Boston Scientific (BSX) Trading Down 7.4%
Boston Scientific Corporation (NYSE:BSX)’s share price was down 7.4% during mid-day trading on Tuesday . The company traded as low as $26.29 and last traded at $26.39. Approximately 34,262,091 shares were traded during trading, an increase of 413% from the average daily volume of 6,676,752 shares. The stock had previously closed at $28.51.
A number of equities analysts have recently issued reports on BSX shares. Canaccord Genuity started coverage on shares of Boston Scientific in a research note on Tuesday, October 24th. They set a “buy” rating and a $36.00 price objective on the stock. Zacks Investment Research upgraded shares of Boston Scientific from a “sell” rating to a “buy” rating and set a $33.00 price objective on the stock in a research note on Friday, October 20th. Royal Bank Of Canada reiterated a “buy” rating and set a $31.00 price objective on shares of Boston Scientific in a research note on Friday, September 1st. BMO Capital Markets reiterated a “buy” rating and set a $30.00 price objective on shares of Boston Scientific in a research note on Friday, October 13th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $32.00 price objective on shares of Boston Scientific in a research note on Tuesday, October 3rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. Boston Scientific has an average rating of “Buy” and an average price target of $30.71.
The company has a market cap of $36,238.64, a P/E ratio of 21.63, a price-to-earnings-growth ratio of 2.04 and a beta of 1.00. The company has a current ratio of 0.72, a quick ratio of 0.50 and a debt-to-equity ratio of 0.58.
Boston Scientific (NYSE:BSX) last announced its earnings results on Thursday, October 26th. The medical equipment provider reported $0.31 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.31. The company had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.21 billion. Boston Scientific had a net margin of 9.55% and a return on equity of 23.60%. Boston Scientific’s revenue was up 5.6% compared to the same quarter last year. During the same period last year, the firm earned $0.27 earnings per share. sell-side analysts anticipate that Boston Scientific Corporation will post 1.25 earnings per share for the current fiscal year.
In other Boston Scientific news, EVP Michael P. Phalen sold 15,500 shares of the firm’s stock in a transaction on Friday, September 29th. The shares were sold at an average price of $28.72, for a total value of $445,160.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Timothy A. Pratt sold 10,104 shares of the firm’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $27.46, for a total transaction of $277,455.84. Following the completion of the transaction, the executive vice president now directly owns 185,742 shares of the company’s stock, valued at approximately $5,100,475.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 409,302 shares of company stock valued at $11,877,379. 0.74% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the business. Valeo Financial Advisors LLC purchased a new position in shares of Boston Scientific during the third quarter worth $138,000. Steward Partners Investment Advisory LLC acquired a new stake in shares of Boston Scientific in the third quarter valued at about $139,000. Acrospire Investment Management LLC grew its position in shares of Boston Scientific by 157.3% in the second quarter. Acrospire Investment Management LLC now owns 5,071 shares of the medical equipment provider’s stock valued at $141,000 after purchasing an additional 3,100 shares during the period. Bronfman E.L. Rothschild L.P. grew its position in shares of Boston Scientific by 14.3% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 5,761 shares of the medical equipment provider’s stock valued at $160,000 after purchasing an additional 720 shares during the period. Finally, San Francisco Sentry Investment Group CA acquired a new stake in shares of Boston Scientific in the second quarter valued at about $191,000. 90.55% of the stock is owned by institutional investors and hedge funds.
About Boston Scientific
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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