Boston Scientific (NYSE:BSX) Hits New 12-Month Low on Insider Selling

Shares of Boston Scientific Corporation (NYSE:BSXGet Free Report) hit a new 52-week low on Wednesday following insider selling activity. The company traded as low as $77.86 and last traded at $75.5250, with a volume of 8794500 shares changing hands. The stock had previously closed at $91.62.

Specifically, CEO Michael F. Mahoney sold 160,901 shares of Boston Scientific stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $93.49, for a total transaction of $15,042,634.49. Following the completion of the sale, the chief executive officer owned 1,411,735 shares of the company’s stock, valued at approximately $131,983,105.15. This trade represents a 10.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Evercore ISI set a $112.00 price target on Boston Scientific in a research report on Monday, January 5th. BTIG Research reaffirmed a “buy” rating and issued a $132.00 price objective on shares of Boston Scientific in a report on Friday, November 21st. Canaccord Genuity Group cut their price objective on Boston Scientific from $132.00 to $131.00 and set a “buy” rating on the stock in a report on Wednesday, December 17th. Wells Fargo & Company upped their price objective on shares of Boston Scientific from $124.00 to $125.00 and gave the company an “overweight” rating in a research note on Thursday, October 23rd. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Boston Scientific in a report on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Boston Scientific has a consensus rating of “Moderate Buy” and an average price target of $123.26.

Read Our Latest Report on BSX

Key Headlines Impacting Boston Scientific

Here are the key news stories impacting Boston Scientific this week:

Boston Scientific Price Performance

The business’s 50-day simple moving average is $94.89 and its two-hundred day simple moving average is $99.29. The company has a quick ratio of 0.96, a current ratio of 1.51 and a debt-to-equity ratio of 0.47. The stock has a market cap of $112.69 billion, a P/E ratio of 40.41, a price-to-earnings-growth ratio of 1.63 and a beta of 0.67.

Boston Scientific (NYSE:BSXGet Free Report) last released its earnings results on Wednesday, February 4th. The medical equipment provider reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.02. Boston Scientific had a return on equity of 19.46% and a net margin of 14.43%.The business had revenue of $5.29 billion for the quarter, compared to analysts’ expectations of $5.29 billion. During the same quarter in the prior year, the firm earned $0.70 earnings per share. The firm’s revenue was up 15.9% on a year-over-year basis. Sell-side analysts expect that Boston Scientific Corporation will post 2.85 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Brighton Jones LLC lifted its holdings in shares of Boston Scientific by 0.8% during the fourth quarter. Brighton Jones LLC now owns 27,376 shares of the medical equipment provider’s stock valued at $2,445,000 after purchasing an additional 226 shares during the last quarter. Valeo Financial Advisors LLC lifted its holdings in shares of Boston Scientific by 1.9% during the 2nd quarter. Valeo Financial Advisors LLC now owns 22,038 shares of the medical equipment provider’s stock valued at $2,367,000 after buying an additional 417 shares during the period. Valley National Advisers Inc. boosted its stake in shares of Boston Scientific by 26.1% in the 2nd quarter. Valley National Advisers Inc. now owns 1,257 shares of the medical equipment provider’s stock worth $134,000 after buying an additional 260 shares during the last quarter. Belpointe Asset Management LLC increased its position in Boston Scientific by 119.4% during the second quarter. Belpointe Asset Management LLC now owns 5,048 shares of the medical equipment provider’s stock valued at $542,000 after acquiring an additional 2,747 shares during the last quarter. Finally, RMG Wealth Management LLC bought a new stake in shares of Boston Scientific during the 2nd quarter valued at about $52,000. 89.07% of the stock is currently owned by institutional investors.

Boston Scientific Company Profile

(Get Free Report)

Boston Scientific Corporation (NYSE: BSX) is a global medical device company that develops, manufactures and markets a broad portfolio of products used in less-invasive medical procedures. Founded in 1979 by John Abele and Peter Nicholas, the company is headquartered in Marlborough, Massachusetts, and focuses on technologies that enable physicians to treat a wide range of cardiovascular, digestive, urologic, pulmonary and chronic pain conditions without open surgery.

Boston Scientific’s activities span product development, clinical research, regulatory affairs and commercial sales.

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