Boston Scientific (NYSE:BSX) Updates FY 2024 Earnings Guidance

Boston Scientific (NYSE:BSX) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 2.290-2.340 for the period, compared to the consensus EPS estimate of 2.250. The company issued revenue guidance of $15.8 billion-$16.1 billion, compared to the consensus revenue estimate of $15.6 billion. Boston Scientific also updated its FY24 guidance to $2.29-2.34 EPS.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on BSX shares. Evercore ISI raised their price target on Boston Scientific from $72.00 to $78.00 and gave the company an outperform rating in a research report on Thursday. Oppenheimer raised their price objective on shares of Boston Scientific from $58.00 to $68.00 and gave the company a market perform rating in a research report on Thursday, February 1st. UBS Group increased their price objective on shares of Boston Scientific from $74.00 to $90.00 and gave the company a buy rating in a research report on Thursday. Citigroup raised their target price on shares of Boston Scientific from $79.00 to $85.00 and gave the stock a buy rating in a report on Thursday. Finally, Wells Fargo & Company boosted their target price on shares of Boston Scientific from $72.00 to $82.00 and gave the company an overweight rating in a research note on Thursday. Three analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $75.09.

Boston Scientific Price Performance

Shares of BSX stock traded down $0.09 during trading hours on Friday, hitting $73.17. 8,786,294 shares of the company’s stock were exchanged, compared to its average volume of 6,225,924. Boston Scientific has a 52 week low of $48.35 and a 52 week high of $74.39. The stock’s 50-day moving average is $67.82 and its 200-day moving average is $60.51. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.32 and a quick ratio of 0.82. The stock has a market cap of $107.35 billion, a price-to-earnings ratio of 61.45, a price-to-earnings-growth ratio of 2.52 and a beta of 0.78.

Boston Scientific (NYSE:BSX) last issued its quarterly earnings results on Wednesday, January 31st. The medical equipment provider reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.04. Boston Scientific had a return on equity of 16.63% and a net margin of 12.06%. The company had revenue of $3.73 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same quarter last year, the company posted $0.45 EPS. As a group, research analysts forecast that Boston Scientific will post 2.32 EPS for the current year.

Insider Activity

In other Boston Scientific news, EVP John Bradley Sorenson sold 16,351 shares of the stock in a transaction dated 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 transaction, the executive vice president now 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 can be accessed through the SEC website. In other news, EVP John Bradley Sorenson sold 16,351 shares of Boston Scientific stock in a transaction on 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 completion of the sale, the executive vice president now directly owns 50,638 shares of the company’s stock, valued at $3,509,213.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Daniel J. Brennan sold 13,662 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $65.86, for a total value of $899,779.32. Following the transaction, the chief financial officer now owns 271,542 shares in the company, valued at approximately $17,883,756.12. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 50,979 shares of company stock worth $3,418,529. Insiders own 0.50% of the company’s stock.

About Boston Scientific

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.