Orbimed Advisors LLC Reduces Stake in Boston Scientific Corporation $BSX

Orbimed Advisors LLC decreased its position in Boston Scientific Corporation (NYSE:BSX) by 1.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,382,100 shares of the medical equipment provider’s stock after selling 37,200 shares during the quarter. Boston Scientific makes up 2.7% of Orbimed Advisors LLC’s portfolio, making the stock its 7th biggest position. Orbimed Advisors LLC owned approximately 0.16% of Boston Scientific worth $149,477,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. FWL Investment Management LLC bought a new position in shares of Boston Scientific during the second quarter valued at approximately $26,000. Swiss RE Ltd. bought a new stake in shares of Boston Scientific in the 4th quarter worth approximately $26,000. Garton & Associates Financial Advisors LLC purchased a new stake in shares of Boston Scientific in the 4th quarter worth approximately $26,000. Bangor Savings Bank grew its stake in shares of Boston Scientific by 94.7% in the 4th quarter. Bangor Savings Bank now owns 292 shares of the medical equipment provider’s stock worth $28,000 after buying an additional 142 shares during the last quarter. Finally, Clal Insurance Enterprises Holdings Ltd bought a new position in Boston Scientific during the 1st quarter valued at approximately $28,000. Institutional investors own 89.07% of the company’s stock.

Insiders Place Their Bets

In other Boston Scientific news, Director Cheryl Pegus acquired 1,770 shares of the stock in a transaction dated Wednesday, May 20th. The shares were purchased at an average price of $56.49 per share, for a total transaction of $99,987.30. Following 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 acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director David C. Habiger acquired 2,250 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The stock was acquired at an average cost of $55.92 per share, for a total transaction of $125,820.00. Following the acquisition, the director owned 13,878 shares of the company’s stock, valued at $776,057.76. The trade was a 19.35% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders have bought 9,800 shares of company stock valued at $554,012. Insiders own 0.34% of the company’s stock.

Boston Scientific Stock Performance

BSX stock opened at $44.26 on Monday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.90 and a quick ratio of 1.22. Boston Scientific Corporation has a 1 year low of $42.20 and a 1 year high of $109.50. The company has a market cap of $65.78 billion, a P/E ratio of 18.52, a price-to-earnings-growth ratio of 0.85 and a beta of 0.58. The stock’s fifty day moving average price is $47.21 and its 200-day moving average price is $63.84.

Boston Scientific declared that its Board of Directors has authorized a stock buyback program on Monday, May 18th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the medical equipment provider to reacquire up to 6.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages have recently weighed in on BSX. Evercore set a $65.00 price target on Boston Scientific in a report on Monday, July 6th. Daiwa Securities Group downgraded shares of Boston Scientific from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 29th. Robert W. Baird set a $70.00 price objective on shares of Boston Scientific in a research note on Thursday, May 28th. Zacks Research cut shares of Boston Scientific from a “hold” rating to a “strong sell” rating in a report on Friday, June 5th. Finally, Jefferies Financial Group dropped their target price on shares of Boston Scientific from $100.00 to $67.00 and set a “buy” rating on the stock in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Boston Scientific presently has a consensus rating of “Moderate Buy” and an average target price of $79.84.

About Boston Scientific

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.