Canaccord Genuity Reaffirms “Buy” Rating for Boston Scientific (BSX)
“We reiterate our BUY rating and $35 year-end target price on shares of BSX. Our key takeaways from our meeting last week with senior management in San Francisco (as well as incremental tidbits we gleaned over the weekend at the North American Neuromodulation Society (NANS) conference in Vegas) support our general hypothesis on the stock: We expect BSX to deliver top- and bottom-line growth rates above the large-cap medical device peer group average over the 2018-2020 timeframe.”,” the firm’s analyst wrote.
BSX has been the subject of several other reports. BMO Capital Markets boosted their price objective on Boston Scientific from $30.00 to $32.00 and gave the stock an outperform rating in a research report on Friday, October 27th. Stifel Nicolaus reiterated a buy rating and set a $32.00 price objective on shares of Boston Scientific in a research report on Monday, September 25th. SunTrust Banks set a $33.00 price objective on Boston Scientific and gave the stock a buy rating in a research report on Monday, December 4th. Zacks Investment Research upgraded Boston Scientific from a sell rating to a buy rating and set a $33.00 price objective for the company in a research report on Friday, October 20th. Finally, Needham & Company LLC reiterated a buy rating and set a $32.00 price objective on shares of Boston Scientific in a research report on Tuesday, October 3rd. Two analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Boston Scientific presently has a consensus rating of Buy and a consensus price target of $31.00.
Boston Scientific (NYSE:BSX) last issued its quarterly earnings data on Thursday, October 26th. The medical equipment provider reported $0.31 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.31. The business had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.21 billion. Boston Scientific had a return on equity of 23.60% and a net margin of 9.55%. The business’s revenue was up 5.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.27 earnings per share. research analysts anticipate that Boston Scientific will post 1.25 EPS for the current year.
In other Boston Scientific news, SVP David A. Pierce sold 8,763 shares of the company’s stock in a transaction on Thursday, January 11th. The stock was sold at an average price of $27.74, for a total value of $243,085.62. Following the transaction, the senior vice president now owns 24,201 shares of the company’s stock, valued at $671,335.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP David A. Pierce sold 5,152 shares of the company’s stock in a transaction on Tuesday, January 9th. The shares were sold at an average price of $27.00, for a total value of $139,104.00. Following the completion of the transaction, the senior vice president now directly owns 38,116 shares in the company, valued at approximately $1,029,132. The disclosure for this sale can be found here. Insiders sold 96,585 shares of company stock valued at $2,578,197 over the last 90 days. 0.74% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Valeo Financial Advisors LLC bought a new position in shares of Boston Scientific in the third quarter valued at $138,000. Steward Partners Investment Advisory LLC bought a new position in shares of Boston Scientific in the third quarter valued at $139,000. San Francisco Sentry Investment Group CA bought a new position in shares of Boston Scientific in the second quarter valued at $191,000. Ironwood Investment Counsel LLC bought a new position in shares of Boston Scientific in the third quarter valued at $204,000. Finally, Perkins Capital Management Inc. acquired a new stake in Boston Scientific during the 3rd quarter valued at $204,000. 90.51% of the stock is currently owned by institutional investors.
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About Boston Scientific
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.
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