PNC Financial Services Group Inc. Has $72.77 Million Stake in Boston Scientific Corporation $BSX

PNC Financial Services Group Inc. decreased its stake in shares of Boston Scientific Corporation (NYSE:BSX) by 2.4% during the 1st quarter, HoldingsChannel.com reports. The firm owned 1,159,624 shares of the medical equipment provider’s stock after selling 28,392 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Boston Scientific were worth $72,766,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Norges Bank bought a new position in Boston Scientific during the fourth quarter valued at about $2,199,395,000. Assenagon Asset Management S.A. raised its stake in shares of Boston Scientific by 133.6% in the 1st quarter. Assenagon Asset Management S.A. now owns 10,057,936 shares of the medical equipment provider’s stock valued at $631,135,000 after buying an additional 5,751,760 shares in the last quarter. Maverick Capital Ltd. bought a new position in shares of Boston Scientific during the 4th quarter worth about $280,735,000. Farallon Capital Management LLC lifted its holdings in shares of Boston Scientific by 56.7% during the 4th quarter. Farallon Capital Management LLC now owns 7,439,564 shares of the medical equipment provider’s stock worth $709,362,000 after acquiring an additional 2,693,007 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of Boston Scientific by 31.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 11,035,628 shares of the medical equipment provider’s stock valued at $1,052,247,000 after acquiring an additional 2,668,230 shares in the last quarter. Institutional investors and hedge funds own 89.07% of the company’s stock.

Insider Buying and Selling at Boston Scientific

In related news, Director Cheryl Pegus acquired 1,770 shares of the stock in a transaction dated Wednesday, May 20th. The stock was bought at an average price of $56.49 per share, with a total value of $99,987.30. Following the completion of the transaction, the director directly owned 1,770 shares of the company’s stock, valued at approximately $99,987.30. The trade was a ? increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Edward J. Ludwig acquired 3,580 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The shares were bought at an average price of $56.68 per share, for a total transaction of $202,914.40. Following the completion of the acquisition, the director owned 25,359 shares of the company’s stock, valued at $1,437,348.12. This trade represents a 16.44% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders bought 9,800 shares of company stock valued at $554,012. Corporate insiders own 0.34% of the company’s stock.

Boston Scientific Trading Up 1.6%

BSX opened at $43.67 on Friday. The firm has a 50 day simple moving average of $47.37 and a 200 day simple moving average of $64.20. Boston Scientific Corporation has a fifty-two week low of $42.20 and a fifty-two week high of $109.50. The company has a market cap of $64.90 billion, a price-to-earnings ratio of 18.27, a price-to-earnings-growth ratio of 0.82 and a beta of 0.58. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.90 and a quick ratio of 1.22.

Boston Scientific (NYSE:BSX) last released its quarterly earnings data on Wednesday, April 22nd. The medical equipment provider reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.01. Boston Scientific had a return on equity of 19.17% and a net margin of 17.29%.The business had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.19 billion. During the same quarter in the prior year, the company posted $0.75 earnings per share. The firm’s revenue was up 11.6% on a year-over-year basis. On average, sell-side analysts anticipate that Boston Scientific Corporation will post 3.35 earnings per share for the current year.

Boston Scientific declared that its Board of Directors has approved a stock repurchase plan on Monday, May 18th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the medical equipment provider to purchase up to 6.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

BSX has been the subject of several recent research reports. Truist Financial dropped their price target on shares of Boston Scientific from $64.00 to $62.00 and set a “buy” rating for the company in a research report on Thursday, July 16th. Citigroup lowered their target price on shares of Boston Scientific from $87.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, May 28th. Leerink Partners dropped their target price on shares of Boston Scientific from $87.00 to $74.00 and set an “outperform” rating for the company in a research report on Thursday, May 28th. Raymond James Financial restated an “outperform” rating and issued a $88.00 price target (down from $97.00) on shares of Boston Scientific in a research report on Monday, March 30th. Finally, Royal Bank Of Canada cut their target price on shares of Boston Scientific from $100.00 to $85.00 and set an “outperform” rating for the company in a research note on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Boston Scientific has an average rating of “Moderate Buy” and a consensus target price of $79.84.

Boston Scientific Company Profile

Boston Scientific Corporation (NYSE: BSX) is a global medical device company that develops, manufactures and markets a broad portfolio of products used in less-invasive medical procedures. Founded in 1979 by John Abele and Peter Nicholas, the company is headquartered in Marlborough, Massachusetts, and focuses on technologies that enable physicians to treat a wide range of cardiovascular, digestive, urologic, pulmonary and chronic pain conditions without open surgery.

Boston Scientific’s activities span product development, clinical research, regulatory affairs and commercial sales.