Traders Buy Boston Scientific Corp. (BSX) on Weakness
Traders bought shares of Boston Scientific Corp. (NYSE:BSX) on weakness during trading on Friday. $65.03 million flowed into the stock on the tick-up and $27.02 million flowed out of the stock on the tick-down, for a money net flow of $38.01 million into the stock. Of all stocks tracked, Boston Scientific Corp. had the 29th highest net in-flow for the day. Boston Scientific Corp. traded down ($0.06) for the day and closed at $24.28
A number of analysts have issued reports on BSX shares. Guggenheim started coverage on Boston Scientific Corp. in a research note on Wednesday, June 8th. They issued a “buy” rating and a $26.00 target price for the company. Piper Jaffray Cos. reissued an “overweight” rating and set a $26.00 price objective on shares of Boston Scientific Corp. in a research report on Tuesday, June 21st. Needham & Company LLC raised their price objective on Boston Scientific Corp. from $26.00 to $28.00 and gave the stock a “buy” rating in a research report on Friday. Argus reissued a “hold” rating on shares of Boston Scientific Corp. in a research report on Sunday, April 10th. Finally, Credit Suisse Group AG reissued a “buy” rating on shares of Boston Scientific Corp. in a research report on Friday. Six analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company. The company has an average rating of “Buy” and an average target price of $24.38.
The stock’s 50-day moving average price is $23.35 and its 200-day moving average price is $20.33. The company’s market cap is $32.96 billion.
Boston Scientific Corp. (NYSE:BSX) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.27 EPS for the quarter, meeting analysts’ consensus estimates of $0.27. The business earned $2.13 billion during the quarter, compared to analysts’ expectations of $2.05 billion. The company’s revenue for the quarter was up 15.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.22 EPS. On average, equities research analysts forecast that Boston Scientific Corp. will post $1.10 EPS for the current year.
In related news, EVP Michael P. Phalen sold 35,000 shares of the stock in a transaction dated Wednesday, July 20th. The stock was sold at an average price of $24.03, for a total value of $841,050.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael F. Mahoney sold 100,000 shares of the stock in a transaction dated Monday, May 2nd. The shares were sold at an average price of $22.12, for a total value of $2,212,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,632,577 shares of the company’s stock, valued at approximately $36,112,603.24. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors have recently added to or reduced their stakes in BSX. PNC Financial Services Group Inc. increased its position in Boston Scientific Corp. by 7.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 57,502 shares of the company’s stock worth $1,061,000 after buying an additional 3,945 shares in the last quarter. Suntrust Banks Inc. purchased a new position in Boston Scientific Corp. during the fourth quarter worth approximately $1,438,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in Boston Scientific Corp. by 1.8% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 87,889 shares of the company’s stock worth $1,621,000 after buying an additional 1,540 shares in the last quarter. Turner Investments L.P. increased its position in Boston Scientific Corp. by 55.0% in the fourth quarter. Turner Investments L.P. now owns 102,900 shares of the company’s stock worth $1,897,000 after buying an additional 36,500 shares in the last quarter. Finally, GSA Capital Partners LLP purchased a new position in Boston Scientific Corp. during the fourth quarter worth approximately $1,976,000.
Boston Scientific Corporation is a developer, manufacturer and marketer of medical devices that are used in a range of interventional medical specialties. The Company offers its products by seven core businesses: Interventional Cardiology, Peripheral Interventions (PI), Cardiac Rhythm Management (CRM), Electrophysiology (EP), Endoscopy, Urology and Pelvic Health, and Neuromodulation.
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