Bessemer Group Inc. Sells 3,851,493 Shares of Boston Scientific Corporation $BSX

Bessemer Group Inc. decreased its position in shares of Boston Scientific Corporation (NYSE:BSX) by 98.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 45,473 shares of the medical equipment provider’s stock after selling 3,851,493 shares during the period. Bessemer Group Inc.’s holdings in Boston Scientific were worth $2,853,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Bancreek Capital Management LP bought a new position in shares of Boston Scientific during the 1st quarter valued at about $2,447,000. Frazier Financial Advisors LLC lifted its position in Boston Scientific by 56.3% in the 1st quarter. Frazier Financial Advisors LLC now owns 758 shares of the medical equipment provider’s stock worth $48,000 after buying an additional 273 shares during the last quarter. SouthState Bank Corp lifted its position in Boston Scientific by 4.0% in the 1st quarter. SouthState Bank Corp now owns 175,072 shares of the medical equipment provider’s stock worth $10,986,000 after buying an additional 6,736 shares during the last quarter. Mill Capital Management LLC boosted its stake in Boston Scientific by 39.6% in the first quarter. Mill Capital Management LLC now owns 149,756 shares of the medical equipment provider’s stock worth $9,397,000 after buying an additional 42,453 shares in the last quarter. Finally, Checchi Capital Advisers LLC boosted its stake in Boston Scientific by 10.2% in the first quarter. Checchi Capital Advisers LLC now owns 11,158 shares of the medical equipment provider’s stock worth $700,000 after buying an additional 1,032 shares in the last quarter. Institutional investors own 89.07% of the company’s stock.

Insider Transactions at Boston Scientific

In other Boston Scientific news, Director David C. Habiger bought 2,250 shares of the firm’s stock in a transaction that occurred on Wednesday, May 20th. The stock was bought at an average price of $55.92 per share, for a total transaction of $125,820.00. Following the completion of the acquisition, the director directly owned 13,878 shares in the company, valued at $776,057.76. The trade was a 19.35% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Edward J. Ludwig purchased 3,580 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The stock was acquired at an average cost of $56.68 per share, with a total value of $202,914.40. Following the purchase, the director directly owned 25,359 shares of the company’s stock, valued at $1,437,348.12. This trade represents a 16.44% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders have acquired 9,800 shares of company stock worth $554,012. 0.34% of the stock is currently owned by insiders.

Boston Scientific Stock Performance

Boston Scientific stock opened at $43.14 on Wednesday. The company has a current ratio of 1.90, a quick ratio of 1.22 and a debt-to-equity ratio of 0.42. The firm has a market cap of $64.12 billion, a P/E ratio of 18.05, a P/E/G ratio of 0.84 and a beta of 0.58. Boston Scientific Corporation has a 1-year low of $42.20 and a 1-year high of $109.50. The firm has a 50-day moving average of $47.77 and a 200-day moving average of $64.93.

Boston Scientific (NYSE:BSX) last released its quarterly earnings results on Wednesday, April 22nd. The medical equipment provider reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.01. Boston Scientific had a return on equity of 19.17% and a net margin of 17.29%.The business had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.19 billion. During the same quarter in the prior year, the company posted $0.75 EPS. Boston Scientific’s quarterly revenue was up 11.6% compared to the same quarter last year. Sell-side analysts expect that Boston Scientific Corporation will post 3.35 EPS for the current year.

Boston Scientific declared that its Board of Directors has approved a stock buyback program on Monday, May 18th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the medical equipment provider to purchase up to 6.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research analysts have commented on BSX shares. Piper Sandler reissued an “overweight” rating and set a $65.00 price target on shares of Boston Scientific in a research note on Friday, June 12th. Oppenheimer set a $90.00 price objective on shares of Boston Scientific in a research note on Thursday, April 23rd. Citigroup reduced their target price on shares of Boston Scientific from $87.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, May 28th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $55.00 target price (down from $75.00) on shares of Boston Scientific in a research report on Thursday, May 28th. Finally, Wall Street Zen cut shares of Boston Scientific from a “buy” rating to a “hold” rating in a research report on Saturday, March 28th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $79.84.

Boston Scientific Profile

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.