Point72 Hong Kong Ltd Buys Shares of 59,776 Boston Scientific Co. (NYSE:BSX)

Point72 Hong Kong Ltd purchased a new position in shares of Boston Scientific Co. (NYSE:BSX) during the 2nd quarter, Holdings Channel reports. The institutional investor purchased 59,776 shares of the medical equipment provider’s stock, valued at approximately $4,603,000.

Other hedge funds have also recently modified their holdings of the company. Eagle Bay Advisors LLC lifted its position in Boston Scientific by 542.1% during the first quarter. Eagle Bay Advisors LLC now owns 366 shares of the medical equipment provider’s stock valued at $25,000 after purchasing an additional 309 shares in the last quarter. First Foundation Advisors bought a new position in shares of Boston Scientific in the first quarter worth about $25,000. Triad Wealth Partners LLC purchased a new position in shares of Boston Scientific during the 2nd quarter valued at about $26,000. Andra AP fonden bought a new position in shares of Boston Scientific during the 2nd quarter valued at approximately $29,000. Finally, RiverPark Advisors LLC bought a new stake in Boston Scientific during the 1st quarter worth approximately $30,000. Institutional investors own 89.07% of the company’s stock.

Boston Scientific Stock Performance

Shares of NYSE:BSX opened at $83.51 on Wednesday. The firm has a fifty day simple moving average of $78.94 and a two-hundred day simple moving average of $74.96. Boston Scientific Co. has a 52 week low of $48.35 and a 52 week high of $84.89. 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 stock has a market capitalization of $122.52 billion, a P/E ratio of 70.18, a PEG ratio of 2.75 and a beta of 0.79.

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

Analyst Upgrades and Downgrades

BSX has been the subject of a number of recent analyst reports. 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. 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 target price for the company. Deutsche Bank Aktiengesellschaft raised their price target on Boston Scientific from $73.00 to $78.00 and gave the company a “hold” rating in a report on Thursday, July 25th. Evercore ISI upped their price objective on Boston Scientific from $78.00 to $81.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 2nd. Finally, Barclays lifted their target price on Boston Scientific from $78.00 to $86.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Three research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $86.65.

Insider Activity

In related news, EVP Wendy Carruthers sold 6,983 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $81.70, for a total value of $570,511.10. Following the completion of the sale, the executive vice president now directly owns 37,468 shares in the company, valued at $3,061,135.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In the last 90 days, insiders have sold 20,949 shares of company stock valued at $1,627,877. 0.50% of the stock is currently owned by insiders.

Boston Scientific Company 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.