Allspring Global Investments Holdings LLC Lowers Stake in Boston Scientific Co. (NYSE:BSX)

Allspring Global Investments Holdings LLC cut its position in Boston Scientific Co. (NYSE:BSX) by 51.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,196,814 shares of the medical equipment provider’s stock after selling 1,256,581 shares during the period. Allspring Global Investments Holdings LLC owned about 0.08% of Boston Scientific worth $81,970,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Louisiana State Employees Retirement System bought a new position in Boston Scientific during the fourth quarter valued at $5,116,000. Glenmede Trust Co. NA grew its stake in Boston Scientific by 12.1% in the third quarter. Glenmede Trust Co. NA now owns 10,442 shares of the medical equipment provider’s stock worth $551,000 after purchasing an additional 1,123 shares in the last quarter. Sierra Summit Advisors LLC bought a new stake in Boston Scientific during the 4th quarter valued at $8,038,000. TD Asset Management Inc grew its position in shares of Boston Scientific by 10.7% during the 4th quarter. TD Asset Management Inc now owns 1,615,932 shares of the medical equipment provider’s stock worth $93,417,000 after buying an additional 155,565 shares in the last quarter. Finally, HealthInvest Partners AB bought a new position in Boston Scientific during the 4th quarter worth about $3,746,000. Hedge funds and other institutional investors own 89.07% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BSX. Argus lifted their price target on Boston Scientific from $80.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, May 28th. Evercore ISI boosted their target price on shares of Boston Scientific from $72.00 to $78.00 and gave the stock an “outperform” rating in a research report on Thursday, April 25th. Royal Bank of Canada lifted their price target on Boston Scientific from $78.00 to $82.00 and gave the stock an “outperform” rating in a research report on Thursday, April 25th. The Goldman Sachs Group began coverage on shares of Boston Scientific in a report on Thursday, May 30th. They issued a “buy” rating and a $90.00 price target on the stock. Finally, Citigroup lifted their price objective on Boston Scientific from $85.00 to $87.00 and gave the company a “buy” rating in a research note on Wednesday, May 22nd. Three research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $77.27.

Boston Scientific Price Performance

NYSE BSX traded down $0.38 during trading hours on Tuesday, hitting $76.03. 339,362 shares of the company’s stock traded hands, compared to its average volume of 6,250,319. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.66 and a quick ratio of 1.14. The firm’s 50-day moving average is $74.84 and its 200-day moving average is $67.67. Boston Scientific Co. has a 52-week low of $48.35 and a 52-week high of $77.99. The company has a market capitalization of $111.54 billion, a PE ratio of 63.84, a PEG ratio of 2.65 and a beta of 0.78.

Boston Scientific (NYSE:BSX) last posted its quarterly earnings results on Wednesday, April 24th. The medical equipment provider reported $0.56 EPS for the quarter, beating the consensus estimate of $0.51 by $0.05. The firm had revenue of $3.86 billion during the quarter, compared to analysts’ expectations of $3.68 billion. Boston Scientific had a return on equity of 16.39% and a net margin of 12.06%. Equities analysts forecast that Boston Scientific Co. will post 2.32 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP John Bradley Sorenson sold 17,587 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $71.50, for a total value of $1,257,470.50. Following the transaction, the executive vice president now owns 50,638 shares of the company’s stock, valued at approximately $3,620,617. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, EVP John Bradley Sorenson sold 17,587 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $71.50, for a total transaction of $1,257,470.50. Following the completion of the transaction, the executive vice president now directly owns 50,638 shares in the company, valued at approximately $3,620,617. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Edward J. Ludwig sold 9,818 shares of the business’s stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $73.29, for a total transaction of $719,561.22. Following the sale, the director now owns 41,374 shares in the company, valued at $3,032,300.46. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 65,276 shares of company stock worth $4,804,228. Insiders own 0.50% of the company’s stock.

Boston Scientific Profile

Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. It operates through two segments, MedSurg and Cardiovascular. The company offers devices to diagnose and treat gastrointestinal and pulmonary conditions, such as resolution clips, biliary stent systems, stents and electrocautery enhanced delivery systems, direct visualization systems, digital catheters, and single-use duodenoscopes; devices to treat urological conditions, including ureteral stents, catheters, baskets, guidewires, sheaths, balloons, single-use digital flexible ureteroscopes, holmium laser systems, artificial urinary sphincter, laser system, fiber, and hydrogel systems; and devices to treat neurological movement disorders and manage chronic pain, such as spinal cord stimulator system, proprietary programming software, radiofrequency generator, indirect decompression systems, practice optimization tools, and deep brain stimulation system.