IFG Advisory LLC Invests $413,000 in Boston Scientific Co. (NYSE:BSX)

IFG Advisory LLC purchased a new stake in shares of Boston Scientific Co. (NYSE:BSX) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 5,363 shares of the medical equipment provider’s stock, valued at approximately $413,000.

A number of other institutional investors have also added to or reduced their stakes in the stock. Eagle Bay Advisors LLC increased its holdings in shares of Boston Scientific by 542.1% during the first quarter. Eagle Bay Advisors LLC now owns 366 shares of the medical equipment provider’s stock worth $25,000 after buying an additional 309 shares in the last quarter. First Foundation Advisors acquired a new position in Boston Scientific in the 1st quarter worth about $25,000. Triad Wealth Partners LLC acquired a new position in Boston Scientific in the 2nd quarter worth about $26,000. RiverPark Advisors LLC bought a new position in Boston Scientific in the first quarter valued at about $30,000. Finally, Lynx Investment Advisory acquired a new stake in shares of Boston Scientific during the second quarter valued at about $30,000. 89.07% of the stock is currently owned by institutional investors and hedge funds.

Boston Scientific Stock Up 1.4 %

Shares of NYSE BSX opened at $81.79 on Monday. Boston Scientific Co. has a 12-month low of $48.35 and a 12-month high of $82.10. The company has a quick ratio of 1.14, a current ratio of 1.61 and a debt-to-equity ratio of 0.44. The firm has a market cap of $120.45 billion, a PE ratio of 68.73, a P/E/G ratio of 2.71 and a beta of 0.78. The company’s fifty day simple moving average is $76.94 and its 200 day simple moving average is $73.03.

Boston Scientific (NYSE:BSX) last released its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.04. Boston Scientific had a net margin of 12.00% and a return on equity of 16.59%. The company had revenue of $4.12 billion for the quarter, compared to analysts’ expectations of $4.02 billion. During the same quarter in the prior year, the firm earned $0.53 EPS. The business’s revenue was up 14.5% on a year-over-year basis. As a group, sell-side analysts forecast that Boston Scientific Co. will post 2.4 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on BSX shares. Truist Financial upped their price objective on Boston Scientific from $86.00 to $90.00 and gave the company a “buy” rating in a research note on Tuesday, July 16th. TD Cowen raised their price target on shares of Boston Scientific from $77.00 to $86.00 and gave the company a “buy” rating in a research note on Tuesday, July 16th. Barclays boosted their price objective on shares of Boston Scientific from $78.00 to $86.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Needham & Company LLC raised their target price on Boston Scientific from $82.00 to $86.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Finally, JPMorgan Chase & Co. upped their price target on Boston Scientific from $82.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. Three research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Boston Scientific has a consensus rating of “Moderate Buy” and an average price target of $85.24.

Insiders Place Their Bets

In other news, EVP Wendy Carruthers sold 6,983 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $77.30, for a total transaction of $539,785.90. Following the transaction, the executive vice president now directly owns 42,908 shares of the company’s stock, valued at $3,316,788.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate 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.