First American Bank Lowers Position in Boston Scientific Corporation (NYSE:BSX)

First American Bank cut its stake in Boston Scientific Corporation (NYSE:BSX) by 2.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 126,838 shares of the medical equipment provider’s stock after selling 3,295 shares during the period. First American Bank’s holdings in Boston Scientific were worth $12,795,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank bought a new position in shares of Boston Scientific during the fourth quarter valued at approximately $1,762,522,000. Capital World Investors increased its stake in shares of Boston Scientific by 28.7% during the fourth quarter. Capital World Investors now owns 27,899,903 shares of the medical equipment provider’s stock valued at $2,492,041,000 after purchasing an additional 6,216,199 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Boston Scientific by 10.2% during the fourth quarter. Wellington Management Group LLP now owns 36,165,399 shares of the medical equipment provider’s stock valued at $3,230,293,000 after purchasing an additional 3,344,571 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Boston Scientific by 11,720.3% during the first quarter. GAMMA Investing LLC now owns 2,577,887 shares of the medical equipment provider’s stock valued at $260,057,000 after purchasing an additional 2,556,078 shares in the last quarter. Finally, Axiom Investors LLC DE increased its stake in shares of Boston Scientific by 208.2% during the fourth quarter. Axiom Investors LLC DE now owns 3,752,430 shares of the medical equipment provider’s stock valued at $335,167,000 after purchasing an additional 2,535,007 shares in the last quarter. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

Boston Scientific Stock Performance

Shares of NYSE BSX opened at $101.35 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.88 and a current ratio of 1.45. The company has a market cap of $149.95 billion, a P/E ratio of 73.98, a P/E/G ratio of 2.62 and a beta of 0.68. The firm’s fifty day moving average is $101.77 and its two-hundred day moving average is $99.06. Boston Scientific Corporation has a 52-week low of $71.88 and a 52-week high of $107.17.

Boston Scientific (NYSE:BSX) last announced its earnings results on Wednesday, April 23rd. The medical equipment provider reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.08. The firm had revenue of $4.66 billion for the quarter, compared to analysts’ expectations of $4.57 billion. Boston Scientific had a net margin of 11.58% and a return on equity of 18.67%. The business’s revenue was up 20.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.56 EPS. As a group, analysts anticipate that Boston Scientific Corporation will post 2.85 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Morgan Stanley raised their target price on shares of Boston Scientific from $120.00 to $125.00 and gave the company an “overweight” rating in a research note on Friday, May 16th. Leerink Partners began coverage on shares of Boston Scientific in a research report on Monday, June 16th. They set an “outperform” rating and a $118.00 price target for the company. Truist Financial raised their target price on shares of Boston Scientific from $113.00 to $117.00 and gave the stock a “buy” rating in a report on Thursday, April 24th. Evercore ISI raised their target price on shares of Boston Scientific from $110.00 to $112.00 and gave the stock an “outperform” rating in a report on Thursday, April 24th. Finally, Citigroup restated a “buy” rating and issued a $125.00 target price (up previously from $119.00) on shares of Boston Scientific in a report on Thursday, May 22nd. Twenty-two analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $116.09.

Insider Activity

In other news, SVP Vance R. Brown sold 4,826 shares of the company’s stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $95.09, for a total transaction of $458,904.34. Following the sale, the senior vice president now directly owns 36,193 shares in the company, valued at approximately $3,441,592.37. This represents a 11.77% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Arthur C. Butcher sold 17,314 shares of the stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $102.06, for a total transaction of $1,767,066.84. Following the completion of the sale, the executive vice president now directly owns 22,235 shares in the company, valued at $2,269,304.10. This trade represents a 43.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 411,970 shares of company stock worth $42,406,693. 0.50% of the stock is currently owned by corporate insiders.

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.