Boston Scientific (NYSE:BSX) Upgraded at Wall Street Zen

Boston Scientific (NYSE:BSX) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday.

A number of other analysts have also weighed in on BSX. Bank of America cut their price objective on Boston Scientific from $105.00 to $68.00 and set a “buy” rating on the stock in a research report on Monday, May 18th. BTIG Research reissued a “buy” rating and set a $65.00 target price on shares of Boston Scientific in a research note on Tuesday, June 16th. 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 report on Thursday, May 28th. Mizuho decreased their price objective on Boston Scientific from $90.00 to $70.00 and set an “outperform” rating for the company in a research note on Wednesday, July 15th. Finally, Evercore set a $65.00 price objective on Boston Scientific in a research report on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Boston Scientific presently has a consensus rating of “Moderate Buy” and an average target price of $79.84.

Boston Scientific Trading Up 1.6%

Shares of BSX stock opened at $44.26 on Friday. Boston Scientific has a fifty-two week low of $42.20 and a fifty-two week high of $109.50. The company has a 50 day moving average price of $47.21 and a 200 day moving average price of $64.06. The stock has a market capitalization of $65.78 billion, a P/E ratio of 18.52, a price-to-earnings-growth ratio of 0.84 and a beta of 0.58. 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 released its earnings results on Wednesday, April 22nd. The medical equipment provider reported $0.80 earnings per share (EPS) 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 for the quarter, compared to analyst estimates of $5.19 billion. During the same period in the prior year, the business earned $0.75 EPS. The firm’s quarterly revenue was up 11.6% on a year-over-year basis. Equities research analysts predict that Boston Scientific will post 3.35 EPS for the current fiscal year.

Boston Scientific announced that its board has authorized a share repurchase program on Monday, May 18th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the medical equipment provider to buy up to 6.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Activity

In related news, Director Cheryl Pegus bought 1,770 shares of the stock in a transaction dated Wednesday, May 20th. The stock was acquired at an average price of $56.49 per share, for a total transaction of $99,987.30. Following the acquisition, the director owned 1,770 shares in the company, valued at approximately $99,987.30. This represents a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Edward J. Ludwig purchased 3,580 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The shares were bought at an average price of $56.68 per share, for a total transaction of $202,914.40. Following the completion of the purchase, the director directly owned 25,359 shares in the company, valued at $1,437,348.12. This represents a 16.44% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders purchased 9,800 shares of company stock worth $554,012. Corporate insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On Boston Scientific

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Boston Scientific in the 4th quarter valued at $2,199,395,000. Assenagon Asset Management S.A. increased its stake in Boston Scientific by 133.6% in the first 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 during the period. Janus Henderson Group PLC raised its holdings in shares of Boston Scientific by 31.0% in the first quarter. Janus Henderson Group PLC now owns 16,497,366 shares of the medical equipment provider’s stock valued at $1,035,202,000 after buying an additional 3,907,981 shares during the last quarter. Maverick Capital Ltd. purchased a new position in shares of Boston Scientific during the fourth quarter worth about $280,735,000. Finally, Arrowstreet Capital Limited Partnership increased its position in Boston Scientific by 25.9% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 13,891,668 shares of the medical equipment provider’s stock valued at $871,702,000 after acquiring an additional 2,856,040 shares during the period. Hedge funds and other institutional investors own 89.07% of the company’s stock.

Boston Scientific Company 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.