Boston Scientific Corporation $BSX Shares Sold by NewEdge Wealth LLC

NewEdge Wealth LLC decreased its stake in Boston Scientific Corporation (NYSE:BSX) by 22.7% during the 1st quarter, HoldingsChannel reports. The firm owned 56,101 shares of the medical equipment provider’s stock after selling 16,515 shares during the period. NewEdge Wealth LLC’s holdings in Boston Scientific were worth $3,520,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. First Trust Advisors LP increased its stake in shares of Boston Scientific by 40.7% in the first quarter. First Trust Advisors LP now owns 184,386 shares of the medical equipment provider’s stock valued at $11,570,000 after purchasing an additional 53,332 shares during the period. Phillip James Consulting Co. acquired a new position in shares of Boston Scientific during the first quarter worth approximately $220,000. Fortis Capital Management LLC boosted its position in shares of Boston Scientific by 102.6% during the first quarter. Fortis Capital Management LLC now owns 86,695 shares of the medical equipment provider’s stock worth $5,440,000 after buying an additional 43,898 shares during the period. Clal Insurance Enterprises Holdings Ltd bought a new position in Boston Scientific in the 1st quarter worth approximately $28,000. Finally, Temasek Holdings Private Ltd grew its holdings in Boston Scientific by 15.3% in the 1st quarter. Temasek Holdings Private Ltd now owns 2,399,426 shares of the medical equipment provider’s stock worth $150,564,000 after buying an additional 317,800 shares in the last quarter. Institutional investors and hedge funds own 89.07% of the company’s stock.

Boston Scientific Stock Performance

BSX opened at $44.26 on Friday. The company has a market capitalization of $65.78 billion, a price-to-earnings ratio of 18.52, a price-to-earnings-growth ratio of 0.84 and a beta of 0.58. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.90 and a quick ratio of 1.22. Boston Scientific Corporation has a 1-year low of $42.20 and a 1-year high of $109.50. The business has a 50 day moving average price of $47.21 and a two-hundred day moving average price of $64.06.

Boston Scientific (NYSE:BSX) last issued its quarterly earnings results on Wednesday, April 22nd. The medical equipment provider reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.01. Boston Scientific had a return on equity of 19.17% and a net margin of 17.29%.The company had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.19 billion. During the same period last year, the firm earned $0.75 EPS. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. Research analysts predict that Boston Scientific Corporation will post 3.35 EPS for the current fiscal year.

Boston Scientific announced that its board has approved 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 purchase up to 6.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other Boston Scientific news, Director David C. Habiger purchased 2,250 shares of the company’s stock in a transaction on Wednesday, May 20th. The shares were purchased at an average cost of $55.92 per share, for a total transaction of $125,820.00. Following the completion of the transaction, the director owned 13,878 shares in the company, valued at $776,057.76. The trade was a 19.35% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Cheryl Pegus purchased 1,770 shares of the company’s stock in a transaction on Wednesday, May 20th. The stock was acquired at an average price of $56.49 per share, for a total transaction of $99,987.30. Following the completion of the transaction, the director owned 1,770 shares of the company’s stock, valued at $99,987.30. This represents a ? increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders bought a total of 9,800 shares of company stock worth $554,012 over the last 90 days. 0.34% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have weighed in on BSX shares. Raymond James Financial reaffirmed an “outperform” rating and set a $88.00 target price (down from $97.00) on shares of Boston Scientific in a research note on Monday, March 30th. Robert W. Baird set a $70.00 price target on Boston Scientific in a research note on Thursday, May 28th. Bank of America lowered their price target on Boston Scientific from $105.00 to $68.00 and set a “buy” rating on the stock in a report on Monday, May 18th. Evercore set a $65.00 price objective on shares of Boston Scientific in a research note on Monday, July 6th. Finally, Jefferies Financial Group reduced their price objective on shares of Boston Scientific from $100.00 to $67.00 and set a “buy” rating for the company in a report on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $79.84.

About Boston Scientific

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.