Boston Scientific (BSX) Receives Strong-Buy Rating from Needham & Company LLC
Needham & Company LLC reissued their strong-buy rating on shares of Boston Scientific (NYSE:BSX) in a report published on Friday, Marketbeat Ratings reports. They currently have a $43.00 price objective on the medical equipment provider’s stock, up from their previous price objective of $39.00.
“BSX announced it is acquiring the private company Augmenix for $500M cash up front and up to $100M in milestones. Augmenix’s SpaceOAR reduces side effects associated with prostate radiotherapy. BSX expects the deal to be immaterial to its adjusted EPS through 2019 and increasingly accretive beginning in 2020. The SpaceOAR hydrogel is CE Marked and FDA cleared and serves an estimated $750M market. We expect the deal to strengthen BSX’s Urology & Pelvic Health business. We expect BSX’s string of acquisitions in 2018 (including Augmenix) to combine to provide a material benefit to its longer-term organic growth and we reiterate our Strong Buy rating and raise our price target to $43 from $39.”,” the firm’s analyst wrote.
Several other analysts have also issued reports on BSX. BMO Capital Markets boosted their price target on Boston Scientific to $36.00 and gave the company an outperform rating in a report on Tuesday, July 10th. Sanford C. Bernstein began coverage on Boston Scientific in a report on Wednesday, June 27th. They set an outperform rating and a $38.00 price target for the company. ValuEngine raised Boston Scientific from a hold rating to a buy rating in a report on Monday, June 11th. Piper Jaffray Companies boosted their price target on Boston Scientific to $38.00 and gave the company an overweight rating in a report on Thursday, July 26th. Finally, Stifel Nicolaus reissued a buy rating and set a $37.00 price target on shares of Boston Scientific in a report on Thursday, July 26th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, eighteen have given a buy rating and three have given a strong buy rating to the company. Boston Scientific presently has an average rating of Buy and a consensus target price of $36.18.
Boston Scientific (NYSE:BSX) last released its quarterly earnings results on Wednesday, July 25th. The medical equipment provider reported $0.41 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.07. Boston Scientific had a return on equity of 26.35% and a net margin of 5.48%. The business had revenue of $2.49 billion during the quarter, compared to analyst estimates of $2.47 billion. During the same quarter in the previous year, the company posted $0.32 earnings per share. Boston Scientific’s revenue for the quarter was up 10.3% on a year-over-year basis. equities research analysts predict that Boston Scientific will post 1.39 EPS for the current year.
In related news, SVP Jeffrey B. Mirviss sold 19,323 shares of the stock in a transaction that occurred on Thursday, June 14th. The stock was sold at an average price of $32.64, for a total transaction of $630,702.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP David A. Pierce sold 5,000 shares of the stock in a transaction that occurred on Wednesday, August 1st. The shares were sold at an average price of $33.66, for a total value of $168,300.00. Following the transaction, the executive vice president now directly owns 29,201 shares of the company’s stock, valued at $982,905.66. The disclosure for this sale can be found here. In the last ninety days, insiders sold 67,907 shares of company stock valued at $2,283,121. Corporate insiders own 0.73% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the stock. LFA Lugano Financial Advisors SA bought a new position in Boston Scientific during the second quarter valued at approximately $715,000. Public Employees Retirement System of Ohio raised its position in Boston Scientific by 2.0% during the second quarter. Public Employees Retirement System of Ohio now owns 965,855 shares of the medical equipment provider’s stock valued at $31,583,000 after purchasing an additional 19,383 shares during the period. WealthPLAN Partners LLC purchased a new stake in Boston Scientific during the second quarter valued at approximately $208,000. Bank of Nova Scotia raised its position in Boston Scientific by 112.6% during the second quarter. Bank of Nova Scotia now owns 371,983 shares of the medical equipment provider’s stock valued at $12,164,000 after purchasing an additional 197,014 shares during the period. Finally, South Street Advisors LLC purchased a new stake in Boston Scientific during the second quarter valued at approximately $10,690,000. 90.91% of the stock is owned by institutional investors.
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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