Daiwa Securities Group Inc. cut its stake in Boston Scientific Co. (NYSE:BSX) by 6.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 161,734 shares of the medical equipment provider’s stock after selling 10,492 shares during the period. Daiwa Securities Group Inc.’s holdings in Boston Scientific were worth $6,581,000 as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of the business. Alps Advisors Inc. lifted its holdings in shares of Boston Scientific by 12.2% during the 2nd quarter. Alps Advisors Inc. now owns 17,230 shares of the medical equipment provider’s stock worth $741,000 after acquiring an additional 1,874 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Boston Scientific by 2.2% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 5,654,915 shares of the medical equipment provider’s stock worth $243,049,000 after acquiring an additional 119,294 shares during the period. North Star Investment Management Corp. bought a new position in shares of Boston Scientific during the 3rd quarter worth about $89,000. Cullen Frost Bankers Inc. lifted its holdings in shares of Boston Scientific by 28.7% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 407,826 shares of the medical equipment provider’s stock worth $17,528,000 after acquiring an additional 90,900 shares during the period. Finally, MidWestOne Financial Group Inc. bought a new position in shares of Boston Scientific during the 2nd quarter worth about $444,000. 91.64% of the stock is owned by hedge funds and other institutional investors.
BSX has been the subject of a number of analyst reports. ValuEngine downgraded shares of Boston Scientific from a “buy” rating to a “hold” rating in a report on Friday, October 4th. Stifel Nicolaus set a $47.00 price objective on shares of Boston Scientific and gave the stock a “buy” rating in a report on Friday, September 6th. JPMorgan Chase & Co. began coverage on shares of Boston Scientific in a research report on Thursday, September 5th. They set an “overweight” rating for the company. Stephens set a $48.00 target price on shares of Boston Scientific and gave the stock a “buy” rating in a research report on Monday, September 30th. Finally, Guggenheim set a $53.00 target price on shares of Boston Scientific and gave the stock a “buy” rating in a research report on Friday, October 25th. Three analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. Boston Scientific currently has an average rating of “Buy” and an average target price of $47.07.
BSX traded down $0.21 during midday trading on Friday, hitting $40.51. The company had a trading volume of 3,235,479 shares, compared to its average volume of 9,367,582. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.04 and a current ratio of 1.31. The company has a market capitalization of $56.54 billion, a PE ratio of 27.56, a P/E/G ratio of 2.27 and a beta of 0.76. Boston Scientific Co. has a twelve month low of $31.56 and a twelve month high of $43.84. The firm’s 50-day simple moving average is $40.39 and its 200-day simple moving average is $40.61.
Boston Scientific (NYSE:BSX) last posted its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. The firm had revenue of $2.71 billion during the quarter, compared to analysts’ expectations of $2.68 billion. Boston Scientific had a net margin of 10.49% and a return on equity of 23.47%. The company’s quarterly revenue was up 13.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.35 EPS. As a group, sell-side analysts anticipate that Boston Scientific Co. will post 1.56 EPS for the current fiscal year.
In other news, CFO Daniel J. Brennan sold 20,462 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $39.44, for a total value of $807,021.28. Following the transaction, the chief financial officer now owns 235,422 shares of the company’s stock, valued at approximately $9,285,043.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Halliday Hamish 4,000,000 shares of the company’s stock in a transaction that occurred on Friday, October 11th. Insiders sold a total of 101,072 shares of company stock valued at $4,188,092 in the last 90 days. Corporate insiders own 0.66% of the company’s stock.
About Boston Scientific
Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. It operates through three segments: MedSurg, Rhythm and Neuro, and Cardiovascular. The company offers interventional cardiology products, including drug-eluting coronary stent systems used in the treatment of coronary artery disease; percutaneous coronary interventions therapy products to treat atherosclerosis; intravascular catheter-directed ultrasound imaging catheters, fractional flow reserve devices, and systems for use in coronary arteries and heart chambers, as well as certain peripheral vessels; and structural heart therapy systems.
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