Evercore ISI Raises Boston Scientific (NYSE:BSX) Price Target to $78.00

Boston Scientific (NYSE:BSX) had its price target lifted by Evercore ISI from $72.00 to $78.00 in a research note released on Thursday, Benzinga reports. Evercore ISI currently has an outperform rating on the medical equipment provider’s stock.

Several other equities research analysts have also weighed in on the company. Mizuho raised Boston Scientific from a neutral rating to a buy rating and raised their price objective for the stock from $65.00 to $80.00 in a research note on Thursday, February 1st. Argus raised their target price on Boston Scientific from $69.00 to $80.00 and gave the stock a buy rating in a research report on Wednesday, April 3rd. Citigroup raised their target price on Boston Scientific from $71.00 to $79.00 and gave the stock a buy rating in a research report on Wednesday, April 3rd. JPMorgan Chase & Co. lifted their price objective on Boston Scientific from $60.00 to $72.00 and gave the company an overweight rating in a research report on Thursday, February 1st. Finally, Robert W. Baird lifted their price objective on Boston Scientific from $79.00 to $84.00 and gave the company an outperform rating in a research report on Thursday. Three research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $74.27.

Boston Scientific Price Performance

Shares of BSX stock traded down $0.02 during mid-day trading on Thursday, hitting $73.24. 351,068 shares of the stock traded hands, compared to its average volume of 6,485,329. Boston Scientific has a twelve month low of $48.35 and a twelve month high of $74.39. The firm has a market cap of $107.45 billion, a price-to-earnings ratio of 61.60, a price-to-earnings-growth ratio of 2.48 and a beta of 0.78. The company’s 50-day simple moving average is $67.68 and its 200-day simple moving average is $60.37. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.82 and a current ratio of 1.32.

Boston Scientific (NYSE:BSX) last released its quarterly earnings data on Wednesday, January 31st. The medical equipment provider reported $0.55 earnings per share 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 return on equity of 16.63% and a net margin of 12.06%. During the same period last year, the company posted $0.45 EPS. As a group, equities research analysts expect that Boston Scientific will post 2.32 earnings per share for the current year.

Insider Buying and Selling at Boston Scientific

In other Boston Scientific news, CFO Daniel J. Brennan sold 13,662 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $65.86, for a total transaction of $899,779.32. Following the sale, the chief financial officer now owns 271,542 shares of the company’s stock, valued at $17,883,756.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Boston Scientific news, Director Edward J. Ludwig sold 7,000 shares of the company’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $65.03, for a total value of $455,210.00. Following the completion of the sale, the director now directly owns 41,374 shares of the company’s stock, valued at approximately $2,690,551.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Daniel J. Brennan sold 13,662 shares of the company’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $65.86, for a total transaction of $899,779.32. Following the completion of the sale, the chief financial officer now directly owns 271,542 shares of the company’s stock, valued at $17,883,756.12. The disclosure for this sale can be found here. Insiders sold a total of 50,979 shares of company stock worth $3,418,529 over the last three months. Corporate insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Victory Capital Management Inc. boosted its holdings in Boston Scientific by 5.6% in the 3rd quarter. Victory Capital Management Inc. now owns 518,047 shares of the medical equipment provider’s stock worth $27,353,000 after buying an additional 27,620 shares during the period. Louisiana State Employees Retirement System purchased a new stake in Boston Scientific in the 4th quarter worth approximately $5,116,000. Glenmede Trust Co. NA raised its position in shares of Boston Scientific by 12.1% during the 3rd quarter. Glenmede Trust Co. NA now owns 10,442 shares of the medical equipment provider’s stock valued at $551,000 after buying an additional 1,123 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Boston Scientific by 2.1% during the 3rd quarter. Principal Financial Group Inc. now owns 1,868,991 shares of the medical equipment provider’s stock valued at $98,683,000 after buying an additional 38,249 shares in the last quarter. Finally, HealthInvest Partners AB purchased a new stake in shares of Boston Scientific during the 4th quarter valued at $3,746,000. 89.07% of the stock is owned by institutional investors.

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.