Zacks Investment Research upgraded shares of Boston Scientific Corp. (NYSE:BSX) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. The firm currently has $26.00 price target on the stock.
According to Zacks, “Boston Scientific has already experienced benefit from implementation of global restructuring plan that emphasizes on long term growth, geographical expansion and innovation. The execution will also result in fulfilment of its margin leverage goals and help the company produce low-to-mid-teens EPS growth. Boston Scientific is currently leaving no stone unturned to strengthen its core businesses and invest in new technologies and global markets. Moreover, we are encouraged with the company gaining a number of approvals for its products, the latest one being FDA for the EMBLEM MRI S-ICD system. The company’s Urology business is also gaining traction. However, foreign exchange continues to pose challenges. We are also concerned with the still sluggish defibrillator sales within the core CRM.”
BSX has been the subject of several other reports. Leerink Swann reiterated a buy rating and set a $27.50 price target (up from $25.50) on shares of Boston Scientific Corp. in a report on Friday, June 17th. Argus upgraded Boston Scientific Corp. from a hold rating to a buy rating and lifted their price target for the company from $23.82 to $33.00 in a report on Thursday, September 1st. They noted that the move was a valuation call. JPMorgan Chase & Co. lifted their price target on Boston Scientific Corp. from $24.00 to $27.00 and gave the company an overweight rating in a report on Friday, July 29th. Guggenheim initiated coverage on Boston Scientific Corp. in a research note on Wednesday, June 8th. They issued a buy rating and a $26.00 price objective on the stock. Finally, Needham & Company LLC raised their price objective on Boston Scientific Corp. from $26.00 to $28.00 and gave the company a buy rating in a research note on Friday, July 29th. Five analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $25.03.
Boston Scientific Corp. (NYSE:BSX) opened at 23.28 on Tuesday. Boston Scientific Corp. has a 1-year low of $15.67 and a 1-year high of $24.79. The stock’s 50 day moving average price is $23.81 and its 200 day moving average price is $22.50. The stock’s market capitalization is $31.68 billion.
Boston Scientific Corp. (NYSE:BSX) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.27 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.27. The business earned $2.13 billion during the quarter, compared to analyst estimates of $2.05 billion. Boston Scientific Corp. had a positive return on equity of 22.66% and a negative net margin of 4.34%. The firm’s revenue was up 15.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.22 EPS. Equities research analysts forecast that Boston Scientific Corp. will post ($0.02) earnings per share for the current year.
In related news, SVP John Bradley Sorenson sold 2,500 shares of the company’s stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $23.90, for a total value of $59,750.00. Following the completion of the sale, the senior vice president now owns 12,615 shares in the company, valued at $301,498.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael F. Mahoney sold 44,400 shares of the company’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $24.44, for a total value of $1,085,136.00. Following the completion of the sale, the chief executive officer now owns 1,388,177 shares of the company’s stock, valued at approximately $33,927,045.88. The disclosure for this sale can be found here. Insiders own 1.31% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Daiwa Securities Group Inc. increased its stake in Boston Scientific Corp. by 5.0% in the second quarter. Daiwa Securities Group Inc. now owns 476,337 shares of the company’s stock worth $11,132,000 after buying an additional 22,760 shares in the last quarter. Bank of Montreal Can bought a new stake in Boston Scientific Corp. during the second quarter worth approximately $13,309,000. Legal & General Group Plc increased its stake in Boston Scientific Corp. by 0.6% in the first quarter. Legal & General Group Plc now owns 5,912,219 shares of the company’s stock worth $111,206,000 after buying an additional 34,936 shares in the last quarter. Sector Gamma AS increased its stake in Boston Scientific Corp. by 25.9% in the first quarter. Sector Gamma AS now owns 1,766,250 shares of the company’s stock worth $33,223,000 after buying an additional 362,890 shares in the last quarter. Finally, Norinchukin Bank The increased its stake in Boston Scientific Corp. by 2.8% in the second quarter. Norinchukin Bank The now owns 71,169 shares of the company’s stock worth $1,663,000 after buying an additional 1,972 shares in the last quarter. Institutional investors and hedge funds own 92.06% of the company’s stock.
About Boston Scientific Corp.
Boston Scientific Corporation is a developer, manufacturer and marketer of medical devices that are used in a range of interventional medical specialties. The Company offers its products by seven core businesses: Interventional Cardiology, Peripheral Interventions (PI), Cardiac Rhythm Management (CRM), Electrophysiology (EP), Endoscopy, Urology and Pelvic Health, and Neuromodulation.