Canaccord Genuity Group Boosts Boston Scientific (NYSE:BSX) Price Target to $98.00

Boston Scientific (NYSE:BSX) had its price objective boosted by Canaccord Genuity Group from $88.00 to $98.00 in a research note issued to investors on Monday morning, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the medical equipment provider’s stock.

Other analysts have also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft boosted their target price on Boston Scientific from $73.00 to $78.00 and gave the stock a “hold” rating in a report on Thursday, July 25th. Raymond James raised their target price on shares of Boston Scientific from $91.00 to $94.00 and gave the company a “strong-buy” rating in a research note on Wednesday, September 4th. JPMorgan Chase & Co. upped their price target on shares of Boston Scientific from $82.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. TD Cowen raised their price objective on Boston Scientific from $77.00 to $86.00 and gave the company a “buy” rating in a research report on Tuesday, July 16th. Finally, Truist Financial upped their target price on Boston Scientific from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Four investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Boston Scientific has a consensus rating of “Moderate Buy” and an average price target of $90.68.

Boston Scientific Stock Performance

NYSE:BSX opened at $87.45 on Monday. Boston Scientific has a fifty-two week low of $49.15 and a fifty-two week high of $88.79. The firm’s 50 day moving average is $83.19 and its two-hundred day moving average is $77.57. The company has a market cap of $128.30 billion, a P/E ratio of 73.49, a P/E/G ratio of 2.87 and a beta of 0.80. The company has a quick ratio of 1.14, a current ratio of 1.61 and a debt-to-equity ratio of 0.44.

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

Insider Buying and Selling

In other news, CEO Michael F. Mahoney sold 162,777 shares of Boston Scientific stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $84.63, for a total value 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. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, EVP Wendy Carruthers sold 6,983 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $74.12, for a total value of $517,579.96. Following the sale, the executive vice president now owns 40,188 shares of the company’s stock, valued at $2,978,734.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael F. Mahoney sold 162,777 shares of the business’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $84.63, for a total transaction of $13,775,817.51. Following the transaction, the chief executive officer now directly owns 1,572,096 shares of the company’s stock, valued at $133,046,484.48. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 316,253 shares of company stock worth $26,714,298 over the last ninety days. 0.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Boston Scientific

Hedge funds have recently made changes to their positions in the business. Legacy Wealth Asset Management LLC lifted its holdings in Boston Scientific by 2.0% in the third quarter. Legacy Wealth Asset Management LLC now owns 24,508 shares of the medical equipment provider’s stock worth $2,054,000 after purchasing an additional 472 shares during the period. Trueblood Wealth Management LLC raised its position in shares of Boston Scientific by 14.4% during the 3rd quarter. Trueblood Wealth Management LLC now owns 3,125 shares of the medical equipment provider’s stock worth $262,000 after buying an additional 393 shares in the last quarter. Lake Street Advisors Group LLC lifted its stake in shares of Boston Scientific by 9.0% in the 3rd quarter. Lake Street Advisors Group LLC now owns 7,312 shares of the medical equipment provider’s stock worth $613,000 after acquiring an additional 604 shares during the period. Cullinan Associates Inc. boosted its holdings in shares of Boston Scientific by 1.8% in the third quarter. Cullinan Associates Inc. now owns 29,000 shares of the medical equipment provider’s stock valued at $2,559,000 after acquiring an additional 500 shares in the last quarter. Finally, Tandem Capital Management Corp ADV increased its stake in shares of Boston Scientific by 0.8% during the third quarter. Tandem Capital Management Corp ADV now owns 58,351 shares of the medical equipment provider’s stock valued at $4,890,000 after acquiring an additional 485 shares during the period. Institutional investors 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.