Boston Scientific (NYSE:BSX) Hits New 12-Month High After Analyst Upgrade

Boston Scientific Co. (NYSE:BSX)’s share price hit a new 52-week high on Wednesday after Citigroup raised their price target on the stock from $79.00 to $85.00. Citigroup currently has a buy rating on the stock. Boston Scientific traded as high as $74.39 and last traded at $73.77, with a volume of 3638035 shares trading hands. The stock had previously closed at $68.99.

A number of other research analysts have also weighed in on BSX. Mizuho raised their price objective on Boston Scientific from $80.00 to $85.00 and gave the company a “buy” rating in a report on Thursday. BTIG Research reissued a “buy” rating and issued a $64.00 price target on shares of Boston Scientific in a research note on Friday, December 29th. TD Cowen upped their price objective on shares of Boston Scientific from $65.00 to $77.00 and gave the company an “outperform” rating in a research note on Thursday, March 7th. Needham & Company LLC raised their target price on shares of Boston Scientific from $71.00 to $82.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. upped their price target on Boston Scientific from $72.00 to $82.00 and gave the company an “overweight” rating in a research report on Thursday. Three analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $74.27.

Insider Buying and Selling at Boston Scientific

In other news, EVP John Bradley Sorenson sold 16,351 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $69.30, for a total transaction of $1,133,124.30. Following the sale, the executive vice president now owns 50,638 shares of the company’s stock, valued at $3,509,213.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Daniel J. Brennan sold 13,662 shares of Boston Scientific stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $65.86, for a total value of $899,779.32. Following the completion of the transaction, the chief financial officer now owns 271,542 shares in the company, valued at approximately $17,883,756.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John Bradley Sorenson sold 16,351 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $69.30, for a total transaction of $1,133,124.30. Following the sale, the executive vice president now owns 50,638 shares in the company, valued at $3,509,213.40. The disclosure for this sale can be found here. Insiders sold a total of 50,979 shares of company stock valued at $3,418,529 in the last three months. 0.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BSW Wealth Partners increased its holdings in Boston Scientific by 2.3% in the fourth quarter. BSW Wealth Partners now owns 7,398 shares of the medical equipment provider’s stock valued at $428,000 after buying an additional 165 shares during the last quarter. Allstate Corp increased its holdings in shares of Boston Scientific by 2.9% in the 4th quarter. Allstate Corp now owns 5,938 shares of the medical equipment provider’s stock valued at $343,000 after acquiring an additional 165 shares during the last quarter. First Affirmative Financial Network raised its position in shares of Boston Scientific by 4.3% during the 1st quarter. First Affirmative Financial Network now owns 4,028 shares of the medical equipment provider’s stock worth $276,000 after acquiring an additional 166 shares in the last quarter. Valley National Advisers Inc. lifted its stake in Boston Scientific by 2.3% during the fourth quarter. Valley National Advisers Inc. now owns 7,526 shares of the medical equipment provider’s stock worth $435,000 after purchasing an additional 170 shares during the last quarter. Finally, Aveo Capital Partners LLC lifted its stake in Boston Scientific by 1.3% during the fourth quarter. Aveo Capital Partners LLC now owns 12,841 shares of the medical equipment provider’s stock worth $742,000 after purchasing an additional 171 shares during the last quarter. Institutional investors and hedge funds own 89.07% of the company’s stock.

Boston Scientific Price Performance

The stock has a market capitalization of $107.54 billion, a price-to-earnings ratio of 68.50, a P/E/G ratio of 2.42 and a beta of 0.78. The company has a quick ratio of 0.82, a current ratio of 1.32 and a debt-to-equity ratio of 0.44. The stock has a fifty day moving average of $67.68 and a 200-day moving average of $60.37.

Boston Scientific (NYSE:BSX) last issued its earnings results on Wednesday, January 31st. The medical equipment provider reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.04. Boston Scientific had a net margin of 11.19% and a return on equity of 15.99%. The business had revenue of $3.73 billion during the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter in the prior year, the business posted $0.45 EPS. On average, equities research analysts predict that Boston Scientific Co. will post 2.25 EPS for the current fiscal year.

About Boston Scientific

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.