Sumitomo Life Insurance Co. Buys 11,623 Shares of Boston Scientific Corporation (NYSE:BSX)

Sumitomo Life Insurance Co. raised its stake in shares of Boston Scientific Corporation (NYSE:BSX) by 11.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 111,481 shares of the medical equipment provider’s stock after acquiring an additional 11,623 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Boston Scientific were worth $11,246,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in BSX. Norges Bank bought a new stake in shares of Boston Scientific during the fourth quarter worth $1,762,522,000. Capital World Investors grew its holdings in Boston Scientific by 28.7% during the 4th quarter. Capital World Investors now owns 27,899,903 shares of the medical equipment provider’s stock worth $2,492,041,000 after acquiring an additional 6,216,199 shares during the last quarter. Wellington Management Group LLP increased its position in Boston Scientific by 10.2% in the 4th quarter. Wellington Management Group LLP now owns 36,165,399 shares of the medical equipment provider’s stock valued at $3,230,293,000 after acquiring an additional 3,344,571 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Boston Scientific by 11,720.3% in the first quarter. GAMMA Investing LLC now owns 2,577,887 shares of the medical equipment provider’s stock worth $260,057,000 after acquiring an additional 2,556,078 shares during the last quarter. Finally, Axiom Investors LLC DE lifted its position in shares of Boston Scientific by 208.2% during the fourth quarter. Axiom Investors LLC DE now owns 3,752,430 shares of the medical equipment provider’s stock worth $335,167,000 after purchasing an additional 2,535,007 shares in the last quarter. Institutional investors and hedge funds own 89.07% of the company’s stock.

Boston Scientific Stock Performance

Shares of BSX opened at $103.16 on Monday. The firm has a market cap of $152.62 billion, a P/E ratio of 75.30, a PEG ratio of 2.68 and a beta of 0.68. Boston Scientific Corporation has a twelve month low of $71.88 and a twelve month high of $107.53. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.88 and a current ratio of 1.45. The firm’s 50 day moving average price is $103.42 and its two-hundred day moving average price is $100.66.

Boston Scientific (NYSE:BSX) last posted its quarterly earnings data on Wednesday, April 23rd. The medical equipment provider reported $0.75 EPS for the quarter, beating the consensus estimate of $0.67 by $0.08. Boston Scientific had a net margin of 11.58% and a return on equity of 18.67%. The business had revenue of $4.66 billion for the quarter, compared to analysts’ expectations of $4.57 billion. During the same period in the previous year, the firm posted $0.56 EPS. The firm’s revenue was up 20.9% compared to the same quarter last year. On average, analysts forecast that Boston Scientific Corporation will post 2.85 EPS for the current fiscal year.

Insider Activity at Boston Scientific

In other news, CEO Michael F. Mahoney sold 164,443 shares of the firm’s stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $103.69, for a total value of $17,051,094.67. Following the completion of the transaction, the chief executive officer owned 1,476,882 shares in the company, valued at $153,137,894.58. This trade represents a 10.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Vance R. Brown sold 4,826 shares of the company’s stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $95.09, for a total value of $458,904.34. Following the sale, the senior vice president owned 36,193 shares in the company, valued at $3,441,592.37. The trade was a 11.77% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 461,970 shares of company stock worth $47,755,193. 0.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on BSX shares. Leerink Partnrs raised shares of Boston Scientific to a “strong-buy” rating in a report on Monday, June 16th. Evercore ISI lifted their target price on Boston Scientific from $110.00 to $112.00 and gave the company an “outperform” rating in a research note on Thursday, April 24th. Wall Street Zen raised Boston Scientific from a “hold” rating to a “buy” rating in a research note on Tuesday, April 29th. Royal Bank Of Canada raised their price target on Boston Scientific from $116.00 to $120.00 and gave the company an “outperform” rating in a report on Thursday, April 24th. Finally, Barclays boosted their price objective on Boston Scientific from $118.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday, April 25th. Twenty-two analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $116.09.

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.