Boston Scientific (NYSE:BSX) Updates FY 2024 Earnings Guidance

Boston Scientific (NYSE:BSX) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 2.290-2.340 for the period, compared to the consensus earnings per share estimate of 2.250. The company issued revenue guidance of $15.8 billion-$16.1 billion, compared to the consensus revenue estimate of $15.6 billion. Boston Scientific also updated its FY24 guidance to $2.29-2.34 EPS.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Citigroup lifted their target price on shares of Boston Scientific from $71.00 to $79.00 and gave the company a buy rating in a research report on Wednesday, April 3rd. BTIG Research reiterated a buy rating and issued a $64.00 target price on shares of Boston Scientific in a research report on Friday, December 29th. JPMorgan Chase & Co. lifted their target price on shares of Boston Scientific from $60.00 to $72.00 and gave the company an overweight rating in a research report on Thursday, February 1st. Evercore ISI lifted their target price on shares of Boston Scientific from $68.00 to $72.00 and gave the company an outperform rating in a research report on Thursday, April 4th. Finally, Mizuho upgraded shares of Boston Scientific from a neutral rating to a buy rating and boosted their price target for the stock from $65.00 to $80.00 in a research report on Thursday, February 1st. Two equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $68.50.

Boston Scientific Stock Performance

Boston Scientific stock traded up $4.82 during trading hours on Wednesday, reaching $73.81. 2,555,154 shares of the stock were exchanged, compared to its average volume of 6,375,968. The firm’s 50 day moving average is $67.39 and its 200 day moving average is $60.19. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.82 and a current ratio of 1.32. The stock has a market cap of $108.29 billion, a P/E ratio of 67.85, a P/E/G ratio of 2.38 and a beta of 0.78. Boston Scientific has a 52-week low of $48.35 and a 52-week high of $74.39.

Boston Scientific (NYSE:BSX) last announced its quarterly earnings results on Wednesday, January 31st. The medical equipment provider reported $0.55 earnings per share (EPS) 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 the consensus estimate of $3.59 billion. Boston Scientific had a net margin of 11.19% and a return on equity of 15.99%. During the same quarter last year, the firm posted $0.45 EPS. Analysts predict that Boston Scientific will post 2.25 EPS for the current fiscal year.

Insider Activity at Boston Scientific

In related news, EVP Wendy Carruthers sold 6,983 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $66.89, for a total value of $467,092.87. Following the sale, the executive vice president now directly owns 56,508 shares of the company’s stock, valued at approximately $3,779,820.12. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Boston Scientific news, EVP Wendy Carruthers sold 6,983 shares of the firm’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $66.89, for a total transaction of $467,092.87. Following the sale, the executive vice president now directly owns 56,508 shares of the company’s stock, valued at approximately $3,779,820.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John Bradley Sorenson sold 16,351 shares of the firm’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $69.30, for a total transaction of $1,133,124.30. Following the sale, the executive vice president now directly owns 50,638 shares in the company, valued at $3,509,213.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 50,979 shares of company stock valued at $3,418,529. Insiders own 0.50% of the company’s stock.

About Boston Scientific

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.