Needham & Company LLC Downgrades Boston Scientific (NYSE:BSX) to Hold

Boston Scientific (NYSE:BSX) was downgraded by research analysts at Needham & Company LLC from a “buy” rating to a “hold” rating in a note issued to investors on Friday, Marketbeat reports. They currently have a $86.00 price objective on the medical equipment provider’s stock. Needham & Company LLC’s price target indicates a potential downside of 2.35% from the company’s previous close.

BSX has been the topic of a number of other reports. Canaccord Genuity Group boosted their target price on shares of Boston Scientific from $83.00 to $88.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. TD Cowen boosted their target price on shares of Boston Scientific from $77.00 to $86.00 and gave the stock a “buy” rating in a report on Tuesday, July 16th. Evercore ISI boosted their price target on shares of Boston Scientific from $82.00 to $90.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Royal Bank of Canada boosted their price target on shares of Boston Scientific from $85.00 to $95.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. Finally, BTIG Research boosted their price target on shares of Boston Scientific from $84.00 to $93.00 and gave the company a “buy” rating in a report on Monday, October 14th. Four investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Boston Scientific currently has a consensus rating of “Moderate Buy” and a consensus target price of $89.10.

Boston Scientific Trading Up 1.9 %

Boston Scientific stock opened at $88.07 on Friday. Boston Scientific has a 52-week low of $49.15 and a 52-week high of $88.71. The firm has a market capitalization of $129.21 billion, a price-to-earnings ratio of 74.01, a PEG ratio of 2.87 and a beta of 0.80. The firm has a 50-day moving average price of $82.49 and a two-hundred day moving average price of $77.16. The company has a quick ratio of 1.14, a current ratio of 1.61 and a debt-to-equity ratio of 0.44.

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 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 the consensus estimate of $4.02 billion. During the same period in the previous year, the firm earned $0.53 EPS. Boston Scientific’s revenue was up 14.5% on a year-over-year basis. Sell-side analysts expect that Boston Scientific will post 2.4 earnings per share for the current year.

Insider Transactions at Boston Scientific

In related news, EVP Joseph Michael Fitzgerald sold 132,527 shares of Boston Scientific stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $85.00, for a total value of $11,264,795.00. Following the completion of the sale, the executive vice president now owns 160,467 shares of the company’s stock, valued at approximately $13,639,695. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Boston Scientific news, CEO Michael F. Mahoney sold 162,777 shares of Boston Scientific stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $84.63, for a total transaction of $13,775,817.51. Following the completion of the transaction, the chief executive officer now owns 1,572,096 shares of the company’s stock, valued at $133,046,484.48. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Joseph Michael Fitzgerald sold 132,527 shares of Boston Scientific stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $85.00, for a total value of $11,264,795.00. Following the transaction, the executive vice president now directly owns 160,467 shares of the company’s stock, valued at $13,639,695. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 316,253 shares of company stock worth $26,714,298 in the last ninety days. Company insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in BSX. Eagle Bay Advisors LLC boosted its position in shares of Boston Scientific by 542.1% during the 1st quarter. Eagle Bay Advisors LLC now owns 366 shares of the medical equipment provider’s stock valued at $25,000 after acquiring an additional 309 shares during the last quarter. First Foundation Advisors bought a new stake in shares of Boston Scientific during the 1st quarter valued at about $25,000. Triad Wealth Partners LLC bought a new stake in shares of Boston Scientific during the 2nd quarter valued at about $26,000. Andra AP fonden bought a new stake in Boston Scientific in the 2nd quarter worth approximately $29,000. Finally, RiverPark Advisors LLC bought a new stake in Boston Scientific in the 1st quarter worth approximately $30,000. Hedge funds and other institutional investors own 89.07% of the company’s stock.

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.