Truist Financial Issues Positive Forecast for Boston Scientific (NYSE:BSX) Stock Price

Boston Scientific (NYSE:BSX - Free Report) had its price objective upped by Truist Financial from $120.00 to $125.00 in a research report released on Thursday morning,Benzinga reports. Truist Financial currently has a buy rating on the medical equipment provider's stock.

Several other brokerages have also recently weighed in on BSX. Raymond James Financial set a $121.00 target price on Boston Scientific and gave the stock a "strong-buy" rating in a report on Monday. Morgan Stanley boosted their target price on Boston Scientific from $120.00 to $125.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Evercore ISI boosted their target price on Boston Scientific from $110.00 to $112.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. Leerink Partners assumed coverage on Boston Scientific in a report on Monday, June 16th. They issued an "outperform" rating and a $118.00 price objective on the stock. Finally, Citigroup reiterated a "buy" rating and issued a $125.00 price objective (up from $119.00) on shares of Boston Scientific in a report on Thursday, May 22nd. Two equities 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 stock. According to MarketBeat, Boston Scientific has an average rating of "Buy" and a consensus target price of $117.50.

Boston Scientific Price Performance

Shares of NYSE:BSX traded down $0.14 during trading on Thursday, reaching $106.07. 5,875,124 shares of the company's stock traded hands, compared to its average volume of 7,847,640. Boston Scientific has a fifty-two week low of $71.88 and a fifty-two week high of $108.94. The company has a quick ratio of 0.88, a current ratio of 1.45 and a debt-to-equity ratio of 0.47. The firm has a market cap of $156.92 billion, a PE ratio of 63.14, a P/E/G ratio of 2.67 and a beta of 0.68. The company has a 50-day simple moving average of $103.58 and a 200-day simple moving average of $101.51.

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

Insider Buying and Selling

In related news, EVP John Bradley Sorenson sold 4,572 shares of the stock in a transaction on Monday, May 5th. The stock was sold at an average price of $104.54, for a total value of $477,956.88. Following the transaction, the executive vice president owned 18,705 shares of the company's stock, valued at $1,955,420.70. This represents a 19.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Joseph Michael Fitzgerald sold 50,000 shares of the stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $106.97, for a total value of $5,348,500.00. Following the completion of the transaction, the executive vice president directly owned 178,342 shares in the company, valued at $19,077,243.74. This trade represents a 21.90% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 457,144 shares of company stock worth $47,296,288 over the last ninety days. Insiders own 0.50% of the company's stock.

Hedge Funds Weigh In On Boston Scientific

Several large investors have recently bought and sold shares of the business. Oregon Public Employees Retirement Fund increased its holdings in Boston Scientific by 0.9% in the second quarter. Oregon Public Employees Retirement Fund now owns 127,839 shares of the medical equipment provider's stock valued at $13,731,000 after buying an additional 1,200 shares during the last quarter. Sequoia Financial Advisors LLC boosted its stake in Boston Scientific by 6.0% in the second quarter. Sequoia Financial Advisors LLC now owns 40,748 shares of the medical equipment provider's stock valued at $4,377,000 after acquiring an additional 2,293 shares in the last quarter. Welch Group LLC boosted its stake in shares of Boston Scientific by 3.5% during the second quarter. Welch Group LLC now owns 4,641 shares of the medical equipment provider's stock worth $498,000 after buying an additional 159 shares during the period. Clarendon Private LLC boosted its stake in shares of Boston Scientific by 11.5% during the second quarter. Clarendon Private LLC now owns 10,046 shares of the medical equipment provider's stock worth $1,079,000 after buying an additional 1,037 shares during the period. Finally, CWM LLC boosted its stake in shares of Boston Scientific by 36.9% during the second quarter. CWM LLC now owns 51,316 shares of the medical equipment provider's stock worth $5,512,000 after buying an additional 13,840 shares during the period. 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.