CI Investments Inc. Reduces Stock Position in Boston Scientific Corporation $BSX

CI Investments Inc. decreased its holdings in Boston Scientific Corporation (NYSE:BSX) by 42.4% in the first quarter, HoldingsChannel.com reports. The fund owned 703,393 shares of the medical equipment provider’s stock after selling 517,759 shares during the period. CI Investments Inc.’s holdings in Boston Scientific were worth $44,138,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in BSX. FWL Investment Management LLC purchased a new stake in shares of Boston Scientific in the 2nd quarter worth about $26,000. Swiss RE Ltd. bought a new position in shares of Boston Scientific during the fourth quarter valued at approximately $26,000. Garton & Associates Financial Advisors LLC purchased a new position in shares of Boston Scientific during the fourth quarter valued at approximately $26,000. Bangor Savings Bank boosted its position in shares of Boston Scientific by 94.7% in the 4th quarter. Bangor Savings Bank now owns 292 shares of the medical equipment provider’s stock worth $28,000 after purchasing an additional 142 shares in the last quarter. Finally, Clal Insurance Enterprises Holdings Ltd purchased a new stake in shares of Boston Scientific in the 1st quarter worth approximately $28,000. 89.07% of the stock is currently owned by institutional investors.

Boston Scientific Stock Performance

Shares of NYSE BSX opened at $43.14 on Wednesday. The firm’s 50-day moving average price is $47.77 and its 200-day moving average price is $64.93. Boston Scientific Corporation has a 52-week low of $42.20 and a 52-week high of $109.50. The company has a market cap of $64.12 billion, a PE ratio of 18.05, a PEG ratio of 0.84 and a beta of 0.58. The company has a quick ratio of 1.22, a current ratio of 1.90 and a debt-to-equity ratio of 0.42.

Boston Scientific (NYSE:BSX) last released its quarterly earnings data on Wednesday, April 22nd. The medical equipment provider reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.01. The firm had revenue of $5.20 billion during 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%. The firm’s quarterly revenue was up 11.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.75 earnings per share. As a group, analysts anticipate that Boston Scientific Corporation will post 3.35 EPS for the current year.

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

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Mizuho lowered their price objective on Boston Scientific from $90.00 to $70.00 and set an “outperform” rating for the company in a research note on Wednesday, July 15th. Needham & Company LLC reduced their price target on Boston Scientific from $77.00 to $57.00 and set a “buy” rating for the company in a report on Wednesday, July 8th. Piper Sandler reaffirmed an “overweight” rating and issued a $65.00 price target on shares of Boston Scientific in a research report on Friday, June 12th. Leerink Partners dropped their price target on shares of Boston Scientific from $87.00 to $74.00 and set an “outperform” rating on the stock in a research note on Thursday, May 28th. Finally, Citigroup cut their price objective on shares of Boston Scientific from $87.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, May 28th. One investment 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 assigned a Sell rating to the company. Based on data from MarketBeat.com, Boston Scientific has a consensus rating of “Moderate Buy” and a consensus target price of $79.84.

Insider Buying and Selling

In other news, Director Cheryl Pegus purchased 1,770 shares of the company’s stock in a transaction dated Wednesday, May 20th. The shares were purchased at an average cost 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 approximately $99,987.30. This represents a ? increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Edward J. Ludwig acquired 3,580 shares of Boston Scientific stock in a transaction that occurred on Wednesday, May 20th. The shares were purchased at an average price of $56.68 per share, with a total value of $202,914.40. Following the transaction, the director owned 25,359 shares of the company’s stock, valued at $1,437,348.12. The trade was a 16.44% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have purchased 9,800 shares of company stock worth $554,012. 0.34% of the stock is owned by insiders.

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.