Needham & Company LLC Reaffirms Buy Rating for Boston Scientific (NYSE:BSX)

Boston Scientific (NYSE:BSX)‘s stock had its “buy” rating reissued by Needham & Company LLC in a research report issued to clients and investors on Wednesday, AnalystRatings.com reports. They presently have a $53.00 price target on the medical equipment provider’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 32.20% from the stock’s previous close.

A number of other research analysts have also issued reports on BSX. Stephens set a $48.00 price target on shares of Boston Scientific and gave the company a “buy” rating in a research note on Monday, September 30th. Leerink Swann set a $50.00 price target on shares of Boston Scientific and gave the company a “buy” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. began coverage on shares of Boston Scientific in a research note on Thursday, September 5th. They set an “overweight” rating on the stock. Canaccord Genuity upped their price target on shares of Boston Scientific from $43.00 to $46.00 and gave the company a “buy” rating in a research note on Thursday, June 27th. Finally, Raymond James cut their price target on shares of Boston Scientific from $50.00 to $48.00 and set a “strong-buy” rating on the stock in a research note on Monday, October 14th. Three investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $46.33.

Shares of NYSE BSX traded up $1.91 during trading hours on Wednesday, hitting $40.09. 21,258,025 shares of the stock were exchanged, compared to its average volume of 7,290,664. The company has a quick ratio of 1.04, a current ratio of 1.31 and a debt-to-equity ratio of 0.81. The company has a market cap of $53.84 billion, a PE ratio of 27.27, a PEG ratio of 2.31 and a beta of 0.78. The firm has a fifty day moving average price of $40.74 and a 200-day moving average price of $40.31. Boston Scientific has a 12 month low of $31.56 and a 12 month high of $43.84.

Boston Scientific (NYSE:BSX) last posted its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. The firm had revenue of $2.71 billion during the quarter, compared to analyst estimates of $2.68 billion. Boston Scientific had a net margin of 13.85% and a return on equity of 23.29%. Boston Scientific’s revenue was up 13.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.35 EPS. As a group, equities analysts anticipate that Boston Scientific will post 1.56 earnings per share for the current fiscal year.

In related news, insider Halliday Hamish 4,000,000 shares of the stock in a transaction on Friday, October 11th. Also, EVP David A. Pierce sold 5,000 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $42.62, for a total transaction of $213,100.00. Following the completion of the sale, the executive vice president now directly owns 29,201 shares in the company, valued at $1,244,546.62. The disclosure for this sale can be found here. Insiders sold a total of 91,449 shares of company stock worth $3,790,048 over the last ninety days. Insiders own 0.66% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. NuWave Investment Management LLC boosted its holdings in shares of Boston Scientific by 111.4% in the 3rd quarter. NuWave Investment Management LLC now owns 721 shares of the medical equipment provider’s stock valued at $27,000 after acquiring an additional 380 shares during the last quarter. Investors Research Corp boosted its holdings in Boston Scientific by 333.3% during the second quarter. Investors Research Corp now owns 650 shares of the medical equipment provider’s stock worth $28,000 after buying an additional 500 shares in the last quarter. Next Capital Management LLC purchased a new stake in Boston Scientific during the second quarter worth $29,000. Westside Investment Management Inc. purchased a new stake in Boston Scientific during the second quarter worth $31,000. Finally, Optimum Investment Advisors boosted its holdings in Boston Scientific by 100.0% during the third quarter. Optimum Investment Advisors now owns 800 shares of the medical equipment provider’s stock worth $33,000 after buying an additional 400 shares in the last quarter. 91.61% of the stock is currently owned by institutional investors and hedge funds.

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: MedSurg, Rhythm and Neuro, and Cardiovascular. 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.

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Analyst Recommendations for Boston Scientific (NYSE:BSX)

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