Arrowstreet Capital Limited Partnership Has $871.70 Million Holdings in Boston Scientific Corporation $BSX

Arrowstreet Capital Limited Partnership increased its stake in shares of Boston Scientific Corporation (NYSE:BSX) by 25.9% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 13,891,668 shares of the medical equipment provider’s stock after acquiring an additional 2,856,040 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Boston Scientific were worth $871,702,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the stock. Norges Bank acquired a new position in Boston Scientific during the fourth quarter worth $2,199,395,000. Assenagon Asset Management S.A. boosted its stake in shares of Boston Scientific by 133.6% in the 1st quarter. Assenagon Asset Management S.A. now owns 10,057,936 shares of the medical equipment provider’s stock valued at $631,135,000 after purchasing an additional 5,751,760 shares in the last quarter. Maverick Capital Ltd. bought a new stake in shares of Boston Scientific in the 4th quarter worth about $280,735,000. Farallon Capital Management LLC grew its holdings in shares of Boston Scientific by 56.7% in the 4th quarter. Farallon Capital Management LLC now owns 7,439,564 shares of the medical equipment provider’s stock worth $709,362,000 after purchasing an additional 2,693,007 shares during the last quarter. Finally, Alphinity Investment Management Pty Ltd acquired a new stake in shares of Boston Scientific during the 4th quarter worth about $252,918,000. 89.07% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

BSX has been the subject of several analyst reports. Barclays cut their price target on shares of Boston Scientific from $96.00 to $89.00 and set an “overweight” rating for the company in a report on Thursday, May 28th. Truist Financial dropped their price objective on shares of Boston Scientific from $64.00 to $62.00 and set a “buy” rating for the company in a report on Thursday, July 16th. Royal Bank Of Canada cut their target price on shares of Boston Scientific from $100.00 to $85.00 and set an “outperform” rating for the company in a research note on Monday, July 13th. Canaccord Genuity Group reduced their target price on Boston Scientific from $71.00 to $70.00 and set a “buy” rating on the stock in a report on Monday, June 1st. Finally, Wells Fargo & Company restated an “equal weight” rating and set a $55.00 price target (down from $75.00) on shares of Boston Scientific in a research report on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $79.84.

Insider Activity at Boston Scientific

In other news, Director David C. Habiger acquired 2,250 shares of Boston Scientific stock in a transaction on Wednesday, May 20th. The shares were purchased at an average price of $55.92 per share, with a total value of $125,820.00. Following the acquisition, the director owned 13,878 shares in the company, valued at $776,057.76. This represents a 19.35% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Cheryl Pegus acquired 1,770 shares of the firm’s stock in a transaction on Wednesday, May 20th. The stock was purchased at an average price of $56.49 per share, for a total transaction of $99,987.30. Following the completion of the transaction, the director directly owned 1,770 shares in the company, valued at approximately $99,987.30. The trade was a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders purchased a total of 9,800 shares of company stock valued at $554,012 over the last quarter. Corporate insiders own 0.34% of the company’s stock.

Boston Scientific Stock Up 1.6%

Shares of NYSE:BSX opened at $43.67 on Friday. The company has a quick ratio of 1.22, a current ratio of 1.90 and a debt-to-equity ratio of 0.42. The firm has a market cap of $64.90 billion, a P/E ratio of 18.27, a P/E/G ratio of 0.82 and a beta of 0.58. Boston Scientific Corporation has a 12 month low of $42.20 and a 12 month high of $109.50. The company’s 50-day moving average price is $47.37 and its two-hundred day moving average price is $64.20.

Boston Scientific (NYSE:BSX) last announced its earnings results on Wednesday, April 22nd. The medical equipment provider reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.01. Boston Scientific had a net margin of 17.29% and a return on equity of 19.17%. The company had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.19 billion. During the same period in the previous year, the firm posted $0.75 earnings per share. The company’s revenue was up 11.6% on a year-over-year basis. As a group, research analysts forecast that Boston Scientific Corporation will post 3.35 EPS for the current fiscal year.

Boston Scientific declared that its board has initiated a stock repurchase plan on Monday, May 18th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the medical equipment provider to reacquire up to 6.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

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.