Bank of New York Mellon Corp Lowers Stock Position in Boston Scientific Corporation (NYSE:BSX)

Bank of New York Mellon Corp trimmed its stake in shares of Boston Scientific Corporation (NYSE:BSX - Free Report) by 5.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,754,392 shares of the medical equipment provider's stock after selling 701,803 shares during the quarter. Bank of New York Mellon Corp owned about 0.79% of Boston Scientific worth $1,185,783,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BSX. Parnassus Investments LLC boosted its holdings in Boston Scientific by 0.7% in the fourth quarter. Parnassus Investments LLC now owns 14,861 shares of the medical equipment provider's stock valued at $1,327,000 after acquiring an additional 97 shares during the last quarter. Baldwin Investment Management LLC boosted its holdings in Boston Scientific by 1.2% in 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 during the last quarter. Evergreen Capital Management LLC boosted its holdings in Boston Scientific by 1.7% in 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 during the last quarter. PDS Planning Inc boosted its holdings in Boston Scientific by 1.5% in the fourth quarter. PDS Planning Inc now owns 7,474 shares of the medical equipment provider's stock valued at $668,000 after acquiring an additional 113 shares during the last quarter. Finally, Paladin Wealth LLC boosted its holdings in Boston Scientific by 1.6% in the first quarter. Paladin Wealth LLC now owns 7,156 shares of the medical equipment provider's stock valued at $722,000 after acquiring an additional 113 shares during the last quarter. 89.07% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts recently commented on BSX shares. Erste Group Bank upgraded Boston Scientific to a "strong-buy" rating in a report on Thursday, May 8th. BTIG Research restated a "buy" rating and set a $124.00 price target on shares of Boston Scientific in a report on Wednesday, April 23rd. Truist Financial increased their price target on Boston Scientific from $113.00 to $117.00 and gave the stock a "buy" rating in a report on Thursday, April 24th. Royal Bank Of Canada increased their price target on Boston Scientific from $116.00 to $120.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. Finally, Wall Street Zen upgraded Boston Scientific from a "hold" rating to a "buy" rating in a report on Tuesday, April 29th. Twenty-two investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Boston Scientific presently has a consensus rating of "Buy" and an average price target of $116.09.

Boston Scientific Trading Up 0.6%

Boston Scientific stock traded up $0.67 during trading hours on Friday, reaching $104.30. The company had a trading volume of 2,931,148 shares, compared to its average volume of 6,666,246. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.45 and a quick ratio of 0.88. The company has a 50-day moving average price of $103.42 and a 200 day moving average price of $100.22. The firm has a market cap of $154.30 billion, a price-to-earnings ratio of 76.13, a P/E/G ratio of 2.71 and a beta of 0.68. Boston Scientific Corporation has a 12-month low of $71.88 and a 12-month high of $107.53.

Boston Scientific (NYSE:BSX - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The medical equipment provider reported $0.75 EPS for the quarter, topping analysts' consensus estimates of $0.67 by $0.08. The business had revenue of $4.66 billion for the quarter, compared to analysts' expectations of $4.57 billion. Boston Scientific had a return on equity of 18.67% and a net margin of 11.58%. The business's quarterly revenue was up 20.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.56 EPS. Equities analysts forecast that Boston Scientific Corporation will post 2.85 earnings per share for the current year.

Insider Activity at Boston Scientific

In other Boston Scientific news, CEO Michael F. Mahoney sold 164,443 shares of the business's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $103.69, for a total value of $17,051,094.67. Following the sale, the chief executive officer directly owned 1,476,882 shares of the company's stock, valued at approximately $153,137,894.58. The trade was a 10.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Joseph Michael Fitzgerald sold 50,000 shares of the business's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $106.97, for a total value of $5,348,500.00. Following the completion of the sale, the executive vice president directly owned 178,342 shares in the company, valued at $19,077,243.74. This trade represents a 21.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 461,970 shares of company stock valued at $47,755,193 over the last ninety days. Insiders own 0.50% of the company's stock.

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.