Boston Scientific (NYSE:BSX) Price Target Raised to $124.00

Boston Scientific (NYSE:BSX - Get Free Report) had its target price hoisted by equities researchers at Raymond James Financial from $121.00 to $124.00 in a report issued on Thursday,Benzinga reports. The firm currently has a "strong-buy" rating on the medical equipment provider's stock. Raymond James Financial's target price points to a potential upside of 17.56% from the company's previous close.

Several other analysts also recently weighed in on the stock. Robert W. Baird boosted their price objective on shares of Boston Scientific from $117.00 to $123.00 and gave the stock an "outperform" rating in a research report on Thursday. Erste Group Bank upgraded shares of Boston Scientific to a "strong-buy" rating in a research report on Thursday, May 8th. Oppenheimer boosted their price objective on shares of Boston Scientific from $110.00 to $118.00 and gave the stock a "market perform" rating in a research report on Thursday. Evercore ISI boosted their price objective on shares of Boston Scientific from $110.00 to $112.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. Finally, Leerink Partners started coverage on shares of Boston Scientific in a research report on Monday, June 16th. They set an "outperform" rating and a $118.00 price objective for the company. Two research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat, Boston Scientific currently has a consensus rating of "Buy" and a consensus price target of $117.50.

Boston Scientific Trading Down 2.1%

Shares of BSX stock traded down $2.28 during trading on Thursday, hitting $105.48. 5,034,255 shares of the stock traded hands, compared to its average volume of 7,720,781. The firm has a market capitalization of $156.05 billion, a P/E ratio of 76.96, a price-to-earnings-growth ratio of 3.00 and a beta of 0.68. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.45 and a quick ratio of 0.88. The firm's fifty day moving average price is $103.55 and its 200-day moving average price is $101.31. Boston Scientific has a 52-week low of $71.88 and a 52-week high of $108.94.

Boston Scientific (NYSE:BSX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The medical equipment provider reported $0.75 earnings per share for the quarter, beating analysts' consensus estimates of $0.72 by $0.03. Boston Scientific had a net margin of 11.58% and a return on equity of 18.67%. The business had revenue of $5.06 billion during the quarter, compared to analysts' expectations of $4.89 billion. During the same period last year, the business earned $0.62 earnings per share. The business's revenue for the quarter was up 22.8% on a year-over-year basis. As a group, research analysts forecast that Boston Scientific will post 2.85 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP John Bradley Sorenson sold 4,572 shares of Boston Scientific stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $104.54, for a total transaction of $477,956.88. Following the sale, the executive vice president directly owned 18,705 shares in the company, valued at $1,955,420.70. The trade was a 19.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael F. Mahoney sold 164,443 shares of Boston Scientific stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $103.69, for a total transaction of $17,051,094.67. Following the sale, the chief executive officer owned 1,476,882 shares in the company, valued at approximately $153,137,894.58. This represents a 10.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 457,144 shares of company stock worth $47,296,288. 0.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Boston Scientific

Hedge funds and other institutional investors have recently bought and sold shares of the business. Brighton Jones LLC raised its holdings in Boston Scientific by 0.8% during the 4th quarter. Brighton Jones LLC now owns 27,376 shares of the medical equipment provider's stock worth $2,445,000 after buying an additional 226 shares during the period. Bank Pictet & Cie Europe AG raised its holdings in Boston Scientific by 40.8% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 73,096 shares of the medical equipment provider's stock worth $6,529,000 after buying an additional 21,173 shares during the period. Highview Capital Management LLC DE grew its stake in Boston Scientific by 6.2% during the 4th quarter. Highview Capital Management LLC DE now owns 24,507 shares of the medical equipment provider's stock valued at $2,189,000 after acquiring an additional 1,439 shares in the last quarter. Modern Wealth Management LLC purchased a new position in Boston Scientific during the 4th quarter valued at about $269,000. Finally, FineMark National Bank & Trust purchased a new position in Boston Scientific during the 4th quarter valued at about $206,000. 89.07% of the stock is currently owned by institutional investors.

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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