Bank of Nova Scotia Acquires 1,080,937 Shares of Boston Scientific Corporation (NYSE:BSX)

Key Points

• Bank of Nova Scotia increased its stake in Boston Scientific Corporation by 280.8% during the first quarter, acquiring over 1 million shares to bring its total holdings to approximately $147.9 million.
• Boston Scientific's quarterly earnings showed a significant year-over-year revenue increase of 22.8%, reporting $5.06 billion and exceeding analysts' expectations.
• Wall Street analysts are optimistic about Boston Scientific, with 22 buy ratings and a consensus price target of $117.50 for the stock.

Bank of Nova Scotia grew its holdings in Boston Scientific Corporation (NYSE:BSX - Free Report) by 280.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,465,914 shares of the medical equipment provider's stock after purchasing an additional 1,080,937 shares during the period. Bank of Nova Scotia owned approximately 0.10% of Boston Scientific worth $147,879,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Brighton Jones LLC grew its position in Boston Scientific by 0.8% in the fourth 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 during the last quarter. Bank Pictet & Cie Europe AG increased its position in Boston Scientific by 40.8% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 73,096 shares of the medical equipment provider's stock worth $6,529,000 after purchasing an additional 21,173 shares in the last quarter. Highview Capital Management LLC DE increased its position in Boston Scientific by 6.2% during the 4th quarter. Highview Capital Management LLC DE now owns 24,507 shares of the medical equipment provider's stock worth $2,189,000 after purchasing an additional 1,439 shares in the last quarter. Nicolet Advisory Services LLC bought a new position in Boston Scientific in the 4th quarter valued at approximately $223,000. Finally, World Investment Advisors boosted its position 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.

Wall Street Analysts Forecast Growth

BSX has been the subject of several research analyst reports. UBS Group upped their price target on shares of Boston Scientific from $130.00 to $135.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Truist Financial upped their target price on Boston Scientific from $120.00 to $125.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Boston Scientific in a research note on Thursday, July 24th. Needham & Company LLC reissued a "buy" rating and issued a $115.00 price objective on shares of Boston Scientific in a research note on Wednesday, May 28th. Finally, Leerink Partners began coverage on Boston Scientific in a research note on Monday, June 16th. They issued an "outperform" rating and a $118.00 price target for the company. Two equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $117.50.

Boston Scientific Trading Up 0.5%

NYSE BSX opened at $105.40 on Friday. Boston Scientific Corporation has a 52 week low of $71.88 and a 52 week high of $108.94. The business has a 50 day moving average price of $103.63 and a 200-day moving average price of $101.87. The company has a quick ratio of 0.88, a current ratio of 1.45 and a debt-to-equity ratio of 0.47. The company has a market cap of $155.93 billion, a price-to-earnings ratio of 62.74, a P/E/G ratio of 2.53 and a beta of 0.66.

Boston Scientific (NYSE:BSX - Get Free Report) last announced 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 net margin of 13.55% and a return on equity of 19.39%. The business had revenue of $5.06 billion during the quarter, compared to analyst estimates of $4.89 billion. During the same quarter in the previous year, the business posted $0.62 EPS. Boston Scientific's quarterly revenue was up 22.8% on a year-over-year basis. As a group, equities analysts expect that Boston Scientific Corporation will post 2.85 earnings per share for the current fiscal year.

Insider Activity at Boston Scientific

In other Boston Scientific news, Director Edward J. Ludwig sold 4,000 shares of Boston Scientific stock in a transaction on Friday, July 25th. The shares were sold at an average price of $106.03, for a total transaction of $424,120.00. Following the transaction, the director directly owned 18,479 shares of the company's stock, valued at $1,959,328.37. The trade was a 17.79% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 completion of the sale, the executive vice president directly owned 18,705 shares of the company's stock, valued at $1,955,420.70. The trade was a 19.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 282,288 shares of company stock valued at $29,411,601 over the last quarter. 0.50% of the stock is currently 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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