27,498 Shares in Boston Scientific Corporation (NYSE:BSX) Acquired by Baker Avenue Asset Management LP

Key Points

• Baker Avenue Asset Management LP has acquired a new stake in Boston Scientific Corporation, purchasing 27,498 shares valued at approximately $2.77 million.
• A number of large investors, including Capital World Investors and GAMMA Investing LLC, have dramatically increased their positions in Boston Scientific, showing strong institutional interest.
• Boston Scientific recently reported a 22.8% increase in quarterly revenue year-over-year, achieving $5.06 billion in revenue and EPS of $0.75, surpassing analyst expectations.

Baker Avenue Asset Management LP acquired a new stake in Boston Scientific Corporation (NYSE:BSX - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 27,498 shares of the medical equipment provider's stock, valued at approximately $2,774,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its holdings in Boston Scientific by 0.8% during the fourth quarter. Brighton Jones LLC now owns 27,376 shares of the medical equipment provider's stock valued at $2,445,000 after purchasing an additional 226 shares during the period. Bank Pictet & Cie Europe AG grew its holdings in Boston Scientific by 40.8% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 73,096 shares of the medical equipment provider's stock valued at $6,529,000 after purchasing an additional 21,173 shares during the period. Highview Capital Management LLC DE grew its holdings in Boston Scientific by 6.2% during the fourth quarter. Highview Capital Management LLC DE now owns 24,507 shares of the medical equipment provider's stock valued at $2,189,000 after purchasing an additional 1,439 shares during the period. Nicolet Advisory Services LLC bought a new position in Boston Scientific in the fourth quarter valued at approximately $223,000. Finally, World Investment Advisors lifted its stake in Boston Scientific by 13.1% in the fourth quarter. World Investment Advisors now owns 13,215 shares of the medical equipment provider's stock valued at $1,180,000 after buying an additional 1,531 shares in the last quarter. Institutional investors and hedge funds own 89.07% of the company's stock.

Boston Scientific Stock Performance

NYSE:BSX traded up $1.33 during mid-day trading on Monday, reaching $106.74. 4,623,589 shares of the company's stock were exchanged, compared to its average volume of 7,770,241. Boston Scientific Corporation has a one year low of $71.88 and a one year high of $108.94. The firm has a market capitalization of $157.92 billion, a PE ratio of 63.54, a price-to-earnings-growth ratio of 2.54 and a beta of 0.66. The business's fifty day simple moving average is $103.63 and its two-hundred day simple moving average is $101.93. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.88 and a current ratio of 1.45.

Boston Scientific (NYSE:BSX - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The medical equipment provider reported $0.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.72 by $0.03. The firm 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 business's revenue for the quarter was up 22.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.62 earnings per share. Analysts anticipate that Boston Scientific Corporation will post 2.85 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Boston Scientific news, EVP Arthur C. Butcher sold 17,313 shares of the stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $104.63, for a total value of $1,811,459.19. Following the completion of the transaction, the executive vice president directly owned 23,600 shares in the company, valued at approximately $2,469,268. This trade represents a 42.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Yoshiaki Fujimori sold 2,901 shares of the stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $106.99, for a total value of $310,377.99. Following the completion of the transaction, the director owned 2,081 shares of the company's stock, valued at $222,646.19. This represents a 58.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 345,029 shares of company stock worth $35,976,603 in the last quarter. Corporate insiders own 0.50% of the company's stock.

Wall Street Analyst Weigh In

BSX has been the subject of a number of research reports. Wells Fargo & Company increased their target price on Boston Scientific from $118.00 to $124.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Citigroup reiterated a "buy" rating and set a $125.00 target price (up previously from $119.00) on shares of Boston Scientific in a report on Thursday, May 22nd. Leerink Partnrs upgraded Boston Scientific to a "strong-buy" rating in a report on Monday, June 16th. Erste Group Bank raised shares of Boston Scientific to a "strong-buy" rating in a research report on Thursday, May 8th. Finally, Raymond James Financial boosted their price objective on shares of Boston Scientific from $121.00 to $124.00 and gave the stock a "strong-buy" rating in a research report on Thursday, July 24th. 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 stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $117.50.

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.