Boston Scientific (NYSE:BSX) Price Target Raised to $78.00

Boston Scientific (NYSE:BSX) had its price target raised by Barclays from $70.00 to $78.00 in a report issued on Friday, Benzinga reports. The firm currently has an overweight rating on the medical equipment provider’s stock.

Several other research analysts have also recently issued reports on the company. Raymond James upped their price objective on Boston Scientific from $73.00 to $85.00 and gave the stock a strong-buy rating in a research report on Thursday. TD Cowen upped their price objective on Boston Scientific from $65.00 to $77.00 and gave the stock an outperform rating in a research report on Thursday, March 7th. Deutsche Bank Aktiengesellschaft upped their price objective on Boston Scientific from $63.00 to $73.00 and gave the stock a hold rating in a research report on Thursday. Oppenheimer upped their price objective on Boston Scientific from $58.00 to $68.00 and gave the stock a market perform rating in a research report on Thursday, February 1st. Finally, BTIG Research reissued a buy rating and issued a $64.00 target price on shares of Boston Scientific in a research report on Friday, December 29th. Three research 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 company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $75.09.

Boston Scientific Price Performance

Shares of NYSE BSX opened at $73.13 on Friday. The stock’s 50-day moving average is $67.82 and its two-hundred day moving average is $60.51. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.32 and a quick ratio of 0.82. Boston Scientific has a 1-year low of $48.35 and a 1-year high of $74.39. The company has a market cap of $107.29 billion, a price-to-earnings ratio of 61.45, a price-to-earnings-growth ratio of 2.52 and a beta of 0.78.

Boston Scientific (NYSE:BSX) last released its quarterly earnings data on Wednesday, January 31st. The medical equipment provider reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.04. The business had revenue of $3.73 billion during the quarter, compared to analysts’ expectations of $3.59 billion. Boston Scientific had a return on equity of 16.63% and a net margin of 12.06%. During the same period in the prior year, the firm posted $0.45 EPS. Analysts forecast that Boston Scientific will post 2.32 EPS for the current fiscal year.

Insider Transactions at Boston Scientific

In other news, Director Edward J. Ludwig sold 7,000 shares of the stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $65.03, for a total transaction of $455,210.00. Following the completion of the transaction, the director now directly owns 41,374 shares of the company’s stock, valued at approximately $2,690,551.22. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director Edward J. Ludwig sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $65.03, for a total value of $455,210.00. Following the completion of the transaction, the director now directly owns 41,374 shares of the company’s stock, valued at approximately $2,690,551.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Wendy Carruthers sold 6,983 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $66.89, for a total value of $467,092.87. Following the completion of the transaction, the executive vice president now directly owns 56,508 shares of the company’s stock, valued at $3,779,820.12. The disclosure for this sale can be found here. In the last three months, insiders sold 50,979 shares of company stock valued at $3,418,529. Corporate insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Boston Scientific

Several hedge funds have recently bought and sold shares of the company. FMR LLC increased its stake in Boston Scientific by 6.8% in the 3rd quarter. FMR LLC now owns 125,920,357 shares of the medical equipment provider’s stock valued at $6,648,595,000 after purchasing an additional 8,045,263 shares in the last quarter. Vanguard Group Inc. grew its holdings in Boston Scientific by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 125,449,802 shares of the medical equipment provider’s stock valued at $7,252,253,000 after buying an additional 1,681,454 shares during the last quarter. Wellington Management Group LLP grew its holdings in Boston Scientific by 5.9% during the 3rd quarter. Wellington Management Group LLP now owns 42,076,529 shares of the medical equipment provider’s stock valued at $2,221,641,000 after buying an additional 2,336,348 shares during the last quarter. Primecap Management Co. CA grew its holdings in Boston Scientific by 1.5% during the 4th quarter. Primecap Management Co. CA now owns 37,905,659 shares of the medical equipment provider’s stock valued at $2,191,326,000 after buying an additional 550,490 shares during the last quarter. Finally, Morgan Stanley grew its holdings in Boston Scientific by 2.3% during the 3rd quarter. Morgan Stanley now owns 21,200,339 shares of the medical equipment provider’s stock valued at $1,119,378,000 after buying an additional 481,891 shares during the last quarter. 89.07% of the stock is owned by hedge funds and other institutional investors.

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.