Boston Scientific (NYSE:BSX) Price Target Increased to $79.00 by Analysts at Citigroup

Boston Scientific (NYSE:BSXGet Free Report) had its target price increased by equities research analysts at Citigroup from $71.00 to $79.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the medical equipment provider’s stock. Citigroup’s target price suggests a potential upside of 15.55% from the stock’s previous close.

A number of other research firms have also weighed in on BSX. TD Cowen lifted their target price on Boston Scientific from $65.00 to $77.00 and gave the company an “outperform” rating in a report on Thursday, March 7th. JPMorgan Chase & Co. lifted their price target on Boston Scientific from $60.00 to $72.00 and gave the company an “overweight” rating in a research report on Thursday, February 1st. Truist Financial lifted their price target on Boston Scientific from $59.00 to $66.00 and gave the company a “buy” rating in a research report on Friday, December 22nd. Royal Bank of Canada lifted their price target on Boston Scientific from $67.00 to $70.00 and gave the company an “outperform” rating in a research report on Thursday, February 1st. Finally, Needham & Company LLC lifted their price target on Boston Scientific from $60.00 to $71.00 and gave the company a “buy” rating in a research report on Thursday, February 1st. Two investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $67.59.

Read Our Latest Research Report on Boston Scientific

Boston Scientific Stock Performance

BSX traded up $0.92 during trading hours on Wednesday, hitting $68.37. The stock had a trading volume of 1,982,705 shares, compared to its average volume of 6,407,004. The company’s fifty day simple moving average is $65.98 and its 200 day simple moving average is $58.57. Boston Scientific has a 1 year low of $48.35 and a 1 year high of $68.92. The stock has a market cap of $100.50 billion, a PE ratio of 63.93, a price-to-earnings-growth ratio of 2.39 and a beta of 0.78. The company has a quick ratio of 0.82, a current ratio of 1.32 and a debt-to-equity ratio of 0.44.

Boston Scientific (NYSE:BSXGet Free Report) last posted its earnings results on Wednesday, January 31st. The medical equipment provider reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.04. The business had revenue of $3.73 billion during the quarter, compared to analyst estimates of $3.59 billion. Boston Scientific had a return on equity of 15.99% and a net margin of 11.19%. During the same quarter in the previous year, the firm earned $0.45 EPS. Equities analysts anticipate that Boston Scientific will post 2.25 earnings per share for the current year.

Insider Buying and Selling at Boston Scientific

In other Boston Scientific news, EVP Wendy Carruthers sold 6,983 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $66.89, for a total value of $467,092.87. Following the completion of the sale, the executive vice president now owns 56,508 shares in the company, valued at $3,779,820.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Boston Scientific news, EVP Wendy Carruthers sold 6,983 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $66.89, for a total value of $467,092.87. Following the completion of the sale, the executive vice president now owns 56,508 shares in the company, valued at $3,779,820.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Daniel J. Brennan sold 13,662 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $65.86, for a total value of $899,779.32. Following the completion of the sale, the chief financial officer now owns 271,542 shares of the company’s stock, valued at approximately $17,883,756.12. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 92,811 shares of company stock worth $5,893,070. 0.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Boston Scientific

Several hedge funds have recently made changes to their positions in the business. FMR LLC increased its stake in shares of Boston Scientific by 6.8% during the third quarter. FMR LLC now owns 125,920,357 shares of the medical equipment provider’s stock valued at $6,648,595,000 after buying an additional 8,045,263 shares during the period. Vanguard Group Inc. grew its stake in Boston Scientific by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 125,449,802 shares of the medical equipment provider’s stock worth $7,252,253,000 after purchasing an additional 1,681,454 shares during the period. State Street Corp boosted its holdings in Boston Scientific by 1.6% in the second quarter. State Street Corp now owns 63,191,897 shares of the medical equipment provider’s stock worth $3,418,050,000 after acquiring an additional 982,853 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Boston Scientific by 5.9% in the third quarter. Wellington Management Group LLP now owns 42,076,529 shares of the medical equipment provider’s stock worth $2,221,641,000 after acquiring an additional 2,336,348 shares in the last quarter. Finally, Primecap Management Co. CA boosted its holdings in Boston Scientific by 1.5% in the fourth quarter. Primecap Management Co. CA now owns 37,905,659 shares of the medical equipment provider’s stock worth $2,191,326,000 after acquiring an additional 550,490 shares in the last quarter. 89.07% of the stock is owned by hedge funds and other institutional investors.

Boston Scientific Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Boston Scientific (NYSE:BSX)

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