Boston Scientific’s (BSX) “Hold” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reaffirmed their hold rating on shares of Boston Scientific (NYSE:BSX) in a report published on Thursday morning, Benzinga reports.

Several other research analysts have also commented on BSX. Evercore ISI boosted their price objective on Boston Scientific from $82.00 to $90.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. JPMorgan Chase & Co. increased their price target on shares of Boston Scientific from $82.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Citigroup lifted their price objective on shares of Boston Scientific from $92.00 to $98.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. StockNews.com raised Boston Scientific from a “hold” rating to a “buy” rating in a research note on Thursday, October 24th. Finally, Truist Financial lifted their price target on Boston Scientific from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Three research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $93.39.

Boston Scientific Stock Performance

Boston Scientific stock opened at $83.62 on Thursday. The firm’s 50 day simple moving average is $84.00 and its 200 day simple moving average is $78.43. The company has a current ratio of 1.61, a quick ratio of 1.14 and a debt-to-equity ratio of 0.44. Boston Scientific has a 1-year low of $50.84 and a 1-year high of $88.79. The firm has a market capitalization of $123.14 billion, a PE ratio of 69.11, a price-to-earnings-growth ratio of 2.47 and a beta of 0.79.

Boston Scientific (NYSE:BSX) last released its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.04. Boston Scientific had a net margin of 11.26% and a return on equity of 17.41%. The firm had revenue of $4.21 billion for the quarter, compared to analysts’ expectations of $4.04 billion. During the same quarter in the prior year, the firm posted $0.50 earnings per share. The business’s quarterly revenue was up 19.3% on a year-over-year basis. As a group, analysts expect that Boston Scientific will post 2.46 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Michael F. Mahoney sold 162,777 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at $133,046,484.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Boston Scientific news, CEO Michael F. Mahoney sold 162,777 shares of the business’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $84.63, for a total transaction of $13,775,817.51. Following the transaction, the chief executive officer now directly owns 1,572,096 shares of the company’s stock, valued at approximately $133,046,484.48. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Wendy Carruthers sold 6,983 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $83.86, for a total transaction of $585,594.38. Following the completion of the sale, the executive vice president now directly owns 34,748 shares of the company’s stock, valued at approximately $2,913,967.28. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 309,270 shares of company stock worth $26,196,718. 0.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in BSX. Triad Wealth Partners LLC bought a new position in Boston Scientific in the second quarter worth $26,000. Values First Advisors Inc. purchased a new position in Boston Scientific during the 3rd quarter valued at about $28,000. E Fund Management Hong Kong Co. Ltd. bought a new stake in Boston Scientific during the third quarter worth about $30,000. Capital Performance Advisors LLP purchased a new stake in Boston Scientific in the third quarter worth about $30,000. Finally, First Foundation Advisors bought a new position in shares of Boston Scientific during the first quarter valued at approximately $25,000. 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.