Boston Scientific Corporation (NYSE:BSX) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Boston Scientific Corporation (NYSE:BSX) has been assigned a consensus rating of “Moderate Buy” from the thirty brokerages that are covering the company, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $79.84.

Several analysts recently commented on BSX shares. BTIG Research reissued a “buy” rating and set a $65.00 price objective on shares of Boston Scientific in a research report on Tuesday, June 16th. Barclays decreased their price objective on shares of Boston Scientific from $96.00 to $89.00 and set an “overweight” rating for the company in a report on Thursday, May 28th. Wall Street Zen cut Boston Scientific from a “buy” rating to a “hold” rating in a research report on Saturday, March 28th. Needham & Company LLC reduced their target price on Boston Scientific from $77.00 to $57.00 and set a “buy” rating for the company in a report on Wednesday, July 8th. Finally, Truist Financial lowered their price target on Boston Scientific from $64.00 to $62.00 and set a “buy” rating on the stock in a report on Thursday, July 16th.

Insider Activity

In related news, Director David C. Habiger bought 2,250 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The shares were bought at an average price of $55.92 per share, for a total transaction of $125,820.00. Following the completion of the acquisition, the director owned 13,878 shares of the company’s stock, valued at $776,057.76. This trade represents a 19.35% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Cheryl Pegus bought 1,770 shares of the business’s stock in a transaction on Wednesday, May 20th. The stock was bought at an average cost of $56.49 per share, with a total value of $99,987.30. Following the transaction, the director owned 1,770 shares in the company, valued at $99,987.30. This trade represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 9,800 shares of company stock valued at $554,012 in the last 90 days. 0.34% of the stock is currently owned by insiders.

Institutional Trading of Boston Scientific

Several large investors have recently added to or reduced their stakes in the business. Cary Street Partners Financial LLC raised its holdings in Boston Scientific by 16.7% in the 2nd quarter. Cary Street Partners Financial LLC now owns 25,092 shares of the medical equipment provider’s stock worth $1,071,000 after purchasing an additional 3,597 shares during the period. Farther Finance Advisors LLC grew its stake in shares of Boston Scientific by 28.9% during the 2nd quarter. Farther Finance Advisors LLC now owns 28,699 shares of the medical equipment provider’s stock valued at $1,227,000 after acquiring an additional 6,427 shares during the period. Sequoia Financial Advisors LLC grew its stake in shares of Boston Scientific by 2.3% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 49,355 shares of the medical equipment provider’s stock valued at $2,106,000 after acquiring an additional 1,119 shares during the period. Simplify Asset Management Inc. increased its holdings in Boston Scientific by 32.6% in the 2nd quarter. Simplify Asset Management Inc. now owns 15,014 shares of the medical equipment provider’s stock worth $641,000 after acquiring an additional 3,690 shares in the last quarter. Finally, Riversedge Advisors LLC purchased a new stake in shares of Boston Scientific in the second quarter worth $320,000. 89.07% of the stock is currently owned by institutional investors.

Boston Scientific Stock Performance

Shares of BSX opened at $43.14 on Friday. The company has a quick ratio of 1.22, a current ratio of 1.90 and a debt-to-equity ratio of 0.42. The stock has a market cap of $64.12 billion, a P/E ratio of 18.05, a P/E/G ratio of 0.84 and a beta of 0.58. The business’s 50 day moving average price is $47.77 and its 200-day moving average price is $64.93. Boston Scientific has a 52 week low of $42.20 and a 52 week high of $109.50.

Boston Scientific (NYSE:BSX) last released its earnings results on Wednesday, April 22nd. The medical equipment provider reported $0.80 EPS for the quarter, topping the consensus estimate of $0.79 by $0.01. The business had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.19 billion. Boston Scientific had a return on equity of 19.17% and a net margin of 17.29%.The company’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.75 earnings per share. Equities research analysts anticipate that Boston Scientific will post 3.35 earnings per share for the current fiscal year.

Boston Scientific declared that its Board of Directors has authorized a share buyback program 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 programs are generally an indication that the company’s board believes its shares are undervalued.

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.