Orbimed Advisors LLC Has $149.48 Million Stake in Boston Scientific Corporation $BSX

Orbimed Advisors LLC reduced its stake in shares of Boston Scientific Corporation (NYSE:BSX) by 1.5% during the first quarter, Holdings Channel reports. The institutional investor owned 2,382,100 shares of the medical equipment provider’s stock after selling 37,200 shares during the period. Boston Scientific comprises 2.7% of Orbimed Advisors LLC’s holdings, making the stock its 7th biggest position. Orbimed Advisors LLC’s holdings in Boston Scientific were worth $149,477,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Gateway Wealth Partners LLC bought a new stake in Boston Scientific during the 1st quarter worth approximately $228,000. Weiss Asset Management LP bought a new position in shares of Boston Scientific in the first quarter worth approximately $821,000. Delta Global Management LP bought a new position in shares of Boston Scientific in the first quarter worth approximately $1,758,000. OMERS ADMINISTRATION Corp increased its stake in shares of Boston Scientific by 7.1% in the first quarter. OMERS ADMINISTRATION Corp now owns 79,936 shares of the medical equipment provider’s stock worth $5,016,000 after purchasing an additional 5,326 shares in the last quarter. Finally, Bradley Foster & Sargent Inc. CT increased its stake in shares of Boston Scientific by 27.3% in the first quarter. Bradley Foster & Sargent Inc. CT now owns 627,470 shares of the medical equipment provider’s stock worth $39,374,000 after purchasing an additional 134,550 shares in the last quarter. 89.07% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on BSX shares. Truist Financial lowered their target price on shares of Boston Scientific from $64.00 to $62.00 and set a “buy” rating on the stock in a research note on Thursday, July 16th. Wolfe Research lowered Boston Scientific from an “outperform” rating to a “peer perform” rating in a research note on Friday, May 29th. Jefferies Financial Group decreased their price target on Boston Scientific from $100.00 to $67.00 and set a “buy” rating on the stock in a report on Wednesday, June 24th. Mizuho lowered their price objective on Boston Scientific from $90.00 to $70.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 15th. Finally, Evercore set a $65.00 price objective on Boston Scientific in a research note on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Boston Scientific presently has a consensus rating of “Moderate Buy” and an average price target of $79.84.

Boston Scientific Price Performance

BSX stock opened at $44.26 on Monday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.22 and a current ratio of 1.90. The company’s fifty day moving average price is $47.21 and its 200-day moving average price is $63.84. Boston Scientific Corporation has a one year low of $42.20 and a one year high of $109.50. The company has a market capitalization of $65.78 billion, a PE ratio of 18.52, a price-to-earnings-growth ratio of 0.85 and a beta of 0.58.

Boston Scientific declared that its board has authorized a stock repurchase plan on Monday, May 18th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the medical equipment provider to buy up to 6.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Boston Scientific

In related news, Director Cheryl Pegus purchased 1,770 shares of the firm’s stock in a transaction on Wednesday, May 20th. The shares were acquired at an average price of $56.49 per share, for a total transaction of $99,987.30. Following the purchase, the director directly owned 1,770 shares in the company, valued at $99,987.30. This trade represents a ? increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director David C. Habiger acquired 2,250 shares of the company’s stock in a transaction on Wednesday, May 20th. The shares were bought at an average cost of $55.92 per share, with a total value of $125,820.00. Following the acquisition, the director directly owned 13,878 shares in the company, valued at approximately $776,057.76. The trade was a 19.35% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders have purchased 9,800 shares of company stock worth $554,012. Insiders own 0.34% of the company’s stock.

Boston Scientific Company Profile

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.