Boston Scientific Corporation $BSX Shares Sold by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP has reduced its stake in Boston Scientific Corporation by 8.2%, now owning 33.2 million shares valued at approximately $3.35 billion.
• Boston Scientific's recent quarterly earnings showed a 22.8% increase in revenue year-over-year, reporting $5.06 billion and exceeding analysts' expectations.
• Several institutional investors are actively increasing their holdings in Boston Scientific, with Vanguard Group boosting its stake by 1.3% in the first quarter.

Wellington Management Group LLP lowered its position in Boston Scientific Corporation (NYSE:BSX - Free Report) by 8.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 33,197,842 shares of the medical equipment provider's stock after selling 2,967,557 shares during the quarter. Wellington Management Group LLP owned 2.24% of Boston Scientific worth $3,348,998,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Boston Scientific by 1.3% in the first quarter. Vanguard Group Inc. now owns 134,588,729 shares of the medical equipment provider's stock valued at $13,577,311,000 after acquiring an additional 1,697,945 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its holdings in Boston Scientific by 2.5% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 22,312,967 shares of the medical equipment provider's stock valued at $1,992,994,000 after acquiring an additional 554,388 shares during the last quarter. Invesco Ltd. boosted its holdings in Boston Scientific by 5.3% in the first quarter. Invesco Ltd. now owns 16,624,940 shares of the medical equipment provider's stock valued at $1,677,124,000 after acquiring an additional 834,274 shares during the last quarter. Northern Trust Corp boosted its holdings in Boston Scientific by 18.0% in the fourth quarter. Northern Trust Corp now owns 14,595,627 shares of the medical equipment provider's stock valued at $1,303,681,000 after acquiring an additional 2,221,790 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in Boston Scientific by 10.8% in the first quarter. Goldman Sachs Group Inc. now owns 14,143,332 shares of the medical equipment provider's stock valued at $1,426,779,000 after acquiring an additional 1,383,524 shares during the last quarter. Institutional investors and hedge funds own 89.07% of the company's stock.

Boston Scientific Trading Down 1.0%

NYSE:BSX opened at $103.15 on Monday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.82 and a current ratio of 1.37. Boston Scientific Corporation has a one year low of $77.29 and a one year high of $108.94. The business's 50-day simple moving average is $103.56 and its 200 day simple moving average is $102.09. The stock has a market cap of $152.84 billion, a price-to-earnings ratio of 61.40, a price-to-earnings-growth ratio of 2.48 and a beta of 0.66.

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 for the quarter, beating the consensus estimate of $0.72 by $0.03. The firm had revenue of $5.06 billion during the quarter, compared to analyst estimates of $4.89 billion. Boston Scientific had a return on equity of 19.21% and a net margin of 13.55%. Boston Scientific's quarterly revenue was up 22.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.62 earnings per share. As a group, sell-side analysts predict that Boston Scientific Corporation will post 2.85 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Truist Financial lifted their target price on Boston Scientific from $120.00 to $125.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Leerink Partners initiated coverage on Boston Scientific in a research note on Monday, June 16th. They set an "outperform" rating and a $118.00 price objective on the stock. Raymond James Financial boosted their price objective on Boston Scientific from $121.00 to $124.00 and gave the stock a "strong-buy" rating in a research note on Thursday, July 24th. Morgan Stanley boosted their price objective on Boston Scientific from $120.00 to $125.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. Finally, Jefferies Financial Group restated a "hold" rating on shares of Boston Scientific in a research note on Monday, July 21st. Two research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $117.50.

Insider Transactions at Boston Scientific

In related news, CEO Michael F. Mahoney sold 164,443 shares of the business's stock in a transaction dated 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 completion of the sale, the chief executive officer directly owned 1,476,882 shares of the company's stock, valued at $153,137,894.58. The trade was a 10.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Joseph Michael Fitzgerald sold 50,000 shares of the business's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $104.63, for a total value of $5,231,500.00. Following the completion of the sale, the executive vice president directly owned 178,342 shares of the company's stock, valued at approximately $18,659,923.46. This represents a 21.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 345,029 shares of company stock valued at $35,976,603 over the last 90 days. Corporate 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.

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