Royal Bank of Canada Boosts Boston Scientific (NYSE:BSX) Price Target to $78.00

Boston Scientific (NYSE:BSX) had its target price raised by Royal Bank of Canada from $70.00 to $78.00 in a report issued on Monday, Benzinga reports. The brokerage currently has an outperform rating on the medical equipment provider’s stock.

Several other equities analysts also recently issued reports on the stock. Needham & Company LLC increased their price objective on shares of Boston Scientific from $60.00 to $71.00 and gave the company a buy rating in a report on Thursday, February 1st. JPMorgan Chase & Co. increased their target price on shares of Boston Scientific from $60.00 to $72.00 and gave the company an overweight rating in a research report on Thursday, February 1st. BTIG Research reiterated a buy rating and issued a $64.00 target price on shares of Boston Scientific in a research report on Friday, December 29th. StockNews.com cut shares of Boston Scientific from a buy rating to a hold rating in a research report on Saturday, March 16th. Finally, Citigroup raised their price objective on shares of Boston Scientific from $71.00 to $79.00 and gave the stock a buy rating in a research report on Wednesday, April 3rd. Two equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $68.50.

Boston Scientific Stock Performance

Shares of NYSE BSX opened at $67.42 on Monday. The company’s fifty day moving average price is $67.21 and its 200 day moving average price is $59.74. Boston Scientific has a 1 year low of $48.35 and a 1 year high of $69.21. The company has a market capitalization of $98.91 billion, a PE ratio of 63.01, a price-to-earnings-growth ratio of 2.39 and a beta of 0.78. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.82 and a current ratio of 1.32.

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

Insider Buying and Selling

In related news, Director Edward J. Ludwig sold 7,000 shares of Boston Scientific stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $65.03, for a total value of $455,210.00. Following the completion of the transaction, the director now owns 41,374 shares in the company, valued at $2,690,551.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Boston Scientific news, EVP John Bradley Sorenson sold 16,351 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $69.30, for a total transaction of $1,133,124.30. Following the sale, the executive vice president now owns 50,638 shares of the company’s stock, valued at $3,509,213.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Edward J. Ludwig sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $65.03, for a total transaction of $455,210.00. Following the sale, the director now directly owns 41,374 shares in the company, valued at approximately $2,690,551.22. The disclosure for this sale can be found here. Insiders sold 50,979 shares of company stock worth $3,418,529 over the last 90 days. 0.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Boston Scientific

Institutional investors have recently modified their holdings of the business. Northwest Investment Counselors LLC acquired a new position in shares of Boston Scientific in the 1st quarter valued at $31,000. Bruce G. Allen Investments LLC acquired a new position in shares of Boston Scientific in the 4th quarter valued at $28,000. Frazier Financial Advisors LLC acquired a new position in shares of Boston Scientific in the 4th quarter valued at $32,000. Sachetta LLC acquired a new position in shares of Boston Scientific in the 4th quarter valued at $32,000. Finally, Jones Financial Companies Lllp increased its holdings in shares of Boston Scientific by 53.0% in the 4th quarter. Jones Financial Companies Lllp now owns 557 shares of the medical equipment provider’s stock valued at $32,000 after acquiring an additional 193 shares during the period. 89.07% of the stock is owned by institutional investors and hedge funds.

Boston Scientific Company Profile

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.