Short Interest in Boston Scientific Co. (NYSE:BSX) Increases By 14.1%

Boston Scientific Co. (NYSE:BSX) saw a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 12,910,000 shares, an increase of 14.1% from the October 15th total of 11,310,000 shares. Based on an average daily volume of 5,590,000 shares, the days-to-cover ratio is currently 2.3 days.

Boston Scientific Stock Performance

BSX stock traded up $3.42 during midday trading on Monday, hitting $90.41. 1,824,684 shares of the company traded hands, compared to its average volume of 6,064,466. The company has a quick ratio of 1.02, a current ratio of 1.48 and a debt-to-equity ratio of 0.44. The business has a 50 day simple moving average of $85.26 and a 200-day simple moving average of $79.59. The stock has a market capitalization of $133.25 billion, a price-to-earnings ratio of 71.89, a price-to-earnings-growth ratio of 2.56 and a beta of 0.79. Boston Scientific has a twelve month low of $53.93 and a twelve month high of $90.64.

Boston Scientific (NYSE:BSX) last issued its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.04. Boston Scientific had a return on equity of 17.23% and a net margin of 11.26%. The company had revenue of $4.21 billion during the quarter, compared to analysts’ expectations of $4.04 billion. During the same period last year, the business earned $0.50 earnings per share. The business’s revenue was up 19.3% on a year-over-year basis. As a group, equities research analysts predict that Boston Scientific will post 2.46 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Michael F. Mahoney sold 162,777 shares of the company’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $84.63, for a total transaction of $13,775,817.51. Following the completion of the transaction, the chief executive officer now directly owns 1,572,096 shares of the company’s stock, valued at approximately $133,046,484.48. This represents a 9.38 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Joseph Michael Fitzgerald sold 132,527 shares of the stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $85.00, for a total value of $11,264,795.00. Following the completion of the transaction, the executive vice president now owns 160,467 shares in the company, valued at approximately $13,639,695. The trade was a 45.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 309,270 shares of company stock worth $26,196,718 in the last quarter. 0.50% of the stock is owned by company insiders.

Institutional Trading of Boston Scientific

Hedge funds have recently modified their holdings of the stock. Capital World Investors boosted its position in Boston Scientific by 69.9% in the 1st quarter. Capital World Investors now owns 16,008,085 shares of the medical equipment provider’s stock valued at $1,096,394,000 after buying an additional 6,588,256 shares during the last quarter. Marshall Wace LLP increased its position in Boston Scientific by 115.9% in the second quarter. Marshall Wace LLP now owns 6,720,480 shares of the medical equipment provider’s stock worth $517,544,000 after purchasing an additional 3,608,158 shares during the period. Capital Research Global Investors acquired a new position in Boston Scientific during the 1st quarter valued at about $182,897,000. AustralianSuper Pty Ltd boosted its stake in shares of Boston Scientific by 4,292.3% in the 3rd quarter. AustralianSuper Pty Ltd now owns 2,676,847 shares of the medical equipment provider’s stock valued at $224,320,000 after purchasing an additional 2,615,903 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its position in shares of Boston Scientific by 30.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 7,899,610 shares of the medical equipment provider’s stock worth $608,349,000 after buying an additional 1,824,405 shares during the period. 89.07% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Canaccord Genuity Group upped their price objective on shares of Boston Scientific from $88.00 to $98.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Wells Fargo & Company raised their price target on Boston Scientific from $87.00 to $98.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. TD Cowen upped their price target on shares of Boston Scientific from $86.00 to $100.00 and gave the company a “buy” rating in a research report on Monday, October 21st. JPMorgan Chase & Co. increased their price objective on Boston Scientific from $82.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Finally, Stifel Nicolaus upped their price target on Boston Scientific from $85.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Four analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Boston Scientific presently has an average rating of “Moderate Buy” and an average target price of $93.39.

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.