Zacks Investment Research upgraded shares of Boston Scientific (NYSE:BSX) from a hold rating to a buy rating in a research note released on Monday morning. Zacks Investment Research currently has $34.00 target price on the medical equipment provider’s stock.
According to Zacks, “Boston Scientific posted an impressive first quarter on growth across all business lines and geographies. The 2018 view also paints a bright picture for the near term. Boston Scientific achieved clinical milestones for Ranger Drug Coated Balloon and WATCHMAN Left Atrial Appendage Closure device. Also, post the suspension of Lotus valve in Europe, ACURATE TAVR valve platform continues to build momentum. During the quarter, Boston Scientific announced several strategic acquisitions including NxThera and nVision in Urology and Pelvic Health, EmCision in Endoscopy, Securus in EP and Millipede in Structural Heart. This inorganic expansion plan bode well for the stocks operational growth. Over the past three months, Boston Scientific outperformed its industry. On the flip side, a delay in the relaunch of the Lotus range of heart devices is expected to hamper sales in 2018 too.”
Several other equities analysts also recently issued reports on the stock. Needham & Company LLC reaffirmed a buy rating and set a $35.00 price target on shares of Boston Scientific in a research note on Tuesday, March 27th. Piper Jaffray Companies assumed coverage on shares of Boston Scientific in a research note on Friday, February 23rd. They set an overweight rating and a $31.00 target price for the company. Morgan Stanley lifted their target price on shares of Boston Scientific from $30.00 to $33.00 and gave the stock an overweight rating in a research note on Monday, March 19th. Royal Bank of Canada reissued a top pick rating and set a $32.00 target price on shares of Boston Scientific in a research note on Monday, March 5th. Finally, TheStreet downgraded shares of Boston Scientific from a b rating to a c rating in a research note on Monday, March 5th. One analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have issued a buy rating and three have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus price target of $32.23.
Boston Scientific opened at $30.65 on Monday, MarketBeat Ratings reports. The firm has a market cap of $42.02 billion, a PE ratio of 23.42, a price-to-earnings-growth ratio of 2.17 and a beta of 0.81. Boston Scientific has a 52-week low of $24.54 and a 52-week high of $30.84. The company has a quick ratio of 0.59, a current ratio of 0.82 and a debt-to-equity ratio of 0.68.
Boston Scientific (NYSE:BSX) last released its quarterly earnings results on Wednesday, April 25th. The medical equipment provider reported $0.33 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.32 by $0.01. The firm had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.34 billion. Boston Scientific had a net margin of 1.21% and a return on equity of 25.10%. The company’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.29 earnings per share. research analysts predict that Boston Scientific will post 1.39 EPS for the current year.
In other news, EVP Kevin J. Ballinger sold 31,056 shares of Boston Scientific stock in a transaction dated Monday, May 7th. The shares were sold at an average price of $30.00, for a total transaction of $931,680.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Daniel J. Brennan sold 60,209 shares of Boston Scientific stock in a transaction dated Monday, March 19th. The shares were sold at an average price of $27.87, for a total transaction of $1,678,024.83. Following the transaction, the chief financial officer now owns 299,644 shares of the company’s stock, valued at $8,351,078.28. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 196,527 shares of company stock valued at $5,609,035. Insiders own 0.73% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. LPL Financial LLC grew its holdings in shares of Boston Scientific by 20.3% during the fourth quarter. LPL Financial LLC now owns 131,649 shares of the medical equipment provider’s stock valued at $3,264,000 after buying an additional 22,216 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in shares of Boston Scientific by 61.4% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 937,527 shares of the medical equipment provider’s stock valued at $23,241,000 after buying an additional 356,701 shares during the last quarter. First Personal Financial Services grew its holdings in shares of Boston Scientific by 42.9% during the fourth quarter. First Personal Financial Services now owns 13,015 shares of the medical equipment provider’s stock valued at $323,000 after buying an additional 3,908 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Boston Scientific by 371.6% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,149,847 shares of the medical equipment provider’s stock valued at $177,245,000 after buying an additional 5,633,721 shares during the last quarter. Finally, HBK Investments L P acquired a new position in shares of Boston Scientific during the fourth quarter valued at about $2,516,000. Hedge funds and other institutional investors own 89.38% of the company’s stock.
About Boston Scientific
Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. It operates through three segments: Cardiovascular, Rhythm Management, and MedSurg. 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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