Boston Scientific Corporation $BSX Shares Sold by NewEdge Wealth LLC

NewEdge Wealth LLC reduced its holdings in shares of Boston Scientific Corporation (NYSE:BSX) by 22.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 56,101 shares of the medical equipment provider’s stock after selling 16,515 shares during the quarter. NewEdge Wealth LLC’s holdings in Boston Scientific were worth $3,520,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Renaissance Group LLC purchased a new stake in Boston Scientific during the 4th quarter worth $28,064,000. Rathbones Group PLC boosted its position in Boston Scientific by 20.9% in the 4th quarter. Rathbones Group PLC now owns 2,759,657 shares of the medical equipment provider’s stock valued at $263,133,000 after buying an additional 477,680 shares during the last quarter. Waycross Partners LLC acquired a new stake in shares of Boston Scientific during the fourth quarter valued at about $2,384,000. Meiji Yasuda America Inc acquired a new stake in shares of Boston Scientific during the fourth quarter valued at about $4,708,000. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Boston Scientific by 6.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,173,399 shares of the medical equipment provider’s stock worth $205,843,000 after acquiring an additional 139,004 shares during the last quarter. Institutional investors and hedge funds own 89.07% of the company’s stock.

Boston Scientific Stock Performance

Shares of Boston Scientific stock opened at $44.26 on Friday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.22 and a current ratio of 1.90. Boston Scientific Corporation has a 1 year low of $42.20 and a 1 year high of $109.50. The firm’s 50-day simple moving average is $47.21 and its 200-day simple moving average is $64.06. The firm has a market cap of $65.78 billion, a PE ratio of 18.52, a price-to-earnings-growth ratio of 0.84 and a beta of 0.58.

Boston Scientific (NYSE:BSX) last posted its quarterly earnings results on Wednesday, April 22nd. The medical equipment provider reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.01. The business had revenue of $5.20 billion during 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 last year, the firm earned $0.75 earnings per share. Equities analysts forecast that Boston Scientific Corporation will post 3.35 earnings per share for the current fiscal year.

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

Insiders Place Their Bets

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

Analyst Ratings Changes

BSX has been the topic of several recent analyst reports. Daiwa Securities Group cut Boston Scientific from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 29th. Canaccord Genuity Group lowered their price objective on Boston Scientific from $71.00 to $70.00 and set a “buy” rating for the company in a research note on Monday, June 1st. Weiss Ratings downgraded Boston Scientific from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, July 7th. The Goldman Sachs Group set a $71.00 target price on Boston Scientific in a research report on Thursday, May 28th. Finally, Zacks Research cut Boston Scientific from a “hold” rating to a “strong sell” rating in a research note on Friday, June 5th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $79.84.

Boston Scientific 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.