Fred Alger Management LLC reduced its position in Boston Scientific Co. (NYSE:BSX - Free Report) by 23.3% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 1,373,021 shares of the medical equipment provider's stock after selling 415,971 shares during the period. Boston Scientific comprises approximately 0.6% of Fred Alger Management LLC's holdings, making the stock its 28th biggest holding. Fred Alger Management LLC owned 0.09% of Boston Scientific worth $122,638,000 at the end of the most recent quarter.
Other large investors have also modified their holdings of the company. Mechanics Bank Trust Department purchased a new stake in shares of Boston Scientific during the 4th quarter valued at $415,000. Highland Capital Management LLC purchased a new stake in shares of Boston Scientific during the 4th quarter valued at $4,887,000. Covenant Asset Management LLC purchased a new stake in shares of Boston Scientific during the 4th quarter valued at $3,405,000. Brookstone Capital Management grew its stake in shares of Boston Scientific by 23.7% during the 4th quarter. Brookstone Capital Management now owns 105,860 shares of the medical equipment provider's stock valued at $9,455,000 after buying an additional 20,307 shares during the period. Finally, Beacon Investment Advisory Services Inc. boosted its position in Boston Scientific by 31.7% during the 4th quarter. Beacon Investment Advisory Services Inc. now owns 19,527 shares of the medical equipment provider's stock worth $1,744,000 after purchasing an additional 4,702 shares during the period. 89.07% of the stock is currently owned by hedge funds and other institutional investors.
Boston Scientific Stock Performance
BSX traded up $0.74 during trading hours on Tuesday, hitting $103.61. 4,505,326 shares of the stock were exchanged, compared to its average volume of 6,338,829. The stock has a market cap of $153.29 billion, a price-to-earnings ratio of 82.89, a price-to-earnings-growth ratio of 2.79 and a beta of 0.68. Boston Scientific Co. has a 12 month low of $71.88 and a 12 month high of $107.17. The stock has a 50-day simple moving average of $98.64 and a 200-day simple moving average of $96.19. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.08 and a quick ratio of 1.02.
Boston Scientific (NYSE:BSX - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The medical equipment provider reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.08. The firm had revenue of $4.66 billion for the quarter, compared to analyst estimates of $4.57 billion. Boston Scientific had a net margin of 11.07% and a return on equity of 17.80%. Boston Scientific's quarterly revenue was up 20.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.56 earnings per share. Analysts anticipate that Boston Scientific Co. will post 2.85 earnings per share for the current year.
Insider Buying and Selling
In other news, CEO Michael F. Mahoney sold 164,443 shares of the firm's stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $102.48, for a total transaction of $16,852,118.64. Following the transaction, the chief executive officer now directly owns 1,535,706 shares of the company's stock, valued at approximately $157,379,150.88. This trade represents a 9.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Daniel J. Brennan sold 15,087 shares of the firm's stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $105.07, for a total value of $1,585,191.09. Following the transaction, the chief financial officer now directly owns 241,451 shares in the company, valued at $25,369,256.57. This trade represents a 5.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 288,497 shares of company stock worth $29,791,055 over the last quarter. 0.50% of the stock is owned by company insiders.
Analyst Ratings Changes
A number of brokerages recently weighed in on BSX. Morgan Stanley upped their price target on shares of Boston Scientific from $100.00 to $120.00 and gave the stock an "overweight" rating in a research report on Thursday, February 6th. Royal Bank of Canada upped their price target on shares of Boston Scientific from $116.00 to $120.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. StockNews.com raised shares of Boston Scientific from a "hold" rating to a "buy" rating in a research report on Tuesday, April 29th. Needham & Company LLC increased their price objective on shares of Boston Scientific from $113.00 to $115.00 and gave the company a "buy" rating in a research report on Thursday, April 24th. Finally, Wells Fargo & Company increased their price objective on shares of Boston Scientific from $100.00 to $118.00 and gave the company an "overweight" rating in a research report on Thursday, February 6th. Twenty-three investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Boston Scientific has an average rating of "Buy" and an average target price of $114.52.
Check Out Our Latest Analysis on Boston Scientific
About Boston Scientific
(
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.
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