Boston Scientific (NYSE:BSX) Price Target Raised to $85.00

Boston Scientific (NYSE:BSX) had its price objective increased by Raymond James from $73.00 to $85.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has a “strong-buy” rating on the medical equipment provider’s stock. Raymond James’ price target would suggest a potential upside of 16.33% from the company’s current price.

A number of other brokerages also recently issued reports on BSX. Citigroup lifted their price target on Boston Scientific from $71.00 to $79.00 and gave the stock a “buy” rating in a report on Wednesday, April 3rd. Royal Bank of Canada lifted their price target on Boston Scientific from $70.00 to $78.00 and gave the stock an “outperform” rating in a report on Monday, April 15th. StockNews.com cut Boston Scientific from a “buy” rating to a “hold” rating in a research report on Saturday, March 16th. Needham & Company LLC lifted their target price on Boston Scientific from $71.00 to $82.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Argus boosted their price target on Boston Scientific from $69.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, April 3rd. Two 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. Based on data from MarketBeat, Boston Scientific currently has an average rating of “Moderate Buy” and an average target price of $72.73.

Boston Scientific Stock Up 0.2 %

NYSE:BSX traded up $0.16 during midday trading on Thursday, reaching $73.07. The company had a trading volume of 2,738,805 shares, compared to its average volume of 6,490,728. The firm has a market capitalization of $107.20 billion, a price-to-earnings ratio of 68.40, a PEG ratio of 2.42 and a beta of 0.78. The stock’s fifty day simple moving average is $67.53 and its 200-day simple moving average is $60.28. Boston Scientific has a 12-month low of $48.35 and a 12-month high of $74.39. The company has a current ratio of 1.32, a quick ratio of 0.82 and a debt-to-equity ratio of 0.44.

Boston Scientific (NYSE:BSX) last released its 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 firm 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 period last year, the business posted $0.45 earnings per share. On average, sell-side analysts anticipate that Boston Scientific will post 2.25 earnings per share for the current fiscal year.

Insider Transactions at Boston Scientific

In other news, CFO Daniel J. Brennan sold 13,662 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $65.86, for a total transaction of $899,779.32. Following the sale, the chief financial officer now owns 271,542 shares of the company’s stock, valued at approximately $17,883,756.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Edward J. Ludwig sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $65.03, for a total value of $455,210.00. Following the sale, the director now owns 41,374 shares of the company’s stock, valued at approximately $2,690,551.22. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Daniel J. Brennan sold 13,662 shares of the company’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 directly owns 271,542 shares in the company, valued at approximately $17,883,756.12. The disclosure for this sale can be found here. Insiders have sold 50,979 shares of company stock valued at $3,418,529 in the last quarter. 0.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Boston Scientific

Institutional investors and hedge funds have recently bought and sold shares of the stock. Victory Capital Management Inc. lifted its stake in Boston Scientific by 5.6% in the 3rd quarter. Victory Capital Management Inc. now owns 518,047 shares of the medical equipment provider’s stock valued at $27,353,000 after buying an additional 27,620 shares in the last quarter. Louisiana State Employees Retirement System acquired a new position in Boston Scientific in the 4th quarter valued at $5,116,000. Glenmede Trust Co. NA raised its holdings in Boston Scientific by 12.1% in the 3rd quarter. Glenmede Trust Co. NA now owns 10,442 shares of the medical equipment provider’s stock valued at $551,000 after acquiring an additional 1,123 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Boston Scientific by 2.1% during the 3rd quarter. Principal Financial Group Inc. now owns 1,868,991 shares of the medical equipment provider’s stock worth $98,683,000 after buying an additional 38,249 shares during the last quarter. Finally, HealthInvest Partners AB acquired a new stake in shares of Boston Scientific during the 4th quarter worth $3,746,000. Hedge funds and other institutional investors own 89.07% 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.