Boston Scientific (NYSE:BSX) Downgraded by StockNews.com to Hold

StockNews.com cut shares of Boston Scientific (NYSE:BSX) from a buy rating to a hold rating in a research report released on Tuesday morning.

Other research analysts have also issued research reports about the stock. Royal Bank of Canada reissued an outperform rating and set a $85.00 price objective on shares of Boston Scientific in a research note on Thursday, July 25th. Truist Financial boosted their price target on shares of Boston Scientific from $86.00 to $90.00 and gave the company a buy rating in a report on Tuesday, July 16th. Argus upped their price objective on shares of Boston Scientific from $80.00 to $95.00 and gave the company a buy rating in a research report on Tuesday, May 28th. Evercore ISI lifted their target price on Boston Scientific from $78.00 to $81.00 and gave the stock an outperform rating in a report on Tuesday, July 2nd. Finally, Barclays increased their price target on Boston Scientific from $78.00 to $86.00 and gave the stock an overweight rating in a report on Thursday, August 22nd. Three equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Boston Scientific has a consensus rating of Moderate Buy and an average target price of $86.65.

Boston Scientific Stock Up 0.4 %

Shares of NYSE BSX opened at $83.38 on Tuesday. Boston Scientific has a 1 year low of $48.35 and a 1 year high of $84.89. The firm’s 50-day moving average is $79.22 and its 200-day moving average is $75.07. 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 firm has a market capitalization of $122.33 billion, a PE ratio of 69.88, a price-to-earnings-growth ratio of 2.78 and a beta of 0.79.

Boston Scientific (NYSE:BSX) last released its earnings results on Wednesday, July 24th. The medical equipment provider reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.04. The firm had revenue of $4.12 billion during the quarter, compared to analyst estimates of $4.02 billion. Boston Scientific had a net margin of 12.00% and a return on equity of 16.59%. The business’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.53 EPS. Equities analysts expect that Boston Scientific will post 2.4 EPS for the current year.

Insider Activity

In related news, EVP Wendy Carruthers sold 6,983 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $74.12, for a total transaction of $517,579.96. Following the transaction, the executive vice president now directly 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 20,949 shares of company stock valued at $1,627,877 over the last three months. Insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in shares of Boston Scientific by 1.6% during the first quarter. Vanguard Group Inc. now owns 127,437,884 shares of the medical equipment provider’s stock worth $8,728,221,000 after acquiring an additional 1,988,082 shares during the period. Capital World Investors lifted its holdings in Boston Scientific by 69.9% during the 1st quarter. Capital World Investors now owns 16,008,085 shares of the medical equipment provider’s stock worth $1,096,394,000 after purchasing an additional 6,588,256 shares during the last quarter. Legal & General Group Plc boosted its stake in Boston Scientific by 2.7% in the 2nd quarter. Legal & General Group Plc now owns 13,922,773 shares of the medical equipment provider’s stock valued at $1,072,195,000 after purchasing an additional 360,793 shares during the period. Putnam Investments LLC grew 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 buying an additional 6,859,280 shares in the last quarter. Finally, Vontobel Asset Management Inc. increased its position in Boston Scientific by 10.2% during the 4th quarter. Vontobel Asset Management Inc. now owns 10,974,569 shares of the medical equipment provider’s stock worth $668,472,000 after buying an additional 1,015,140 shares during the period. Institutional investors and hedge funds own 89.07% of the company’s stock.

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.