Boston Scientific (BSX) Stock Rating Reaffirmed by Canaccord Genuity
Boston Scientific (NYSE:BSX)‘s stock had its “buy” rating restated by research analysts at Canaccord Genuity in a research report issued on Wednesday.
The analysts wrote, “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.””
Several other analysts also recently weighed in on the company. Needham & Company LLC restated a “buy” rating and set a $32.00 target price on shares of Boston Scientific in a research note on Tuesday. Barclays restated a “buy” rating and set a $32.00 target price on shares of Boston Scientific in a research note on Wednesday, January 10th. Zacks Investment Research downgraded Boston Scientific from a “hold” rating to a “sell” rating in a research note on Tuesday, January 9th. Royal Bank of Canada upgraded Boston Scientific from an “outperform” rating to a “top pick” rating in a research note on Friday, January 5th. Finally, Evercore ISI began coverage on Boston Scientific in a research note on Wednesday, January 3rd. They set an “in-line” rating and a $27.00 target price for the company. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Boston Scientific has an average rating of “Buy” and a consensus price target of $31.00.
Boston Scientific (NYSE:BSX) last announced its earnings results on Thursday, October 26th. The medical equipment provider reported $0.31 earnings per share for the quarter, meeting the consensus estimate of $0.31. Boston Scientific had a return on equity of 23.60% and a net margin of 9.55%. The firm had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.21 billion. During the same quarter in the prior year, the company earned $0.27 EPS. The firm’s revenue for the quarter was up 5.6% compared to the same quarter last year. research analysts predict that Boston Scientific will post 1.25 EPS for the current fiscal year.
In related news, insider Valley Gold Master Fund L. Sun bought 408,006 shares of the company’s stock in a transaction dated Tuesday, November 28th. The stock was acquired at an average cost of $0.45 per share, with a total value of $183,602.70. Also, EVP Michael P. Phalen sold 15,835 shares of the stock in a transaction that occurred on Saturday, December 29th. The stock was sold at an average price of $25.25, for a total value of $399,833.75. The disclosure for this sale can be found here. In the last ninety days, insiders sold 96,585 shares of company stock valued at $2,578,197. Insiders own 0.74% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. First American Trust FSB raised its holdings in shares of Boston Scientific by 33.3% in the 3rd quarter. First American Trust FSB now owns 134,341 shares of the medical equipment provider’s stock worth $3,197,000 after buying an additional 33,588 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Boston Scientific by 14.1% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 613,289 shares of the medical equipment provider’s stock valued at $14,596,000 after purchasing an additional 75,768 shares in the last quarter. Swiss National Bank increased its holdings in Boston Scientific by 2.9% during the 2nd quarter. Swiss National Bank now owns 5,584,930 shares of the medical equipment provider’s stock valued at $154,814,000 after purchasing an additional 156,800 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in Boston Scientific during the 3rd quarter valued at $9,577,000. Finally, Wells Fargo & Company MN increased its holdings in Boston Scientific by 10.5% during the 2nd quarter. Wells Fargo & Company MN now owns 9,157,768 shares of the medical equipment provider’s stock valued at $253,854,000 after purchasing an additional 867,983 shares in the last quarter. 90.51% of the stock is owned by institutional investors and hedge funds.
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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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