Boston Scientific (NYSE:BSX) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Boston Scientific (NYSE:BSX - Get Free Report) had its target price increased by equities researchers at Wells Fargo & Company from $118.00 to $124.00 in a report released on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the medical equipment provider's stock. Wells Fargo & Company's price objective would suggest a potential upside of 16.90% from the stock's previous close.

BSX has been the subject of several other reports. Wall Street Zen upgraded Boston Scientific from a "hold" rating to a "buy" rating in a report on Tuesday, April 29th. Raymond James Financial set a $121.00 price objective on Boston Scientific and gave the company a "strong-buy" rating in a research note on Monday. Robert W. Baird lifted their target price on Boston Scientific from $117.00 to $123.00 and gave the company an "outperform" rating in a research report on Thursday. Morgan Stanley boosted their price objective on shares of Boston Scientific from $120.00 to $125.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. Finally, Erste Group Bank raised shares of Boston Scientific to a "strong-buy" rating in a research report on Thursday, May 8th. One investment analyst has rated the stock with a hold rating, twenty-two have given a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $117.13.

Boston Scientific Stock Down 1.6%

Shares of BSX traded down $1.69 during trading hours on Thursday, hitting $106.07. The stock had a trading volume of 2,987,427 shares, compared to its average volume of 7,704,398. The firm has a market capitalization of $156.93 billion, a P/E ratio of 77.27, 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. Boston Scientific has a 1-year low of $71.88 and a 1-year high of $108.94. The firm has a 50 day simple moving average of $103.55 and a 200-day simple moving average of $101.31.

Boston Scientific (NYSE:BSX - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The medical equipment provider reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $4.89 billion. During the same period in the prior year, the business posted $0.62 earnings per share. The company's revenue was up 22.8% on a year-over-year basis. Sell-side analysts predict that Boston Scientific will post 2.85 EPS for the current fiscal year.

Insider Activity

In other Boston Scientific news, EVP Joseph Michael Fitzgerald sold 56,372 shares of the company's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $102.88, for a total transaction of $5,799,551.36. Following the sale, the executive vice president owned 178,342 shares of the company's stock, valued at approximately $18,347,824.96. This represents a 24.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael F. Mahoney sold 164,443 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $103.69, for a total value of $17,051,094.67. Following the transaction, the chief executive officer directly owned 1,476,882 shares in the company, valued at $153,137,894.58. The trade was a 10.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 457,144 shares of company stock valued at $47,296,288 over the last three months. Corporate insiders own 0.50% of the company's stock.

Institutional Trading of Boston Scientific

A number of hedge funds have recently made changes to their positions in BSX. Colonial Trust Co SC grew its position in Boston Scientific by 1,625.0% during the 4th quarter. Colonial Trust Co SC now owns 276 shares of the medical equipment provider's stock valued at $25,000 after purchasing an additional 260 shares during the last quarter. Investment Management Corp VA ADV acquired a new stake in shares of Boston Scientific in the fourth quarter valued at about $25,000. Sunbeam Capital Management LLC purchased a new stake in Boston Scientific in the 4th quarter valued at $26,000. 1248 Management LLC purchased a new position in shares of Boston Scientific during the 1st quarter worth approximately $26,000. Finally, Y.D. More Investments Ltd acquired a new stake in shares of Boston Scientific in the first quarter valued at $27,000. 89.07% of the stock is 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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