Bank of Nova Scotia Increases Holdings in Boston Scientific Corporation $BSX

Bank of Nova Scotia boosted its position in Boston Scientific Corporation (NYSE:BSX) by 15.5% in the 1st quarter, HoldingsChannel.com reports. The firm owned 2,303,011 shares of the medical equipment provider’s stock after buying an additional 308,930 shares during the period. Bank of Nova Scotia’s holdings in Boston Scientific were worth $144,515,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Wealthspire Retirement LLC grew its holdings in Boston Scientific by 1.1% in the first quarter. Wealthspire Retirement LLC now owns 65,215 shares of the medical equipment provider’s stock valued at $4,092,000 after purchasing an additional 683 shares during the last quarter. Aureus Asset Management LLC purchased a new stake in shares of Boston Scientific in the 1st quarter worth about $16,024,000. Measured Wealth Private Client Group LLC grew its stake in Boston Scientific by 244.9% in the 1st quarter. Measured Wealth Private Client Group LLC now owns 545 shares of the medical equipment provider’s stock valued at $34,000 after acquiring an additional 387 shares during the last quarter. First Trust Advisors LP grew its stake in Boston Scientific by 40.7% in the 1st quarter. First Trust Advisors LP now owns 184,386 shares of the medical equipment provider’s stock valued at $11,570,000 after acquiring an additional 53,332 shares during the last quarter. Finally, Phillip James Consulting Co. purchased a new position in Boston Scientific during the 1st quarter valued at about $220,000. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on BSX shares. Raymond James Financial reaffirmed an “outperform” rating and issued a $88.00 price target (down from $97.00) on shares of Boston Scientific in a report on Monday, March 30th. Zacks Research lowered Boston Scientific from a “hold” rating to a “strong sell” rating in a research note on Friday, June 5th. Stifel Nicolaus dropped their price target on Boston Scientific from $75.00 to $65.00 and set a “buy” rating for the company in a research report on Thursday, June 25th. Wells Fargo & Company reissued an “equal weight” rating and issued a $55.00 price target (down from $75.00) on shares of Boston Scientific in a report on Thursday, May 28th. Finally, Wolfe Research lowered Boston Scientific from an “outperform” rating to a “peer perform” rating in a research note on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $79.84.

Insider Buying and Selling

In other Boston Scientific news, Director Cheryl Pegus purchased 1,770 shares of the firm’s stock in a transaction on Wednesday, May 20th. The shares were purchased at an average cost of $56.49 per share, with a total value of $99,987.30. Following the purchase, the director owned 1,770 shares in the company, valued at approximately $99,987.30. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Edward J. Ludwig purchased 3,580 shares of the stock in a transaction on Wednesday, May 20th. The stock was acquired at an average price of $56.68 per share, with a total value of $202,914.40. Following the acquisition, the director directly owned 25,359 shares in the company, valued at $1,437,348.12. This trade represents a 16.44% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have acquired 9,800 shares of company stock worth $554,012. 0.34% of the stock is owned by company insiders.

Boston Scientific Trading Up 1.6%

Shares of BSX opened at $43.67 on Friday. Boston Scientific Corporation has a fifty-two week low of $42.20 and a fifty-two week high of $109.50. The company has a market capitalization of $64.90 billion, a PE ratio of 18.27, a price-to-earnings-growth ratio of 0.82 and a beta of 0.58. The stock has a fifty day moving average of $47.37 and a two-hundred day moving average of $64.20. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.22 and a current ratio of 1.90.

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

Boston Scientific declared that its Board of Directors has authorized a share buyback plan on Monday, May 18th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the medical equipment provider to buy up to 6.4% of its stock through open market purchases. Stock repurchase plans are generally 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.