Boston Scientific Co. (NYSE:BSX) Short Interest Up 10.7% in September

Boston Scientific Co. (NYSE:BSX) was the target of a large growth in short interest in the month of September. As of September 15th, there was short interest totalling 12,200,000 shares, a growth of 10.7% from the August 31st total of 11,020,000 shares. Based on an average daily volume of 5,530,000 shares, the days-to-cover ratio is presently 2.2 days.

Boston Scientific Stock Up 0.4 %

BSX stock traded up $0.34 during trading on Tuesday, reaching $84.14. 4,354,164 shares of the company traded hands, compared to its average volume of 6,002,487. Boston Scientific has a 12 month low of $48.35 and a 12 month high of $84.89. The business has a 50 day simple moving average of $79.44 and a 200 day simple moving average of $75.43. The company has a market capitalization of $123.44 billion, a price-to-earnings ratio of 70.16, a price-to-earnings-growth ratio of 2.78 and a beta of 0.79. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.14 and a current ratio of 1.61.

Boston Scientific (NYSE:BSX) last issued its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $4.02 billion. During the same quarter last year, the company earned $0.53 earnings per share. The firm’s revenue for the quarter was up 14.5% compared to the same quarter last year. On average, equities research analysts anticipate that Boston Scientific will post 2.4 earnings per share for the current fiscal year.

Analysts Set New Price Targets

BSX has been the topic of several recent research reports. Evercore ISI increased their price target on Boston Scientific from $82.00 to $90.00 and gave the company an “outperform” rating in a report on Tuesday. Raymond James increased their price target on Boston Scientific from $91.00 to $94.00 and gave the company a “strong-buy” rating in a report on Wednesday, September 4th. Truist Financial increased their price target on Boston Scientific from $86.00 to $90.00 and gave the company a “buy” rating in a report on Tuesday, July 16th. Citigroup increased their price target on Boston Scientific from $90.00 to $92.00 and gave the company a “buy” rating in a report on Thursday, August 22nd. Finally, TD Cowen upped their price objective on Boston Scientific from $77.00 to $86.00 and gave the company a “buy” rating in a research report on Tuesday, July 16th. Three investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Boston Scientific currently has an average rating of “Moderate Buy” and an average price target of $87.10.

Insiders Place Their Bets

In other Boston Scientific news, EVP Wendy Carruthers sold 6,983 shares of the company’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 37,468 shares in the company, valued at approximately $3,061,135.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Boston Scientific

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sierra Summit Advisors LLC purchased a new stake in Boston Scientific in the fourth quarter valued at about $8,038,000. BI Asset Management Fondsmaeglerselskab A S raised its stake in Boston Scientific by 225.6% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 105,671 shares of the medical equipment provider’s stock valued at $7,237,000 after buying an additional 73,219 shares during the last quarter. BDF Gestion purchased a new stake in Boston Scientific in the second quarter valued at about $3,570,000. Precision Wealth Strategies LLC purchased a new stake in Boston Scientific in the fourth quarter valued at about $956,000. Finally, Tlwm purchased a new stake in Boston Scientific in the first quarter valued at about $927,000. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

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.