Sofinnova Investments Inc. Reduces Stock Position in Boston Scientific Co. (NYSE:BSX)

Sofinnova Investments Inc. trimmed its holdings in shares of Boston Scientific Co. (NYSE:BSX) by 51.7% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 171,080 shares of the medical equipment provider’s stock after selling 182,771 shares during the quarter. Sofinnova Investments Inc.’s holdings in Boston Scientific were worth $13,175,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. CVA Family Office LLC lifted its holdings in shares of Boston Scientific by 7.4% in the 2nd quarter. CVA Family Office LLC now owns 1,909 shares of the medical equipment provider’s stock worth $147,000 after acquiring an additional 131 shares during the last quarter. International Assets Investment Management LLC lifted its stake in Boston Scientific by 0.6% in the second quarter. International Assets Investment Management LLC now owns 22,596 shares of the medical equipment provider’s stock worth $1,740,000 after purchasing an additional 139 shares during the last quarter. ST Germain D J Co. Inc. boosted its position in shares of Boston Scientific by 8.0% during the second quarter. ST Germain D J Co. Inc. now owns 1,923 shares of the medical equipment provider’s stock valued at $148,000 after buying an additional 143 shares during the period. Pinnacle Associates Ltd. grew its stake in shares of Boston Scientific by 2.0% during the first quarter. Pinnacle Associates Ltd. now owns 7,478 shares of the medical equipment provider’s stock valued at $512,000 after buying an additional 148 shares during the last quarter. Finally, Transcend Capital Advisors LLC raised its holdings in shares of Boston Scientific by 2.2% in the second quarter. Transcend Capital Advisors LLC now owns 6,773 shares of the medical equipment provider’s stock worth $522,000 after buying an additional 148 shares during the period. Institutional investors own 89.07% of the company’s stock.

Wall Street Analysts Forecast Growth

BSX has been the subject of a number of recent analyst reports. Truist Financial boosted their price objective on Boston Scientific from $86.00 to $90.00 and gave the company a “buy” rating in a report on Tuesday, July 16th. Argus boosted their price target on Boston Scientific from $80.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, May 28th. Raymond James raised their price objective on Boston Scientific from $91.00 to $94.00 and gave the stock a “strong-buy” rating in a report on Wednesday, September 4th. Canaccord Genuity Group upped their target price on Boston Scientific from $83.00 to $88.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Finally, BTIG Research increased their price target on Boston Scientific from $80.00 to $84.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Three research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $85.38.

Boston Scientific Stock Performance

Shares of BSX stock opened at $83.51 on Tuesday. Boston Scientific Co. has a 12-month low of $48.35 and a 12-month high of $84.11. The business’s fifty day simple moving average is $78.23 and its 200-day simple moving average is $74.28. 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 company has a market cap of $122.52 billion, a PE ratio of 70.18, a PEG ratio of 2.75 and a beta of 0.79.

Boston Scientific (NYSE:BSX) last announced its earnings results on Wednesday, July 24th. The medical equipment provider reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.04. The company had revenue of $4.12 billion for the quarter, compared to analyst estimates of $4.02 billion. Boston Scientific had a return on equity of 16.59% and a net margin of 12.00%. The firm’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.53 EPS. Analysts expect that Boston Scientific Co. will post 2.4 earnings per share for the current fiscal year.

Insider Activity at Boston Scientific

In other Boston Scientific news, EVP Wendy Carruthers sold 6,983 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $74.12, for a total transaction of $517,579.96. Following the sale, the executive vice president now owns 40,188 shares of the company’s stock, valued at approximately $2,978,734.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders sold 20,949 shares of company stock valued at $1,627,877 in the last three months. 0.50% of the stock is owned by insiders.

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.