Alberta Investment Management Corp Invests $8.47 Million in Boston Scientific Corporation (NYSE:BSX)

Key Points

• Alberta Investment Management Corp acquired 83,919 shares of Boston Scientific Corp, valued at approximately $8.47 million, during the first quarter of the year.
• Boston Scientific reported a strong quarterly EPS of $0.75, exceeding analysts' estimates, and a revenue of $5.06 billion, which was significantly above expectations.
• The stock has received several upgrades from analysts, with a majority rating it as a “Buy”, and an average target price of $117.50.

Alberta Investment Management Corp bought a new stake in shares of Boston Scientific Corporation (NYSE:BSX - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 83,919 shares of the medical equipment provider's stock, valued at approximately $8,466,000.

Other hedge funds have also recently made changes to their positions in the company. Brighton Jones LLC grew its position in shares of Boston Scientific by 0.8% in 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 grew its position in shares of Boston Scientific by 40.8% in 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 position in shares of Boston Scientific by 6.2% in the 4th quarter. Highview Capital Management LLC DE now owns 24,507 shares of the medical equipment provider's stock worth $2,189,000 after buying an additional 1,439 shares during the period. Nicolet Advisory Services LLC purchased a new stake in shares of Boston Scientific in the fourth quarter worth $223,000. Finally, World Investment Advisors grew its stake in shares of Boston Scientific by 13.1% in the fourth quarter. World Investment Advisors now owns 13,215 shares of the medical equipment provider's stock worth $1,180,000 after acquiring an additional 1,531 shares during the last quarter. 89.07% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BSX has been the topic of a number of recent research reports. Needham & Company LLC reissued a "buy" rating and issued a $115.00 target price on shares of Boston Scientific in a research note on Wednesday, May 28th. Royal Bank Of Canada reissued an "outperform" rating on shares of Boston Scientific in a research note on Thursday, July 24th. Wells Fargo & Company upped their price target on Boston Scientific from $118.00 to $124.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Raymond James Financial upped their price target on Boston Scientific from $121.00 to $124.00 and gave the company a "strong-buy" rating in a report on Thursday, July 24th. Finally, BTIG Research reaffirmed a "buy" rating and set a $124.00 price target on shares of Boston Scientific in a report on Wednesday, April 23rd. Two research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $117.50.

Boston Scientific Price Performance

Shares of NYSE:BSX traded up $1.33 during trading on Monday, hitting $106.74. 4,623,589 shares of the company's stock were exchanged, compared to its average volume of 7,770,241. 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 Corporation has a 52-week low of $71.88 and a 52-week high of $108.94. The business's 50-day simple moving average is $103.63 and its 200 day simple moving average is $101.93. The company has a market cap of $157.92 billion, a price-to-earnings ratio of 63.54, a PEG 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, 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 firm had revenue of $5.06 billion during the quarter, compared to analysts' expectations of $4.89 billion. During the same quarter last year, the business posted $0.62 earnings per share. The firm's revenue was up 22.8% on a year-over-year basis. As a group, equities analysts predict that Boston Scientific Corporation will post 2.85 EPS for the current year.

Insider Buying and Selling at Boston Scientific

In other Boston Scientific news, Director Edward J. Ludwig sold 4,000 shares of the firm's stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $106.03, for a total transaction of $424,120.00. Following the completion of the transaction, the director owned 18,479 shares in the company, valued at $1,959,328.37. This trade represents a 17.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Arthur C. Butcher sold 17,313 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $104.63, for a total value of $1,811,459.19. Following the transaction, the executive vice president owned 23,600 shares of the company's stock, valued at $2,469,268. This represents a 42.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 345,029 shares of company stock worth $35,976,603 over the last three months. 0.50% of the stock is owned by company insiders.

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.