Boston Scientific Corporation $BSX Shares Bought by Fortis Capital Management LLC

Fortis Capital Management LLC raised its stake in Boston Scientific Corporation (NYSE:BSX) by 102.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 86,695 shares of the medical equipment provider’s stock after buying an additional 43,898 shares during the quarter. Fortis Capital Management LLC’s holdings in Boston Scientific were worth $5,440,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of BSX. Brighton Jones LLC grew its holdings in shares of Boston Scientific by 0.8% in the fourth quarter. Brighton Jones LLC now owns 27,376 shares of the medical equipment provider’s stock valued at $2,445,000 after purchasing an additional 226 shares during the period. FWL Investment Management LLC purchased a new position in Boston Scientific during the second quarter worth about $26,000. Main Street Financial Solutions LLC raised its stake in Boston Scientific by 35.3% during the second quarter. Main Street Financial Solutions LLC now owns 7,556 shares of the medical equipment provider’s stock worth $812,000 after purchasing an additional 1,971 shares during the period. Ieq Capital LLC boosted its holdings in Boston Scientific by 97.0% in the 2nd quarter. Ieq Capital LLC now owns 123,592 shares of the medical equipment provider’s stock valued at $13,275,000 after purchasing an additional 60,860 shares during the last quarter. Finally, HUB Investment Partners LLC grew its stake in shares of Boston Scientific by 56.2% in the 2nd quarter. HUB Investment Partners LLC now owns 7,102 shares of the medical equipment provider’s stock valued at $763,000 after buying an additional 2,556 shares during the period. 89.07% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BSX. Jefferies Financial Group cut their price target on shares of Boston Scientific from $100.00 to $67.00 and set a “buy” rating for the company in a report on Wednesday, June 24th. Barclays lowered their price objective on Boston Scientific from $96.00 to $89.00 and set an “overweight” rating for the company in a research report on Thursday, May 28th. Citigroup cut their target price on Boston Scientific from $87.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, May 28th. Zacks Research downgraded Boston Scientific from a “hold” rating to a “strong sell” rating in a research report on Friday, June 5th. Finally, The Goldman Sachs Group set a $71.00 price target on Boston Scientific in a research note on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Boston Scientific presently has an average rating of “Moderate Buy” and an average target price of $79.84.

Boston Scientific Trading Down 1.4%

Shares of NYSE BSX opened at $43.14 on Wednesday. The company has a current ratio of 1.90, a quick ratio of 1.22 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $64.12 billion, a PE ratio of 18.05, a PEG ratio of 0.84 and a beta of 0.58. Boston Scientific Corporation has a twelve month low of $42.20 and a twelve month high of $109.50. The stock has a fifty day simple moving average of $47.77 and a 200-day simple moving average of $64.93.

Boston Scientific (NYSE:BSX) last posted its earnings results on Wednesday, April 22nd. The medical equipment provider reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.01. Boston Scientific had a return on equity of 19.17% and a net margin of 17.29%.The firm had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.19 billion. During the same quarter in the prior year, the company earned $0.75 EPS. Boston Scientific’s revenue was up 11.6% on a year-over-year basis. On average, equities analysts forecast that Boston Scientific Corporation will post 3.35 earnings per share for the current year.

Boston Scientific declared that its Board of Directors has approved a stock buyback plan on Monday, May 18th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the medical equipment provider to reacquire up to 6.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other Boston Scientific news, Director Cheryl Pegus purchased 1,770 shares of the business’s stock in a transaction on Wednesday, May 20th. The shares were bought at an average cost of $56.49 per share, for a total transaction of $99,987.30. Following the completion of the purchase, the director directly owned 1,770 shares of the company’s stock, valued at approximately $99,987.30. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David C. Habiger purchased 2,250 shares of Boston Scientific stock in a transaction dated Wednesday, May 20th. The shares were acquired at an average cost of $55.92 per share, for a total transaction of $125,820.00. Following the transaction, the director directly owned 13,878 shares of the company’s stock, valued at approximately $776,057.76. This represents a 19.35% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have acquired 9,800 shares of company stock worth $554,012 over the last three months. Company insiders own 0.34% of the company’s stock.

Boston Scientific Company Profile

Boston Scientific Corporation (NYSE: BSX) is a global medical device company that develops, manufactures and markets a broad portfolio of products used in less-invasive medical procedures. Founded in 1979 by John Abele and Peter Nicholas, the company is headquartered in Marlborough, Massachusetts, and focuses on technologies that enable physicians to treat a wide range of cardiovascular, digestive, urologic, pulmonary and chronic pain conditions without open surgery.

Boston Scientific’s activities span product development, clinical research, regulatory affairs and commercial sales.