Kornitzer Capital Management Inc. KS Sells 171,475 Shares of Boston Scientific Co. (NYSE:BSX)

Kornitzer Capital Management Inc. KS cut its stake in shares of Boston Scientific Co. (NYSE:BSX) by 52.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 154,541 shares of the medical equipment provider’s stock after selling 171,475 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Boston Scientific were worth $8,934,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. International Assets Investment Management LLC bought a new stake in Boston Scientific in the 1st quarter valued at about $54,000. Acadian Asset Management LLC bought a new position in shares of Boston Scientific in the 1st quarter worth $35,000. Prudential PLC bought a new position in shares of Boston Scientific in the 1st quarter worth $1,076,000. Cetera Investment Advisers increased its stake in Boston Scientific by 24.0% during the 1st quarter. Cetera Investment Advisers now owns 28,793 shares of the medical equipment provider’s stock valued at $1,275,000 after purchasing an additional 5,581 shares in the last quarter. Finally, Sequoia Financial Advisors LLC bought a new stake in Boston Scientific during the 1st quarter valued at $230,000. 89.07% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on BSX. TD Cowen boosted their target price on shares of Boston Scientific from $65.00 to $77.00 and gave the stock an “outperform” rating in a research report on Thursday, March 7th. Oppenheimer lifted their target price on Boston Scientific from $58.00 to $68.00 and gave the company a “market perform” rating in a research report on Thursday, February 1st. Evercore ISI increased their price target on Boston Scientific from $68.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Truist Financial lifted their price objective on shares of Boston Scientific from $59.00 to $66.00 and gave the stock a “buy” rating in a report on Friday, December 22nd. Finally, JPMorgan Chase & Co. increased their target price on shares of Boston Scientific from $60.00 to $72.00 and gave the company an “overweight” rating in a report on Thursday, February 1st. Two equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Boston Scientific presently has a consensus rating of “Moderate Buy” and a consensus target price of $68.50.

Boston Scientific Stock Performance

Shares of NYSE BSX traded down $0.09 during mid-day trading on Friday, hitting $67.33. The company had a trading volume of 6,966,282 shares, compared to its average volume of 5,053,271. The stock’s 50-day moving average price is $67.25 and its 200-day moving average price is $59.84. The company has a market capitalization of $98.78 billion, a price-to-earnings ratio of 62.93, a P/E/G ratio of 2.36 and a beta of 0.78. The company has a current ratio of 1.32, a quick ratio of 0.82 and a debt-to-equity ratio of 0.44. Boston Scientific Co. has a 1 year low of $48.35 and a 1 year high of $69.21.

Boston Scientific (NYSE:BSX) last announced its quarterly earnings results on Wednesday, January 31st. The medical equipment provider reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.04. Boston Scientific had a return on equity of 15.99% and a net margin of 11.19%. The firm had revenue of $3.73 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same period in the prior year, the business posted $0.45 earnings per share. On average, sell-side analysts forecast that Boston Scientific Co. will post 2.25 earnings per share for the current year.

Insider Activity

In other Boston Scientific news, EVP John Bradley Sorenson sold 16,351 shares of the company’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $69.30, for a total value of $1,133,124.30. Following the transaction, the executive vice president now directly owns 50,638 shares in the company, valued at approximately $3,509,213.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP John Bradley Sorenson sold 16,351 shares of Boston Scientific stock in a transaction on Monday, April 1st. The shares were sold at an average price of $69.30, for a total transaction of $1,133,124.30. Following the completion of the sale, the executive vice president now directly owns 50,638 shares of the company’s stock, valued at approximately $3,509,213.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Wendy Carruthers sold 6,983 shares of the stock in a transaction on Friday, March 1st. The shares were sold at an average price of $66.35, for a total value of $463,322.05. Following the completion of the transaction, the executive vice president now directly owns 53,788 shares in the company, valued at approximately $3,568,833.80. The disclosure for this sale can be found here. Insiders sold 50,979 shares of company stock worth $3,418,529 in the last three months. Corporate insiders own 0.50% of the company’s stock.

Boston Scientific Company Profile

Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. It operates through two segments, MedSurg and Cardiovascular. The company offers devices to diagnose and treat gastrointestinal and pulmonary conditions, such as resolution clips, biliary stent systems, stents and electrocautery enhanced delivery systems, direct visualization systems, digital catheters, and single-use duodenoscopes; devices to treat urological conditions, including ureteral stents, catheters, baskets, guidewires, sheaths, balloons, single-use digital flexible ureteroscopes, holmium laser systems, artificial urinary sphincter, laser system, fiber, and hydrogel systems; and devices to treat neurological movement disorders and manage chronic pain, such as spinal cord stimulator system, proprietary programming software, radiofrequency generator, indirect decompression systems, practice optimization tools, and deep brain stimulation system.