Boston Scientific Corporation (NYSE:BSX) EVP Joseph Michael Fitzgerald Sells 50,000 Shares

Key Points

• Joseph Michael Fitzgerald, EVP of Boston Scientific, sold 50,000 shares of the company's stock on August 1st for approximately $5.23 million, marking a 21.90% reduction in his ownership.
• Boston Scientific reported a 22.8% increase in revenue year-over-year, reaching $5.06 billion for the latest quarter, with earnings per share exceeding analyst expectations at $0.75.
• Analysts maintain a consensus rating of "Buy" for Boston Scientific, with target prices ranging from $110.00 to $124.00 following multiple upward adjustments in recent forecasts.

Boston Scientific Corporation (NYSE:BSX - Get Free Report) EVP Joseph Michael Fitzgerald sold 50,000 shares of the firm's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $104.63, for a total transaction of $5,231,500.00. Following the completion of the transaction, the executive vice president directly owned 178,342 shares of the company's stock, valued at approximately $18,659,923.46. This trade represents a 21.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Joseph Michael Fitzgerald also recently made the following trade(s):

• On Tuesday, July 1st, Joseph Michael Fitzgerald sold 50,000 shares of Boston Scientific stock. The shares were sold at an average price of $106.97, for a total transaction of $5,348,500.00.
• On Wednesday, June 4th, Joseph Michael Fitzgerald sold 56,372 shares of Boston Scientific stock. The shares were sold at an average price of $102.88, for a total transaction of $5,799,551.36.

Boston Scientific Stock Performance

NYSE BSX traded up $1.33 on Monday, reaching $106.74. The stock had a trading volume of 4,623,589 shares, compared to its average volume of 7,687,397. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.88 and a current ratio of 1.45. Boston Scientific Corporation has a 12-month low of $71.88 and a 12-month high of $108.94. The business's 50-day moving average price is $103.63 and its 200 day moving average price is $101.93. The stock has a market cap of $157.92 billion, a P/E ratio of 63.54, a price-to-earnings-growth ratio of 2.54 and a beta of 0.66.

Boston Scientific (NYSE:BSX - Get Free Report) last released its earnings results on Wednesday, July 23rd. The medical equipment provider reported $0.75 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.72 by $0.03. The business had revenue of $5.06 billion for the quarter, compared to analyst estimates of $4.89 billion. Boston Scientific had a return on equity of 19.39% and a net margin of 13.55%. The company's revenue for the quarter was up 22.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.62 earnings per share. As a group, equities analysts expect that Boston Scientific Corporation will post 2.85 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on BSX shares. Evercore ISI upped their price objective on shares of Boston Scientific from $110.00 to $112.00 and gave the stock an "outperform" rating in a research note on Thursday, April 24th. BTIG Research restated a "buy" rating and set a $124.00 price objective on shares of Boston Scientific in a report on Wednesday, April 23rd. Needham & Company LLC restated a "buy" rating and set a $115.00 price objective on shares of Boston Scientific in a report on Wednesday, May 28th. Robert W. Baird upped their price objective on shares of Boston Scientific from $117.00 to $123.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Finally, Oppenheimer increased their price target on shares of Boston Scientific from $110.00 to $118.00 and gave the stock a "market perform" rating in a report on Thursday, July 24th. Two equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $117.50.

Institutional Trading of Boston Scientific

Several large investors have recently bought and sold shares of the company. Pinnacle Associates Ltd. lifted its position in Boston Scientific by 5.3% during the second quarter. Pinnacle Associates Ltd. now owns 8,088 shares of the medical equipment provider's stock worth $869,000 after buying an additional 404 shares during the period. Mesirow Financial Investment Management Inc. lifted its position in Boston Scientific by 5.6% during the second quarter. Mesirow Financial Investment Management Inc. now owns 3,242 shares of the medical equipment provider's stock worth $348,000 after buying an additional 172 shares during the period. Simon Quick Advisors LLC lifted its position in Boston Scientific by 38.8% during the second quarter. Simon Quick Advisors LLC now owns 14,032 shares of the medical equipment provider's stock worth $1,507,000 after buying an additional 3,921 shares during the period. Adell Harriman & Carpenter Inc. increased its stake in Boston Scientific by 76.7% during the second quarter. Adell Harriman & Carpenter Inc. now owns 45,479 shares of the medical equipment provider's stock worth $4,885,000 after acquiring an additional 19,735 shares during the last quarter. Finally, Amalgamated Bank increased its stake in Boston Scientific by 2.9% during the second quarter. Amalgamated Bank now owns 300,999 shares of the medical equipment provider's stock worth $32,330,000 after acquiring an additional 8,559 shares during the last quarter. Institutional investors and hedge funds own 89.07% of the company's stock.

Boston Scientific Company Profile

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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