Boston Scientific (NYSE:BSX) Sets New 52-Week High at $74.39

Boston Scientific Co. (NYSE:BSX) hit a new 52-week high on Wednesday . The company traded as high as $74.39 and last traded at $73.77, with a volume of 3638035 shares. The stock had previously closed at $68.99.

Analysts Set New Price Targets

A number of research analysts have issued reports on BSX shares. Needham & Company LLC upped their price objective on Boston Scientific from $60.00 to $71.00 and gave the company a “buy” rating in a research note on Thursday, February 1st. Citigroup lifted their price objective on Boston Scientific from $71.00 to $79.00 and gave the stock a “buy” rating in a report on Wednesday, April 3rd. Oppenheimer raised their price objective on shares of Boston Scientific from $58.00 to $68.00 and gave the stock a “market perform” rating in a report on Thursday, February 1st. Evercore ISI increased their target price on Boston Scientific from $68.00 to $72.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Finally, Wells Fargo & Company increased their price objective on Boston Scientific from $70.00 to $72.00 and gave the stock an “overweight” rating in a report on Thursday, February 1st. Two equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Boston Scientific presently has an average rating of “Moderate Buy” and an average price target of $68.50.

Boston Scientific Stock Performance

The business has a fifty day moving average of $67.39 and a 200 day moving average of $60.19. The company has a market cap of $107.52 billion, a P/E ratio of 68.38, a P/E/G ratio of 2.38 and a beta of 0.78. The company has a quick ratio of 0.82, a current ratio of 1.32 and a debt-to-equity ratio of 0.44.

Boston Scientific (NYSE:BSX) last issued its quarterly earnings data on Wednesday, January 31st. The medical equipment provider reported $0.55 EPS for the quarter, topping the consensus estimate of $0.51 by $0.04. The business had revenue of $3.73 billion during the quarter, compared to analyst estimates of $3.59 billion. Boston Scientific had a net margin of 11.19% and a return on equity of 15.99%. During the same period in the prior year, the business earned $0.45 EPS. On average, equities analysts predict that Boston Scientific Co. will post 2.25 EPS for the current year.

Insiders Place Their Bets

In other news, Director Edward J. Ludwig sold 7,000 shares of the firm’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $65.03, for a total value of $455,210.00. Following the transaction, the director now directly owns 41,374 shares in the company, valued at approximately $2,690,551.22. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, EVP Wendy Carruthers sold 6,983 shares of Boston Scientific stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $66.89, for a total transaction of $467,092.87. Following the transaction, the executive vice president now owns 56,508 shares in the company, valued at approximately $3,779,820.12. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Edward J. Ludwig sold 7,000 shares of the company’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $65.03, for a total value of $455,210.00. Following the completion of the transaction, the director now directly owns 41,374 shares of the company’s stock, valued at approximately $2,690,551.22. The disclosure for this sale can be found here. In the last 90 days, insiders sold 50,979 shares of company stock valued at $3,418,529. 0.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Boston Scientific

Hedge funds have recently made changes to their positions in the company. FMR LLC lifted its stake in shares of Boston Scientific by 6.8% in the 3rd quarter. FMR LLC now owns 125,920,357 shares of the medical equipment provider’s stock valued at $6,648,595,000 after purchasing an additional 8,045,263 shares during the last quarter. Vanguard Group Inc. boosted its stake in Boston Scientific by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 125,449,802 shares of the medical equipment provider’s stock worth $7,252,253,000 after buying an additional 1,681,454 shares during the period. Wellington Management Group LLP increased its position in Boston Scientific by 5.9% during the third quarter. Wellington Management Group LLP now owns 42,076,529 shares of the medical equipment provider’s stock valued at $2,221,641,000 after acquiring an additional 2,336,348 shares during the last quarter. Primecap Management Co. CA raised its stake in shares of Boston Scientific by 1.5% in the fourth quarter. Primecap Management Co. CA now owns 37,905,659 shares of the medical equipment provider’s stock valued at $2,191,326,000 after acquiring an additional 550,490 shares during the period. Finally, Morgan Stanley lifted its holdings in shares of Boston Scientific by 2.3% in the 3rd quarter. Morgan Stanley now owns 21,200,339 shares of the medical equipment provider’s stock worth $1,119,378,000 after acquiring an additional 481,891 shares during the last quarter. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

About Boston Scientific

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.