Boston Scientific (NYSE:BSX) Hits New 52-Week High Following Analyst Upgrade

Boston Scientific Co. (NYSE:BSX)’s stock price reached a new 52-week high on Wednesday after Citigroup raised their price target on the stock from $79.00 to $85.00. Citigroup currently has a buy rating on the stock. Boston Scientific traded as high as $74.39 and last traded at $73.77, with a volume of 3638035 shares traded. The stock had previously closed at $68.99.

BSX has been the subject of a number of other research reports. Raymond James boosted their price target on Boston Scientific from $73.00 to $85.00 and gave the company a “strong-buy” rating in a research report on Thursday. Oppenheimer increased their target price on shares of Boston Scientific from $58.00 to $68.00 and gave the stock a “market perform” rating in a research report on Thursday, February 1st. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Boston Scientific from $63.00 to $73.00 and gave the company a “hold” rating in a research report on Thursday. StockNews.com lowered shares of Boston Scientific from a “buy” rating to a “hold” rating in a research report on Saturday, March 16th. Finally, BTIG Research restated a “buy” rating and set a $64.00 target price on shares of Boston Scientific in a report on Friday, December 29th. Three research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $74.27.

Insider Buying and Selling

In other Boston Scientific news, CFO Daniel J. Brennan sold 13,662 shares of the firm’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $65.86, for a total transaction of $899,779.32. Following the completion of the transaction, the chief financial officer now directly owns 271,542 shares of the company’s stock, valued at approximately $17,883,756.12. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Boston Scientific news, CFO Daniel J. Brennan sold 13,662 shares of the stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $65.86, for a total transaction of $899,779.32. Following the transaction, the chief financial officer now owns 271,542 shares of the company’s stock, valued at approximately $17,883,756.12. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Wendy Carruthers sold 6,983 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $66.89, for a total value of $467,092.87. Following the completion of the sale, the executive vice president now owns 56,508 shares of the company’s stock, valued at $3,779,820.12. The disclosure for this sale can be found here. Over the last quarter, insiders sold 50,979 shares of company stock worth $3,418,529. Insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of BSX. Bruce G. Allen Investments LLC acquired a new stake in shares of Boston Scientific during the 4th quarter worth approximately $28,000. Northwest Investment Counselors LLC acquired a new stake in Boston Scientific in the first quarter worth $31,000. Sachetta LLC bought a new stake in Boston Scientific in the fourth quarter valued at $32,000. Frazier Financial Advisors LLC acquired a new position in shares of Boston Scientific during the fourth quarter valued at $32,000. Finally, Jones Financial Companies Lllp grew its position in shares of Boston Scientific by 53.0% during the fourth quarter. Jones Financial Companies Lllp now owns 557 shares of the medical equipment provider’s stock worth $32,000 after acquiring an additional 193 shares during the last quarter. 89.07% of the stock is owned by institutional investors and hedge funds.

Boston Scientific Stock Performance

The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.82 and a current ratio of 1.32. The stock’s fifty day moving average is $67.68 and its two-hundred day moving average is $60.37. The firm has a market cap of $107.54 billion, a price-to-earnings ratio of 68.50, a PEG ratio of 2.42 and a beta of 0.78.

Boston Scientific (NYSE:BSX) last announced its earnings results on Wednesday, January 31st. The medical equipment provider reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.04. Boston Scientific had a return on equity of 15.99% and a net margin of 11.19%. The firm had revenue of $3.73 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter in the previous year, the business earned $0.45 EPS. On average, analysts expect that Boston Scientific Co. will post 2.25 earnings per share for the current fiscal year.

About Boston Scientific

Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. It operates through two segments, MedSurg and Cardiovascular. The company offers devices to diagnose and treat gastrointestinal and pulmonary conditions, such as resolution clips, biliary stent systems, stents and electrocautery enhanced delivery systems, direct visualization systems, digital catheters, and single-use duodenoscopes; devices to treat urological conditions, including ureteral stents, catheters, baskets, guidewires, sheaths, balloons, single-use digital flexible ureteroscopes, holmium laser systems, artificial urinary sphincter, laser system, fiber, and hydrogel systems; and devices to treat neurological movement disorders and manage chronic pain, such as spinal cord stimulator system, proprietary programming software, radiofrequency generator, indirect decompression systems, practice optimization tools, and deep brain stimulation system.