SunTrust Banks Raises Boston Scientific (BSX) Price Target to $44.00

Boston Scientific (NYSE:BSX) had its target price raised by SunTrust Banks to $44.00 in a report released on Tuesday morning, The Fly reports. SunTrust Banks currently has a buy rating on the medical equipment provider’s stock. SunTrust Banks also issued estimates for Boston Scientific’s Q4 2018 earnings at $0.37 EPS, Q1 2019 earnings at $0.36 EPS, Q2 2019 earnings at $0.38 EPS, FY2019 earnings at $1.56 EPS, FY2020 earnings at $1.78 EPS and FY2021 earnings at $2.02 EPS.

A number of other research analysts have also recently issued reports on BSX. Royal Bank of Canada lifted their price objective on shares of Boston Scientific to $36.00 and gave the company a top pick rating in a report on Monday, July 23rd. Piper Jaffray Companies lifted their price objective on shares of Boston Scientific to $38.00 and gave the company an overweight rating in a report on Thursday, July 26th. Morgan Stanley lifted their price objective on shares of Boston Scientific from $33.00 to $38.00 and gave the company an overweight rating in a report on Thursday, July 26th. Jefferies Financial Group reiterated a hold rating and set a $34.00 price objective on shares of Boston Scientific in a report on Thursday, July 26th. Finally, Stifel Nicolaus reiterated a buy rating and set a $37.00 price objective on shares of Boston Scientific in a report on Thursday, July 26th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, nineteen have given a buy rating and three have assigned a strong buy rating to the stock. Boston Scientific has a consensus rating of Buy and an average target price of $39.32.

Shares of NYSE BSX opened at $34.60 on Tuesday. The stock has a market cap of $47.88 billion, a PE ratio of 27.46, a price-to-earnings-growth ratio of 2.28 and a beta of 0.68. Boston Scientific has a 1 year low of $24.54 and a 1 year high of $39.44. The company has a quick ratio of 0.56, a current ratio of 0.78 and a debt-to-equity ratio of 0.58.

Boston Scientific (NYSE:BSX) last issued its quarterly earnings data on Wednesday, October 24th. The medical equipment provider reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. The firm had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.40 billion. Boston Scientific had a net margin of 6.93% and a return on equity of 26.44%. The business’s revenue was up 7.7% on a year-over-year basis. During the same period last year, the company earned $0.31 earnings per share. As a group, research analysts anticipate that Boston Scientific will post 1.39 EPS for the current fiscal year.

In other Boston Scientific news, SVP Wendy Carruthers sold 1,500 shares of Boston Scientific stock in a transaction dated Friday, November 2nd. The shares were sold at an average price of $36.64, for a total value of $54,960.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP John Bradley Sorenson sold 10,000 shares of Boston Scientific stock in a transaction dated Monday, September 10th. The stock was sold at an average price of $35.86, for a total transaction of $358,600.00. Following the completion of the sale, the senior vice president now directly owns 44,636 shares in the company, valued at approximately $1,600,646.96. The disclosure for this sale can be found here. In the last ninety days, insiders sold 441,386 shares of company stock worth $16,373,940. Insiders own 0.73% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. IMA Wealth Inc. increased its stake in shares of Boston Scientific by 1.1% in the third quarter. IMA Wealth Inc. now owns 117,815 shares of the medical equipment provider’s stock worth $4,536,000 after purchasing an additional 1,330 shares in the last quarter. Somerset Group LLC increased its stake in shares of Boston Scientific by 2.7% in the third quarter. Somerset Group LLC now owns 51,174 shares of the medical equipment provider’s stock worth $1,970,000 after purchasing an additional 1,336 shares in the last quarter. Vantage Investment Advisors LLC increased its stake in shares of Boston Scientific by 82.4% in the third quarter. Vantage Investment Advisors LLC now owns 2,989 shares of the medical equipment provider’s stock worth $115,000 after purchasing an additional 1,350 shares in the last quarter. Synovus Financial Corp increased its stake in shares of Boston Scientific by 37.2% in the third quarter. Synovus Financial Corp now owns 5,000 shares of the medical equipment provider’s stock worth $191,000 after purchasing an additional 1,356 shares in the last quarter. Finally, First American Trust FSB increased its stake in shares of Boston Scientific by 1.3% in the third quarter. First American Trust FSB now owns 113,375 shares of the medical equipment provider’s stock worth $4,365,000 after purchasing an additional 1,470 shares in the last quarter. Hedge funds and other institutional investors own 92.27% of the company’s stock.

Boston Scientific Company Profile

Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. It operates through three segments: Cardiovascular, Rhythm Management, and MedSurg. The company offers interventional cardiology products, including drug-eluting coronary stent systems used in the treatment of coronary artery disease; percutaneous coronary interventions therapy products to treat atherosclerosis; intravascular catheter-directed ultrasound imaging catheters, fractional flow reserve devices, and systems for use in coronary arteries and heart chambers, as well as certain peripheral vessels; and structural heart therapy systems.

Featured Story: Yield Curve

The Fly

Analyst Recommendations for Boston Scientific (NYSE:BSX)

Receive News & Ratings for Boston Scientific Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Boston Scientific and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply