Arrowpoint Investment Partners Singapore Pte. Ltd. Purchases Shares of 2,900 Boston Scientific Corporation (NYSE:BSX)

Key Points

• Arrowpoint Investment Partners Singapore acquired a new stake of 2,900 shares in Boston Scientific Corporation, valued at approximately $293,000, during the first quarter.
• Boston Scientific has received multiple analyst upgrades, including an increase in price targets from institutions such as Oppenheimer and Morgan Stanley, indicating a general positive outlook on the stock.
• In recent insider activity, CEO Michael F. Mahoney sold over 164,000 shares of the company's stock, contributing to a significant decrease in his position.

Arrowpoint Investment Partners Singapore Pte. Ltd. acquired a new stake in shares of Boston Scientific Corporation (NYSE:BSX - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,900 shares of the medical equipment provider's stock, valued at approximately $293,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. HM Payson & Co. increased its holdings in shares of Boston Scientific by 1.4% during the first quarter. HM Payson & Co. now owns 6,875 shares of the medical equipment provider's stock valued at $694,000 after acquiring an additional 98 shares in the last quarter. Baldwin Investment Management LLC increased its holdings in shares of Boston Scientific by 1.2% during the fourth quarter. Baldwin Investment Management LLC now owns 8,740 shares of the medical equipment provider's stock valued at $781,000 after acquiring an additional 102 shares in the last quarter. Park Square Financial Group LLC increased its holdings in shares of Boston Scientific by 5.2% during the first quarter. Park Square Financial Group LLC now owns 2,066 shares of the medical equipment provider's stock valued at $208,000 after acquiring an additional 103 shares in the last quarter. HHM Wealth Advisors LLC increased its holdings in shares of Boston Scientific by 13.2% during the first quarter. HHM Wealth Advisors LLC now owns 881 shares of the medical equipment provider's stock valued at $89,000 after acquiring an additional 103 shares in the last quarter. Finally, Evergreen Capital Management LLC increased its holdings in shares of Boston Scientific by 1.7% during the fourth quarter. Evergreen Capital Management LLC now owns 6,331 shares of the medical equipment provider's stock valued at $565,000 after acquiring an additional 106 shares in the last quarter. Institutional investors own 89.07% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on BSX shares. Leerink Partners started coverage on Boston Scientific in a report on Monday, June 16th. They set an "outperform" rating and a $118.00 price objective for the company. Oppenheimer upped their price target on Boston Scientific from $110.00 to $118.00 and gave the stock a "market perform" rating in a report on Thursday, July 24th. Morgan Stanley upped their price target 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 upped their price target on Boston Scientific from $110.00 to $112.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $115.00 price target on shares of Boston Scientific in a report on Wednesday, May 28th. 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 stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $117.50.

Boston Scientific Stock Down 0.2%

Shares of NYSE BSX opened at $102.54 on Wednesday. Boston Scientific Corporation has a one year low of $75.53 and a one year high of $108.94. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.37 and a quick ratio of 0.82. The business's fifty day moving average price is $103.51 and its 200-day moving average price is $102.08. The stock has a market capitalization of $151.94 billion, a PE ratio of 61.04, a P/E/G ratio of 2.47 and a beta of 0.66.

Boston Scientific (NYSE:BSX - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The medical equipment provider reported $0.75 EPS for the quarter, beating analysts' consensus estimates of $0.72 by $0.03. Boston Scientific had a return on equity of 19.21% and a net margin of 13.55%. The firm had revenue of $5.06 billion for the quarter, compared to analysts' expectations of $4.89 billion. During the same quarter in the prior year, the firm earned $0.62 EPS. The business's revenue for the quarter was up 22.8% compared to the same quarter last year. On average, equities research analysts anticipate that Boston Scientific Corporation will post 2.85 EPS for the current year.

Insider Activity

In other news, CEO Michael F. Mahoney sold 164,443 shares of the company's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $103.69, for a total transaction of $17,051,094.67. Following the transaction, the chief executive officer owned 1,476,882 shares of the company's stock, valued at $153,137,894.58. This represents a 10.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Yoshiaki Fujimori sold 2,901 shares of the stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $106.99, for a total value of $310,377.99. Following the sale, the director directly owned 2,081 shares in the company, valued at $222,646.19. This trade represents a 58.23% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 345,029 shares of company stock worth $35,976,603. 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.

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