Boston Scientific (NYSE:BSX) Stock Price Crosses Below Fifty Day Moving Average – Here’s What Happened

Boston Scientific Corporation (NYSE:BSX) shares crossed below its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $45.29 and traded as low as $44.86. Boston Scientific shares last traded at $44.9480, with a volume of 15,120,965 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Piper Sandler reduced their target price on Boston Scientific from $65.00 to $60.00 in a report on Wednesday, July 29th. The Goldman Sachs Group decreased their target price on Boston Scientific from $71.00 to $57.00 and set a “buy” rating for the company in a research note on Tuesday, July 14th. Raymond James Financial restated an “outperform” rating and issued a $57.00 price target (down from $78.00) on shares of Boston Scientific in a report on Thursday, July 30th. Leerink Partners dropped their price target on Boston Scientific from $60.00 to $55.00 in a research report on Friday, October 9th. Finally, Mizuho set a $55.00 price objective on Boston Scientific in a report on Tuesday, October 13th. One investment analyst has rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $65.93.

Boston Scientific Trading Down 1.4%

The company’s fifty day moving average is $45.29 and its 200 day moving average is $57.71.

Boston Scientific (NYSE:BSX) last released its earnings results on Wednesday, July 29th. The medical equipment provider reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.03. The business had revenue of $5.44 billion during the quarter, compared to the consensus estimate of $5.38 billion. During the same period last year, the business posted $0.75 EPS. The firm’s revenue for the quarter was up 7.5% on a year-over-year basis. Analysts forecast that Boston Scientific Corporation will post 3.21 EPS for the current fiscal year.

Insider Transactions at Boston Scientific

In related news, CEO Michael F. Mahoney bought 186,240 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were acquired at an average price of $48.33 per share, with a total value of $9,000,979.20. Following the completion of the transaction, the chief executive officer owned 1,590,024 shares in the company, valued at $76,845,859.92. The trade was a 13.27% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director David C. Habiger bought 2,100 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The shares were bought at an average price of $47.59 per share, for a total transaction of $99,939.00. Following the acquisition, the director directly owned 17,160 shares of the company’s stock, valued at $816,644.40. This represents a 13.94% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 194,522 shares of company stock worth $9,385,210 in the last three months. Insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. GraniteShares Advisors LLC raised its stake in shares of Boston Scientific by 1.5% during the 1st quarter. GraniteShares Advisors LLC now owns 13,599 shares of the medical equipment provider’s stock worth $853,000 after purchasing an additional 195 shares in the last quarter. Avantax Planning Partners Inc. grew its stake in shares of Boston Scientific by 4.0% in the first quarter. Avantax Planning Partners Inc. now owns 5,242 shares of the medical equipment provider’s stock valued at $329,000 after buying an additional 201 shares in the last quarter. WPG Advisers LLC grew its stake in shares of Boston Scientific by 11.9% in the first quarter. WPG Advisers LLC now owns 1,916 shares of the medical equipment provider’s stock valued at $120,000 after buying an additional 203 shares in the last quarter. Natural Investments LLC grew its stake in shares of Boston Scientific by 1.3% in the second quarter. Natural Investments LLC now owns 16,067 shares of the medical equipment provider’s stock valued at $685,000 after buying an additional 206 shares in the last quarter. Finally, 180 Wealth Advisors LLC increased its holdings in Boston Scientific by 3.6% during the first quarter. 180 Wealth Advisors LLC now owns 6,468 shares of the medical equipment provider’s stock worth $406,000 after buying an additional 223 shares during the last quarter. 89.07% of the stock is currently owned by institutional investors.

About Boston Scientific

Boston Scientific Corporation is a medical technology company that develops, manufactures and markets devices used to diagnose and treat a broad range of complex medical conditions. Founded in 1979 and headquartered in Marlborough, Massachusetts, the company serves healthcare providers and patients worldwide.

Its products support minimally invasive procedures in areas including interventional cardiology, peripheral interventions, electrophysiology, endoscopy, urology and neuromodulation.