Envestnet Asset Management Inc. increased its position in shares of Boston Scientific Co. (NYSE:BSX – Get Rating) by 7.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 584,915 shares of the medical equipment provider’s stock after purchasing an additional 42,991 shares during the period. Envestnet Asset Management Inc.’s holdings in Boston Scientific were worth $25,906,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of BSX. Geode Capital Management LLC grew its position in Boston Scientific by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 22,354,168 shares of the medical equipment provider’s stock valued at $946,812,000 after acquiring an additional 375,333 shares during the period. Norges Bank bought a new stake in Boston Scientific in the fourth quarter valued at $563,108,000. Lazard Asset Management LLC grew its position in Boston Scientific by 1.8% in the fourth quarter. Lazard Asset Management LLC now owns 9,899,149 shares of the medical equipment provider’s stock valued at $420,515,000 after acquiring an additional 176,763 shares during the period. abrdn plc grew its position in Boston Scientific by 1.5% in the fourth quarter. abrdn plc now owns 9,048,021 shares of the medical equipment provider’s stock valued at $384,360,000 after acquiring an additional 137,304 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Boston Scientific by 2.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,554,258 shares of the medical equipment provider’s stock valued at $320,905,000 after acquiring an additional 194,378 shares during the period. 90.48% of the stock is currently owned by institutional investors.
Insider Buying and Selling at Boston Scientific
In other Boston Scientific news, EVP Wendy Carruthers sold 7,500 shares of the stock in a transaction dated Monday, May 16th. The stock was sold at an average price of $39.43, for a total value of $295,725.00. Following the transaction, the executive vice president now owns 139,913 shares of the company’s stock, valued at $5,516,769.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Over the last quarter, insiders have sold 22,500 shares of company stock valued at $865,725. 0.66% of the stock is currently owned by company insiders.
Boston Scientific Stock Performance
Boston Scientific (NYSE:BSX – Get Rating) last issued its quarterly earnings results on Wednesday, July 27th. The medical equipment provider reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.02. Boston Scientific had a return on equity of 14.72% and a net margin of 7.16%. The business had revenue of $3.24 billion for the quarter, compared to analyst estimates of $3.22 billion. During the same quarter in the prior year, the firm posted $0.40 earnings per share. The firm’s revenue for the quarter was up 5.4% compared to the same quarter last year. As a group, research analysts predict that Boston Scientific Co. will post 1.76 earnings per share for the current year.
Wall Street Analyst Weigh In
A number of brokerages have weighed in on BSX. Citigroup lowered their price target on Boston Scientific from $52.00 to $47.00 and set a “buy” rating on the stock in a research report on Tuesday, May 17th. Raymond James restated a “maintains” rating on shares of Boston Scientific in a report on Thursday, July 28th. Canaccord Genuity Group decreased their target price on Boston Scientific from $51.00 to $43.00 and set a “buy” rating on the stock in a report on Wednesday, June 29th. Truist Financial decreased their target price on Boston Scientific from $51.00 to $45.00 and set a “buy” rating on the stock in a report on Wednesday, July 20th. Finally, StockNews.com cut Boston Scientific from a “buy” rating to a “hold” rating in a report on Thursday, April 21st. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.82.
Boston Scientific Profile
Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. It operates through three segments: MedSurg, Rhythm and Neuro, and Cardiovascular. The company offers devices to diagnose and treat gastrointestinal and pulmonary conditions; devices to treat various urological and pelvic conditions; implantable cardioverter and implantable cardiac resynchronization therapy defibrillators; pacemakers and implantable cardiac resynchronization therapy pacemakers; and remote patient management systems.
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