Bank of New York Mellon Corp Cuts Holdings in Boston Scientific Corporation $BSX

Key Points

• Bank of New York Mellon cut its Boston Scientific stake by 15% in the first quarter, selling 1.68 million shares and ending with 9.54 million shares worth about $598.9 million.
• Boston Scientific insiders were buying shares, with directors Edward J. Ludwig and David C. Habiger making purchases in May; insiders bought 9,800 shares total over the last 90 days.
• The company reported strong quarterly results, beating EPS estimates and posting 11.6% year-over-year revenue growth, while also authorizing a $5 billion share buyback and maintaining a “Moderate Buy” analyst consensus.

Bank of New York Mellon Corp decreased its stake in Boston Scientific Corporation (NYSE:BSX - Free Report) by 15.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,543,875 shares of the medical equipment provider's stock after selling 1,680,922 shares during the period. Bank of New York Mellon Corp owned about 0.64% of Boston Scientific worth $598,878,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. FWL Investment Management LLC purchased a new position in Boston Scientific in the second quarter worth $26,000. Swiss RE Ltd. bought a new stake in Boston Scientific during the fourth quarter worth about $26,000. Garton & Associates Financial Advisors LLC purchased a new position in shares of Boston Scientific in the 4th quarter worth about $26,000. Bangor Savings Bank increased its position in shares of Boston Scientific by 94.7% during the 4th quarter. Bangor Savings Bank now owns 292 shares of the medical equipment provider's stock valued at $28,000 after purchasing an additional 142 shares during the last quarter. Finally, Board of the Pension Protection Fund purchased a new position in shares of Boston Scientific during the 4th quarter valued at about $29,000. Hedge funds and other institutional investors own 89.07% of the company's stock.

Insiders Place Their Bets

In other news, Director Edward J. Ludwig acquired 3,580 shares of the business's stock in a transaction on Wednesday, May 20th. The shares were acquired at an average cost of $56.68 per share, with a total value of $202,914.40. Following the transaction, the director owned 25,359 shares in the company, valued at $1,437,348.12. The trade was a 16.44% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director David C. Habiger bought 2,250 shares of the firm's stock in a transaction dated Wednesday, May 20th. The stock was purchased at an average cost of $55.92 per share, with a total value of $125,820.00. Following the transaction, the director directly owned 13,878 shares in the company, valued at approximately $776,057.76. This represents a 19.35% increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders purchased 9,800 shares of company stock worth $554,012. 0.34% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have commented on BSX shares. Robert W. Baird set a $70.00 price target on shares of Boston Scientific in a research report on Thursday, May 28th. Oppenheimer set a $90.00 target price on shares of Boston Scientific in a report on Thursday, April 23rd. Zacks Research cut shares of Boston Scientific from a "hold" rating to a "strong sell" rating in a research report on Friday, June 5th. Royal Bank Of Canada cut their price target on shares of Boston Scientific from $100.00 to $85.00 and set an "outperform" rating for the company in a research report on Monday. Finally, Raymond James Financial reissued an "outperform" rating and issued a $88.00 target price (down from $97.00) on shares of Boston Scientific in a research note on Monday, March 30th. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $79.84.

Boston Scientific Stock Performance

Boston Scientific stock opened at $44.58 on Friday. The company has a current ratio of 1.90, a quick ratio of 1.22 and a debt-to-equity ratio of 0.42. The firm has a market cap of $66.26 billion, a P/E ratio of 18.65, a P/E/G ratio of 0.82 and a beta of 0.58. Boston Scientific Corporation has a 1-year low of $42.20 and a 1-year high of $109.50. The firm has a 50-day moving average of $48.38 and a 200-day moving average of $66.02.

Boston Scientific (NYSE:BSX - Get Free Report) last released its quarterly earnings data on Wednesday, April 22nd. The medical equipment provider reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.01. Boston Scientific had a return on equity of 19.17% and a net margin of 17.29%.The business had revenue of $5.20 billion during the quarter, compared to analysts' expectations of $5.19 billion. During the same quarter last year, the business posted $0.75 EPS. The business's revenue was up 11.6% on a year-over-year basis. Boston Scientific has set its Q2 2026 guidance at 0.820-0.840 EPS and its FY 2026 guidance at 3.340-3.410 EPS. Sell-side analysts expect that Boston Scientific Corporation will post 3.36 EPS for the current year.

Boston Scientific announced that its Board of Directors has approved a share buyback plan on Monday, May 18th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the medical equipment provider to reacquire up to 6.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its stock is undervalued.

Boston Scientific Company Profile

Boston Scientific Corporation NYSE: BSX is a global medical device company that develops, manufactures and markets a broad portfolio of products used in less-invasive medical procedures. Founded in 1979 by John Abele and Peter Nicholas, the company is headquartered in Marlborough, Massachusetts, and focuses on technologies that enable physicians to treat a wide range of cardiovascular, digestive, urologic, pulmonary and chronic pain conditions without open surgery.

Boston Scientific's activities span product development, clinical research, regulatory affairs and commercial sales.

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