Boston Scientific (NYSE:BSX) Sets New 52-Week High at $79.99

Boston Scientific Co. (NYSE:BSX)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $79.99 and last traded at $79.83, with a volume of 3240469 shares changing hands. The stock had previously closed at $79.47.

Wall Street Analyst Weigh In

BSX has been the topic of a number of research analyst reports. Mizuho raised their price target on Boston Scientific from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, May 15th. StockNews.com upgraded shares of Boston Scientific from a “hold” rating to a “buy” rating in a report on Wednesday, July 24th. Needham & Company LLC upped their price target on shares of Boston Scientific from $82.00 to $86.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Robert W. Baird raised their price objective on shares of Boston Scientific from $90.00 to $91.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Finally, Morgan Stanley increased their target price on Boston Scientific from $79.00 to $92.00 and gave the stock an “overweight” rating in a report on Monday, July 15th. Two analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $85.24.

Boston Scientific Trading Up 0.5 %

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 business has a 50-day simple moving average of $76.66 and a two-hundred day simple moving average of $72.61. The stock has a market cap of $117.12 billion, a price-to-earnings ratio of 67.08, a P/E/G ratio of 2.49 and a beta of 0.78.

Boston Scientific (NYSE:BSX) last posted its earnings results on Wednesday, July 24th. The medical equipment provider reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.04. Boston Scientific had a return on equity of 16.80% and a net margin of 12.00%. The business had revenue of $4.12 billion for the quarter, compared to analyst estimates of $4.02 billion. During the same period in the previous year, the firm earned $0.53 EPS. The firm’s revenue was up 14.5% compared to the same quarter last year. Equities analysts forecast that Boston Scientific Co. will post 2.4 EPS for the current fiscal year.

Insider Transactions at Boston Scientific

In related news, EVP Wendy Carruthers sold 6,983 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $74.12, for a total value of $517,579.96. Following the transaction, the executive vice president now owns 40,188 shares in the company, valued at approximately $2,978,734.56. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In the last 90 days, insiders sold 20,949 shares of company stock worth $1,583,395. 0.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Boston Scientific

Hedge funds and other institutional investors have recently modified their holdings of the company. Cetera Investment Advisers increased its position in Boston Scientific by 2.9% during the second quarter. Cetera Investment Advisers now owns 295,984 shares of the medical equipment provider’s stock worth $22,794,000 after acquiring an additional 8,399 shares during the period. Truist Financial Corp increased its holdings in shares of Boston Scientific by 1.1% during the second quarter. Truist Financial Corp now owns 214,594 shares of the medical equipment provider’s stock worth $16,526,000 after purchasing an additional 2,254 shares during the period. HWG Holdings LP bought a new position in Boston Scientific during the 2nd quarter worth $482,000. EP Wealth Advisors LLC raised its stake in Boston Scientific by 4.1% in the second quarter. EP Wealth Advisors LLC now owns 13,066 shares of the medical equipment provider’s stock valued at $1,006,000 after purchasing an additional 514 shares in the last quarter. Finally, Ecofi Investissements SA acquired a new position in shares of Boston Scientific in the 2nd quarter valued at approximately $11,058,000. Institutional investors and hedge funds own 89.07% of the company’s stock.

About Boston Scientific

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.