Boston Scientific (NYSE:BSX) Hits New 52-Week High at $84.66

Boston Scientific Co. (NYSE:BSX) reached a new 52-week high during trading on Thursday . The stock traded as high as $84.66 and last traded at $84.03, with a volume of 163779 shares. The stock had previously closed at $82.57.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Canaccord Genuity Group increased their price target on Boston Scientific from $83.00 to $88.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Deutsche Bank Aktiengesellschaft increased their price target on Boston Scientific from $73.00 to $78.00 and gave the stock a “hold” rating in a report on Thursday, July 25th. Citigroup increased their price target on Boston Scientific from $90.00 to $92.00 and gave the stock a “buy” rating in a report on Thursday, August 22nd. Royal Bank of Canada reiterated an “outperform” rating and issued a $85.00 price target on shares of Boston Scientific in a report on Thursday, July 25th. Finally, Argus raised their target price on Boston Scientific from $80.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, May 28th. Three research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $85.38.

Boston Scientific Stock Up 2.0 %

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 50-day simple moving average of $78.46 and a 200-day simple moving average of $74.45. The firm has a market capitalization of $123.59 billion, a PE ratio of 69.39, a P/E/G ratio of 2.75 and a beta of 0.79.

Boston Scientific (NYSE:BSX) last released its earnings results 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 return on equity of 16.59% and a net margin of 12.00%. The business had revenue of $4.12 billion during the quarter, compared to the consensus estimate of $4.02 billion. During the same period last year, the business posted $0.53 earnings per share. The business’s revenue for the quarter was up 14.5% on a year-over-year basis. Analysts forecast that Boston Scientific Co. will post 2.4 EPS for the current year.

Insider Activity

In other news, EVP Wendy Carruthers sold 6,983 shares of Boston Scientific stock in a transaction on Monday, July 1st. The stock was sold at an average price of $77.30, for a total value of $539,785.90. Following the completion of the transaction, the executive vice president now directly owns 42,908 shares in the company, valued at $3,316,788.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last three months, insiders sold 20,949 shares of company stock worth $1,627,877. 0.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Boston Scientific

Large investors have recently added to or reduced their stakes in the business. Eagle Bay Advisors LLC boosted its stake 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 buying an additional 309 shares during the period. First Foundation Advisors bought a new stake in Boston Scientific during the first quarter worth about $25,000. Triad Wealth Partners LLC bought a new stake in Boston Scientific during the second quarter worth about $26,000. Andra AP fonden bought a new stake in Boston Scientific during the second quarter worth about $29,000. Finally, RiverPark Advisors LLC bought a new stake in Boston Scientific during the first quarter worth about $30,000. Institutional investors 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.