Boston Scientific Corporation (NYSE:BSX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Monday.

According to Zacks, “Boston Scientific's unimpressive defibrillator performance within the core CRM continues to remain a drag. We are also concerned about the foreign exchange headwind. This apart, the Yet, the recall of the company's Lotus range of heart devices is expected to hamper sales throughot 2017. On a positive note, over the past three months, Boston Scientific has been trading above the broader industry. The company is leaving no stone unturned to strengthen its core businesses and invest more in global markets. Among the recent developments, worth mentioning is the company’s acquisition of Symetis, in a bid to fortify its European structural heart business. We are also encouraged with the company gaining a number of product approvals both in the domestic and overseas markets. Notably, the company received an FDA approval for the RESONATE family of ICD and CRT-D systems.”

Several other research analysts have also recently commented on the company. BidaskClub cut Boston Scientific Corporation from a “hold” rating to a “sell” rating in a research report on Saturday, August 26th. Needham & Company LLC raised their target price on Boston Scientific Corporation from $30.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, June 22nd. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $31.00 target price on shares of Boston Scientific Corporation in a research report on Friday, September 1st. Stifel Nicolaus reaffirmed a “buy” rating and issued a $32.00 target price on shares of Boston Scientific Corporation in a research report on Sunday, July 30th. Finally, Jefferies Group LLC reaffirmed a “hold” rating on shares of Boston Scientific Corporation in a research report on Thursday, September 7th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Boston Scientific Corporation presently has an average rating of “Buy” and an average target price of $30.13.

Boston Scientific Corporation (NYSE BSX) traded down 0.357% during mid-day trading on Monday, reaching $29.335. 1,641,537 shares of the company traded hands. The stock has a 50 day moving average price of $28.71 and a 200-day moving average price of $27.21. The company has a market capitalization of $40.25 billion, a P/E ratio of 52.478 and a beta of 1.09. Boston Scientific Corporation has a 52-week low of $19.67 and a 52-week high of $29.54.

Boston Scientific Corporation (NYSE:BSX) last announced its quarterly earnings data on Thursday, July 27th. The medical equipment provider reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.01. The business had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $2.21 billion. Boston Scientific Corporation had a net margin of 9.04% and a return on equity of 23.62%. Boston Scientific Corporation’s quarterly revenue was up 6.2% on a year-over-year basis. During the same quarter last year, the company posted $0.27 earnings per share. Analysts expect that Boston Scientific Corporation will post $1.26 EPS for the current fiscal year.

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In related news, SVP Wendy Carruthers sold 12,433 shares of Boston Scientific Corporation stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $26.75, for a total value of $332,582.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Supratim Bose sold 347,137 shares of Boston Scientific Corporation stock in a transaction dated Wednesday, October 4th. The shares were sold at an average price of $29.12, for a total value of $10,108,629.44. The disclosure for this sale can be found here. Insiders sold 531,297 shares of company stock valued at $15,144,095 over the last ninety days. 0.74% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in the stock. Lord Abbett & CO. LLC bought a new position in shares of Boston Scientific Corporation in the second quarter valued at about $40,460,000. Sentry Investment Management LLC raised its holdings in shares of Boston Scientific Corporation by 1.1% in the second quarter. Sentry Investment Management LLC now owns 107,243 shares of the medical equipment provider’s stock valued at $2,973,000 after buying an additional 1,125 shares during the last quarter. WFG Advisors LP raised its holdings in shares of Boston Scientific Corporation by 17.3% in the second quarter. WFG Advisors LP now owns 157,919 shares of the medical equipment provider’s stock valued at $4,378,000 after buying an additional 23,305 shares during the last quarter. Toronto Dominion Bank raised its holdings in shares of Boston Scientific Corporation by 26.1% in the second quarter. Toronto Dominion Bank now owns 463,826 shares of the medical equipment provider’s stock valued at $12,854,000 after buying an additional 95,902 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd raised its holdings in shares of Boston Scientific Corporation by 80.8% in the second quarter. Dynamic Technology Lab Private Ltd now owns 16,800 shares of the medical equipment provider’s stock valued at $466,000 after buying an additional 7,507 shares during the last quarter. 90.30% of the stock is owned by institutional investors and hedge funds.

Boston Scientific Corporation Company Profile

Boston Scientific Corporation is a developer, manufacturer and marketer of medical devices that are used in a range of interventional medical specialties. The Company offers its products by seven businesses: Interventional Cardiology, Cardiac Rhythm Management, Endoscopy, Peripheral Interventions, Urology and Pelvic Health, Neuromodulation, and Electrophysiology.

Analyst Recommendations for Boston Scientific Corporation (NYSE:BSX)

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