Wells Fargo & Company Reiterates “Outperform” Rating for Boston Scientific Corporation (BSX)
Boston Scientific Corporation (NYSE:BSX)‘s stock had its “outperform” rating reissued by equities researchers at Wells Fargo & Company in a research report issued to clients and investors on Friday. They currently have a $31.00 price target on the medical equipment provider’s stock, up from their prior price target of $29.50. Wells Fargo & Company’s target price would indicate a potential upside of 9.73% from the company’s current price.
Several other research firms have also recently commented on BSX. Northland Securities reissued a “positive” rating on shares of Boston Scientific Corporation in a research report on Thursday, February 23rd. Needham & Company LLC reissued a “buy” rating and set a $29.00 target price on shares of Boston Scientific Corporation in a research report on Thursday, February 23rd. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Boston Scientific Corporation in a research report on Thursday, February 23rd. TheStreet cut shares of Boston Scientific Corporation from a “b” rating to a “c+” rating in a research report on Thursday, March 16th. Finally, Zacks Investment Research cut shares of Boston Scientific Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, April 5th. Six investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the stock. Boston Scientific Corporation has a consensus rating of “Buy” and an average target price of $28.41.
Boston Scientific Corporation (BSX) opened at 28.25 on Friday. The firm has a market cap of $38.69 billion, a P/E ratio of 90.54 and a beta of 1.05. Boston Scientific Corporation has a 12 month low of $19.67 and a 12 month high of $28.51. The firm’s 50-day moving average price is $27.03 and its 200-day moving average price is $24.66.
Boston Scientific Corporation (NYSE:BSX) last announced its quarterly earnings results on Thursday, April 27th. The medical equipment provider reported $0.29 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.30 by $0.01. Boston Scientific Corporation had a net margin of 5.07% and a return on equity of 23.45%. The business had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.08 billion. During the same period in the previous year, the business posted $0.28 EPS. Boston Scientific Corporation’s revenue was up 10.0% compared to the same quarter last year. On average, equities research analysts expect that Boston Scientific Corporation will post $1.25 EPS for the current fiscal year.
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In related news, SVP John Bradley Sorenson sold 2,950 shares of Boston Scientific Corporation stock in a transaction that occurred on Monday, April 10th. The shares were sold at an average price of $24.66, for a total value of $72,747.00. Following the completion of the transaction, the senior vice president now directly owns 20,980 shares in the company, valued at approximately $517,366.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP David A. Pierce sold 10,250 shares of Boston Scientific Corporation stock in a transaction that occurred on Wednesday, April 26th. The shares were sold at an average price of $26.00, for a total transaction of $266,500.00. Following the completion of the transaction, the senior vice president now owns 35,850 shares of the company’s stock, valued at $932,100. The disclosure for this sale can be found here. Insiders sold a total of 217,916 shares of company stock valued at $5,606,540 over the last quarter. 0.74% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FMR LLC raised its position in Boston Scientific Corporation by 7.6% in the first quarter. FMR LLC now owns 184,708,390 shares of the medical equipment provider’s stock worth $4,593,698,000 after buying an additional 13,105,596 shares in the last quarter. BlackRock Inc. raised its position in Boston Scientific Corporation by 2,181.6% in the first quarter. BlackRock Inc. now owns 95,744,545 shares of the medical equipment provider’s stock worth $2,381,169,000 after buying an additional 91,548,235 shares in the last quarter. Vanguard Group Inc. raised its position in Boston Scientific Corporation by 4.0% in the first quarter. Vanguard Group Inc. now owns 91,134,744 shares of the medical equipment provider’s stock worth $2,266,521,000 after buying an additional 3,503,965 shares in the last quarter. Janus Capital Management LLC raised its position in Boston Scientific Corporation by 17.8% in the fourth quarter. Janus Capital Management LLC now owns 41,575,011 shares of the medical equipment provider’s stock worth $899,562,000 after buying an additional 6,289,196 shares in the last quarter. Finally, Norges Bank acquired a new position in Boston Scientific Corporation during the fourth quarter worth $301,774,000. Institutional investors and hedge funds own 92.04% of the company’s stock.
About Boston Scientific Corporation
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 businesses: Interventional Cardiology, Cardiac Rhythm Management, Endoscopy, Peripheral Interventions, Urology and Pelvic Health, Neuromodulation, and Electrophysiology.
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