Assetmark Inc. Buys 2,624 Shares of Boston Scientific Corporation (NYSE:BSX)

Key Points

• Assetmark Inc. has increased its stake in Boston Scientific Corporation by 1.5%, owning a total of 179,088 shares after purchasing an additional 2,624 shares, valued at approximately $18 million.
• A total of 89.07% of Boston Scientific's stock is owned by institutional investors and hedge funds, with significant increases in holdings from several major firms.
• Boston Scientific reported a 22.8% increase in revenue compared to the previous year, achieving $5.06 billion and an EPS of $0.75, surpassing analyst expectations.

Assetmark Inc. grew its position in shares of Boston Scientific Corporation (NYSE:BSX - Free Report) by 1.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 179,088 shares of the medical equipment provider's stock after purchasing an additional 2,624 shares during the quarter. Assetmark Inc.'s holdings in Boston Scientific were worth $18,066,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its stake 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 valued at $2,445,000 after acquiring an additional 226 shares in the last quarter. Bank Pictet & Cie Europe AG increased its stake 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 valued at $6,529,000 after acquiring an additional 21,173 shares in the last quarter. Highview Capital Management LLC DE increased its stake 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 valued at $2,189,000 after acquiring an additional 1,439 shares in the last quarter. Modern Wealth Management LLC bought a new stake in shares of Boston Scientific in the 4th quarter valued at $269,000. Finally, Blair William & Co. IL increased its stake in shares of Boston Scientific by 12.3% in the 4th quarter. Blair William & Co. IL now owns 22,437 shares of the medical equipment provider's stock valued at $2,004,000 after acquiring an additional 2,461 shares in the last quarter. Institutional investors own 89.07% of the company's stock.

Insider Buying and Selling at Boston Scientific

In other news, EVP John Bradley Sorenson sold 4,572 shares of the company's stock in a transaction dated Monday, May 5th. The stock was 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. This represents a 19.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Edward J. Ludwig sold 4,000 shares of the company's stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $106.03, for a total value of $424,120.00. Following the sale, the director owned 18,479 shares in the company, valued at approximately $1,959,328.37. This represents a 17.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 461,144 shares of company stock valued at $47,720,408. Insiders own 0.50% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Leerink Partners assumed coverage on shares of Boston Scientific in a research note on Monday, June 16th. They set an "outperform" rating and a $118.00 price target for the company. Jefferies Financial Group restated a "hold" rating on shares of Boston Scientific in a research note on Monday, July 21st. Citigroup restated a "buy" rating and set a $125.00 price target (up previously from $119.00) on shares of Boston Scientific in a research note on Thursday, May 22nd. Morgan Stanley boosted their price target on shares of Boston Scientific from $120.00 to $125.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Finally, Barclays boosted their price target on shares of Boston Scientific from $125.00 to $133.00 and gave the company an "overweight" rating in a research note on Thursday. Two investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat.com, Boston Scientific presently has a consensus rating of "Buy" and a consensus target price of $117.50.

Boston Scientific Stock Performance

Shares of NYSE:BSX traded down $0.30 during midday trading on Monday, reaching $105.84. The company had a trading volume of 6,624,761 shares, compared to its average volume of 7,738,750. The company's 50 day moving average price is $103.58 and its 200 day moving average price is $101.59. The company has a current ratio of 1.45, a quick ratio of 0.88 and a debt-to-equity ratio of 0.47. The stock has a market cap of $156.58 billion, a P/E ratio of 63.00, a P/E/G ratio of 2.55 and a beta of 0.68. Boston Scientific Corporation has a 52-week low of $71.88 and a 52-week high of $108.94.

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

Boston Scientific 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.