Boston Scientific (NYSE:BSX) Reaches New 52-Week High After Analyst Upgrade

Boston Scientific Co. (NYSE:BSX)’s stock price hit a new 52-week high during trading on Wednesday after StockNews.com upgraded the stock from a hold rating to a buy rating. The stock traded as high as $82.13 and last traded at $82.11, with a volume of 154269 shares traded. The stock had previously closed at $81.14.

Other research analysts have also issued research reports about the stock. Deutsche Bank Aktiengesellschaft raised their price target on shares of Boston Scientific from $73.00 to $78.00 and gave the company a “hold” rating in a report on Thursday, July 25th. Citigroup upped their price target on shares of Boston Scientific from $90.00 to $92.00 and gave the stock a “buy” rating in a research report on Thursday, August 22nd. Mizuho raised their price objective on Boston Scientific from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, May 15th. Needham & Company LLC upped 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, BTIG Research raised their target price on Boston Scientific from $80.00 to $84.00 and gave the company a “buy” rating in a report on Monday, July 15th. Two research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $85.38.

Insider Activity

In related news, EVP Wendy Carruthers sold 6,983 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $74.12, for a total transaction of $517,579.96. Following the transaction, the executive vice president now directly owns 40,188 shares in the company, valued at $2,978,734.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders sold 20,949 shares of company stock worth $1,627,877. 0.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Boston Scientific

Institutional investors and hedge funds have recently bought and sold shares of the business. Sanctuary Advisors LLC acquired a new position in shares of Boston Scientific during the second quarter valued at $5,349,000. Brown Financial Advisors bought a new position in Boston Scientific in the 2nd quarter worth about $1,423,000. RiverFront Investment Group LLC acquired a new stake in shares of Boston Scientific in the second quarter valued at approximately $222,000. Cetera Investment Advisers raised its holdings in shares of Boston Scientific by 2.9% during the second quarter. Cetera Investment Advisers now owns 295,984 shares of the medical equipment provider’s stock valued at $22,794,000 after buying an additional 8,399 shares during the last quarter. Finally, Truist Financial Corp boosted its position 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 buying an additional 2,254 shares during the period. Institutional investors and hedge funds own 89.07% of the company’s stock.

Boston Scientific Price Performance

The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.14 and a current ratio of 1.61. The firm has a market capitalization of $119.41 billion, a P/E ratio of 68.39, a price-to-earnings-growth ratio of 2.71 and a beta of 0.78. The business has a fifty day moving average of $77.30 and a 200-day moving average of $73.37.

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

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.