Sumitomo Life Insurance Co. lessened its stake in Boston Scientific Co. (NYSE:BSX) by 22.4% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 85,005 shares of the medical equipment provider’s stock after selling 24,602 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Boston Scientific were worth $3,262,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of BSX. 1832 Asset Management L.P. boosted its stake in Boston Scientific by 187.2% during the 4th quarter. 1832 Asset Management L.P. now owns 1,240,550 shares of the medical equipment provider’s stock worth $43,836,000 after purchasing an additional 808,650 shares during the last quarter. Amundi Pioneer Asset Management Inc. boosted its stake in Boston Scientific by 26.1% during the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 3,727,580 shares of the medical equipment provider’s stock worth $131,734,000 after purchasing an additional 770,542 shares during the last quarter. IFM Investors Pty Ltd boosted its stake in Boston Scientific by 9.9% during the 4th quarter. IFM Investors Pty Ltd now owns 79,729 shares of the medical equipment provider’s stock worth $2,818,000 after purchasing an additional 7,165 shares during the last quarter. Insight Wealth Strategies LLC acquired a new stake in Boston Scientific during the 4th quarter worth $882,000. Finally, Kovack Advisors Inc. acquired a new stake in Boston Scientific during the 4th quarter worth $220,000. 91.70% of the stock is owned by institutional investors.
In other Boston Scientific news, EVP Kevin J. Ballinger sold 20,900 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $40.74, for a total value of $851,466.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Daniel J. Brennan sold 64,223 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $40.84, for a total transaction of $2,622,867.32. The disclosure for this sale can be found here. Insiders sold 342,352 shares of company stock worth $13,701,434 in the last ninety days. 0.66% of the stock is currently owned by corporate insiders.
Shares of BSX stock opened at $36.17 on Wednesday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.54 and a current ratio of 0.76. The stock has a market cap of $50.29 billion, a PE ratio of 24.61, a PEG ratio of 2.21 and a beta of 0.87. Boston Scientific Co. has a twelve month low of $27.91 and a twelve month high of $41.00.
Boston Scientific (NYSE:BSX) last posted its earnings results on Wednesday, February 6th. The medical equipment provider reported $0.39 EPS for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.02. Boston Scientific had a net margin of 17.01% and a return on equity of 25.92%. The company had revenue of $2.56 billion for the quarter, compared to analysts’ expectations of $2.57 billion. During the same quarter in the prior year, the company posted $0.34 earnings per share. Boston Scientific’s revenue for the quarter was up 6.4% compared to the same quarter last year. As a group, analysts forecast that Boston Scientific Co. will post 1.55 earnings per share for the current year.
Several equities research analysts have issued reports on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $43.00 target price on shares of Boston Scientific in a research note on Wednesday, February 6th. Zacks Investment Research cut shares of Boston Scientific from a “hold” rating to a “sell” rating in a research note on Monday, December 31st. SunTrust Banks reaffirmed a “buy” rating and set a $47.00 target price on shares of Boston Scientific in a research note on Friday, February 8th. Canaccord Genuity reaffirmed a “buy” rating and set a $45.00 target price on shares of Boston Scientific in a research note on Monday, February 11th. Finally, Argus lifted their target price on shares of Boston Scientific from $43.00 to $45.00 and gave the stock a “buy” rating in a research note on Wednesday, February 13th. Three investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and two have assigned a strong buy rating to the stock. Boston Scientific currently has an average rating of “Buy” and an average price target of $40.80.
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 interventional cardiology products, including drug-eluting coronary stent systems used in the treatment of coronary artery disease; percutaneous coronary interventions therapy products to treat atherosclerosis; intravascular catheter-directed ultrasound imaging catheters, fractional flow reserve devices, and systems for use in coronary arteries and heart chambers, as well as certain peripheral vessels; and structural heart therapy systems.
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