at $3,620,617. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles J. Dockendorff sold 3,946 shares of the stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $72.70, for a total transaction of $286,874.20. The disclosure for this sale can be found here. Insiders sold 62,441 shares of company stock worth $4,624,453 over the last ninety days. Corporate insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Boston Scientific

A number of large investors have recently bought and sold shares of BSX. Mutual Advisors LLC lifted its holdings in Boston Scientific by 20.7% in the fourth quarter. Mutual Advisors LLC now owns 5,999 shares of the medical equipment provider’s stock worth $347,000 after acquiring an additional 1,029 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its holdings in Boston Scientific by 3.0% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 507,550 shares of the medical equipment provider’s stock worth $29,341,000 after acquiring an additional 14,723 shares during the last quarter. Pacer Advisors Inc. lifted its holdings in Boston Scientific by 79.6% in the fourth quarter. Pacer Advisors Inc. now owns 178,639 shares of the medical equipment provider’s stock worth $10,327,000 after acquiring an additional 79,168 shares during the last quarter. WASHINGTON TRUST Co lifted its holdings in Boston Scientific by 320.9% in the fourth quarter. WASHINGTON TRUST Co now owns 8,418 shares of the medical equipment provider’s stock worth $487,000 after acquiring an additional 6,418 shares during the last quarter. Finally, Ritholtz Wealth Management lifted its holdings in Boston Scientific by 5.9% in the fourth quarter. Ritholtz Wealth Management now owns 21,855 shares of the medical equipment provider’s stock worth $1,263,000 after acquiring an additional 1,208 shares during the last quarter. 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.