Boston Scientific (NYSE:BSX) Reaches New 1-Year High on Analyst Upgrade

Boston Scientific Co. (NYSE:BSX) reached a new 52-week high during trading on Wednesday after Raymond James raised their price target on the stock from $91.00 to $94.00. Raymond James currently has a strong-buy rating on the stock. Boston Scientific traded as high as $82.13 and last traded at $82.11, with a volume of 154269 shares. The stock had previously closed at $81.14.

A number of other equities research analysts have also recently issued reports on BSX. TD Cowen boosted their price objective on Boston Scientific from $77.00 to $86.00 and gave the company a “buy” rating in a research note on Tuesday, July 16th. Evercore ISI boosted their price objective on Boston Scientific from $78.00 to $81.00 and gave the company an “outperform” rating in a research note on Tuesday, July 2nd. Needham & Company LLC boosted their price objective on Boston Scientific from $82.00 to $86.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Citigroup boosted their price objective on Boston Scientific from $90.00 to $92.00 and gave the company a “buy” rating in a research note on Thursday, August 22nd. Finally, The Goldman Sachs Group began coverage on Boston Scientific in a research note on Thursday, May 30th. They issued a “buy” rating and a $90.00 price objective on the stock. Three investment 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’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $85.38.

Insider Buying and Selling at Boston Scientific

In other Boston Scientific news, EVP Wendy Carruthers sold 6,983 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $74.12, for a total value of $517,579.96. Following the completion of the sale, the executive vice president now owns 40,188 shares in the company, valued at $2,978,734.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders sold 20,949 shares of company stock worth $1,627,877. 0.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Boston Scientific

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Brown Financial Advisors bought a new position in shares of Boston Scientific during the second quarter valued at approximately $1,423,000. RiverFront Investment Group LLC bought a new position in shares of Boston Scientific during the second quarter valued at approximately $222,000. Cetera Investment Advisers raised its holdings in shares of Boston Scientific by 2.9% during the second quarter. Cetera Investment Advisers now owns 295,984 shares of the medical equipment provider’s stock valued at $22,794,000 after acquiring an additional 8,399 shares in the last quarter. Truist Financial Corp raised its holdings in shares of Boston Scientific by 1.1% during the second quarter. Truist Financial Corp now owns 214,594 shares of the medical equipment provider’s stock valued at $16,526,000 after acquiring an additional 2,254 shares in the last quarter. Finally, HWG Holdings LP bought a new position in shares of Boston Scientific during the second quarter valued at approximately $482,000. Institutional investors own 89.07% of the company’s stock.

Boston Scientific Stock Performance

The business has a fifty day simple moving average of $77.22 and a 200-day simple moving average of $73.31. The company has a quick ratio of 1.14, a current ratio of 1.61 and a debt-to-equity ratio of 0.44. The firm has a market cap of $120.23 billion, a P/E ratio of 68.87, a P/E/G ratio of 2.71 and a beta of 0.78.

Boston Scientific (NYSE:BSX) last posted its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.04. The business had revenue of $4.12 billion during the quarter, compared to the consensus estimate of $4.02 billion. Boston Scientific had a return on equity of 16.59% and a net margin of 12.00%. The firm’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.53 earnings per share. On average, sell-side analysts predict that Boston Scientific Co. will post 2.4 EPS for the current fiscal year.

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.