Boston Scientific Corporation $BSX Shares Purchased by Fortis Capital Management LLC

Fortis Capital Management LLC boosted its stake in shares of Boston Scientific Corporation (NYSE:BSX) by 102.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 86,695 shares of the medical equipment provider’s stock after purchasing an additional 43,898 shares during the quarter. Fortis Capital Management LLC’s holdings in Boston Scientific were worth $5,440,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Renaissance Group LLC purchased a new position in shares of Boston Scientific in the 4th quarter valued at about $28,064,000. Rathbones Group PLC raised its position in shares of Boston Scientific by 20.9% during the 4th quarter. Rathbones Group PLC now owns 2,759,657 shares of the medical equipment provider’s stock worth $263,133,000 after acquiring an additional 477,680 shares in the last quarter. Waycross Partners LLC purchased a new stake in Boston Scientific during the fourth quarter worth approximately $2,384,000. Meiji Yasuda America Inc purchased a new stake in Boston Scientific during the fourth quarter worth approximately $4,708,000. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Boston Scientific by 6.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,173,399 shares of the medical equipment provider’s stock valued at $205,843,000 after purchasing an additional 139,004 shares in the last quarter. Institutional investors and hedge funds own 89.07% of the company’s stock.

Boston Scientific Price Performance

Shares of NYSE BSX opened at $43.14 on Wednesday. The stock has a fifty day moving average price of $47.77 and a 200 day moving average price of $64.93. Boston Scientific Corporation has a 1-year low of $42.20 and a 1-year high of $109.50. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.90 and a quick ratio of 1.22. The company has a market cap of $64.12 billion, a PE ratio of 18.05, a P/E/G ratio of 0.84 and a beta of 0.58.

Boston Scientific (NYSE:BSX) last announced its quarterly earnings data on Wednesday, April 22nd. The medical equipment provider reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.01. The company had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.19 billion. Boston Scientific had a net margin of 17.29% and a return on equity of 19.17%. Boston Scientific’s revenue was up 11.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.75 EPS. Sell-side analysts forecast that Boston Scientific Corporation will post 3.35 EPS for the current year.

Boston Scientific declared that its Board of Directors has initiated a share repurchase program on Monday, May 18th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the medical equipment provider to repurchase up to 6.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several equities analysts have commented on BSX shares. Bank of America dropped their price target on shares of Boston Scientific from $105.00 to $68.00 and set a “buy” rating on the stock in a research note on Monday, May 18th. The Goldman Sachs Group set a $71.00 target price on shares of Boston Scientific in a report on Thursday, May 28th. Weiss Ratings downgraded shares of Boston Scientific from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, July 7th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $55.00 target price (down from $75.00) on shares of Boston Scientific in a research report on Thursday, May 28th. Finally, Oppenheimer set a $90.00 price target on shares of Boston Scientific in a research note on Thursday, April 23rd. One research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $79.84.

Insider Activity

In other news, Director Cheryl Pegus purchased 1,770 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The stock was purchased at an average cost of $56.49 per share, with a total value of $99,987.30. Following the completion of the acquisition, the director directly owned 1,770 shares of the company’s stock, valued at approximately $99,987.30. This trade represents a ? increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director David C. Habiger acquired 2,250 shares of Boston Scientific stock in a transaction that occurred on Wednesday, May 20th. The stock was purchased at an average price of $55.92 per share, with a total value of $125,820.00. Following the transaction, the director owned 13,878 shares of the company’s stock, valued at $776,057.76. This trade represents a 19.35% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have bought a total of 9,800 shares of company stock valued at $554,012 over the last quarter. Corporate insiders own 0.34% of the company’s stock.

About Boston Scientific

Boston Scientific Corporation (NYSE: BSX) is a global medical device company that develops, manufactures and markets a broad portfolio of products used in less-invasive medical procedures. Founded in 1979 by John Abele and Peter Nicholas, the company is headquartered in Marlborough, Massachusetts, and focuses on technologies that enable physicians to treat a wide range of cardiovascular, digestive, urologic, pulmonary and chronic pain conditions without open surgery.

Boston Scientific’s activities span product development, clinical research, regulatory affairs and commercial sales.