Boston Scientific Co. (NYSE:BSX – Get Rating)’s share price gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $37.96, but opened at $40.00. Boston Scientific shares last traded at $40.58, with a volume of 116,637 shares changing hands.
The medical equipment provider reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.02. Boston Scientific had a net margin of 6.65% and a return on equity of 14.51%. The company had revenue of $3.24 billion for the quarter, compared to analyst estimates of $3.22 billion. During the same period in the previous year, the business posted $0.40 earnings per share. Boston Scientific’s quarterly revenue was up 5.4% on a year-over-year basis.
Wall Street Analysts Forecast Growth
BSX has been the topic of a number of recent analyst reports. Truist Financial dropped their price target on shares of Boston Scientific from $51.00 to $45.00 and set a “buy” rating on the stock in a research note on Wednesday, July 20th. Wolfe Research assumed coverage on shares of Boston Scientific in a research note on Tuesday, July 5th. They set an “outperform” rating and a $43.00 price target on the stock. Raymond James restated a “maintains” rating on shares of Boston Scientific in a research report on Thursday. Canaccord Genuity Group lowered their target price on shares of Boston Scientific from $51.00 to $43.00 and set a “buy” rating on the stock in a research report on Wednesday, June 29th. Finally, Morgan Stanley restated a “maintains” rating and set a $49.00 target price (up from $46.00) on shares of Boston Scientific in a research report on Thursday. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Boston Scientific currently has a consensus rating of “Moderate Buy” and an average price target of $46.82.
Insider Buying and Selling at Boston Scientific
In other Boston Scientific news, EVP Wendy Carruthers sold 7,500 shares of the company’s stock in a transaction dated Friday, June 24th. The shares were sold at an average price of $38.00, for a total value of $285,000.00. Following the sale, the executive vice president now owns 132,413 shares of the company’s stock, valued at $5,031,694. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 22,500 shares of company stock valued at $865,725 over the last quarter. Corporate insiders own 0.71% of the company’s stock.
Hedge Funds Weigh In On Boston Scientific
Several institutional investors and hedge funds have recently modified their holdings of BSX. Norges Bank purchased a new position in shares of Boston Scientific during the fourth quarter valued at approximately $563,108,000. Marshall Wace LLP lifted its stake in shares of Boston Scientific by 572.2% during the fourth quarter. Marshall Wace LLP now owns 6,357,680 shares of the medical equipment provider’s stock valued at $270,075,000 after buying an additional 5,411,822 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in shares of Boston Scientific by 65.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 5,430,814 shares of the medical equipment provider’s stock valued at $240,531,000 after buying an additional 2,157,849 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Boston Scientific by 14.5% during the first quarter. Bank of New York Mellon Corp now owns 16,137,330 shares of the medical equipment provider’s stock valued at $714,721,000 after buying an additional 2,043,094 shares during the period. Finally, Woodline Partners LP purchased a new position in shares of Boston Scientific during the first quarter valued at approximately $81,124,000. Hedge funds and other institutional investors own 90.48% of the company’s stock.
Boston Scientific Stock Up 2.1 %
The company has a quick ratio of 0.78, a current ratio of 1.18 and a debt-to-equity ratio of 0.54. The firm has a market cap of $58.84 billion, a PE ratio of 77.66, a P/E/G ratio of 2.07 and a beta of 0.83. The firm’s 50 day moving average is $38.18 and its 200-day moving average is $41.43.
Boston Scientific Company Profile
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Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. It operates through three segments: MedSurg, Rhythm and Neuro, and Cardiovascular. The company offers devices to diagnose and treat gastrointestinal and pulmonary conditions; devices to treat various urological and pelvic conditions; implantable cardioverter and implantable cardiac resynchronization therapy defibrillators; pacemakers and implantable cardiac resynchronization therapy pacemakers; and remote patient management systems.
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