Boston Scientific Corporation $BSX Shares Bought by Healthcare of Ontario Pension Plan Trust Fund

Key Points

• Healthcare of Ontario Pension Plan Trust Fund increased its Boston Scientific stake by 36.4% in the first quarter, buying 210,489 additional shares and bringing its holdings to 789,092 shares worth about $49.5 million.
• Boston Scientific reported better-than-expected quarterly results, with EPS of $0.80 versus $0.79 expected and revenue of $5.20 billion, up 11.6% year over year.
• The company’s board approved a $5 billion share repurchase plan, and analysts currently rate the stock a consensus Moderate Buy with an average price target of $79.84.

Healthcare of Ontario Pension Plan Trust Fund raised its position in Boston Scientific Corporation (NYSE:BSX - Free Report) by 36.4% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 789,092 shares of the medical equipment provider's stock after acquiring an additional 210,489 shares during the period. Healthcare of Ontario Pension Plan Trust Fund owned approximately 0.05% of Boston Scientific worth $49,516,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new stake in Boston Scientific in the 4th quarter valued at approximately $2,199,395,000. Assenagon Asset Management S.A. raised its stake in shares of Boston Scientific by 133.6% during the 1st quarter. Assenagon Asset Management S.A. now owns 10,057,936 shares of the medical equipment provider's stock worth $631,135,000 after buying an additional 5,751,760 shares in the last quarter. Maverick Capital Ltd. purchased a new position in shares of Boston Scientific during the 4th quarter worth approximately $280,735,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Boston Scientific by 25.9% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 13,891,668 shares of the medical equipment provider's stock valued at $871,702,000 after buying an additional 2,856,040 shares during the period. Finally, Farallon Capital Management LLC lifted its holdings in shares of Boston Scientific by 56.7% in the 4th quarter. Farallon Capital Management LLC now owns 7,439,564 shares of the medical equipment provider's stock valued at $709,362,000 after buying an additional 2,693,007 shares during the period. Hedge funds and other institutional investors own 89.07% of the company's stock.

Boston Scientific Stock Performance

Shares of BSX stock opened at $44.26 on Friday. The stock has a fifty day moving average price of $47.21 and a 200 day moving average price of $64.06. The stock has a market cap of $65.78 billion, a PE ratio of 18.52, a P/E/G ratio of 0.85 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 company has a debt-to-equity ratio of 0.42, a quick ratio of 1.22 and a current ratio of 1.90.

Boston Scientific (NYSE:BSX - Get Free Report) last posted its earnings results on Wednesday, April 22nd. The medical equipment provider reported $0.80 EPS for the quarter, topping analysts' consensus estimates of $0.79 by $0.01. The company had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.19 billion. Boston Scientific had a return on equity of 19.17% and a net margin of 17.29%.Boston Scientific's quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.75 earnings per share. Sell-side analysts forecast that Boston Scientific Corporation will post 3.35 earnings per share for the current fiscal year.

Boston Scientific announced that its board has approved a stock repurchase plan on Monday, May 18th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the medical equipment provider to purchase up to 6.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its shares are undervalued.

Insider Transactions at Boston Scientific

In other news, Director David C. Habiger purchased 2,250 shares of the business's stock in a transaction dated Wednesday, May 20th. The stock was acquired at an average price of $55.92 per share, with a total value of $125,820.00. Following the purchase, the director directly owned 13,878 shares of the company's stock, valued at $776,057.76. This represents a 19.35% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Edward J. Ludwig acquired 3,580 shares of the firm's stock in a transaction that occurred on Wednesday, May 20th. The stock was acquired at an average price of $56.68 per share, for a total transaction of $202,914.40. Following the completion of the transaction, the director directly owned 25,359 shares in the company, valued at approximately $1,437,348.12. This represents a 16.44% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought 9,800 shares of company stock valued at $554,012 in the last 90 days. 0.34% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Wall Street Zen raised Boston Scientific from a "hold" rating to a "buy" rating in a report on Saturday. Truist Financial decreased their target price on shares of Boston Scientific from $64.00 to $62.00 and set a "buy" rating on the stock in a research report on Thursday, July 16th. Leerink Partners lowered their price target on shares of Boston Scientific from $87.00 to $74.00 and set an "outperform" rating on the stock in a research note on Thursday, May 28th. Needham & Company LLC lowered their price target on shares of Boston Scientific from $77.00 to $57.00 and set a "buy" rating on the stock in a research note on Wednesday, July 8th. Finally, Daiwa Securities Group downgraded shares of Boston Scientific from a "strong-buy" rating to a "hold" rating in a report on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, four have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, Boston Scientific currently has an average rating of "Moderate Buy" and a consensus target price of $79.84.

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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