Boston Scientific Corporation $BSX Stake Boosted by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors LP increased its Boston Scientific stake by 6.3% in the first quarter, buying 362,547 more shares and bringing its total holding to 6.1 million shares worth about $382.7 million.
• Several analysts recently revised their views on BSX, with multiple price targets cut, but the stock still carries a Moderate Buy consensus rating and an average target price of $79.84.
• Boston Scientific reported strong quarterly results, including 11.6% year-over-year revenue growth and earnings per share of $0.80, and its board also authorized a $5 billion share repurchase plan.

Dimensional Fund Advisors LP boosted its stake in Boston Scientific Corporation (NYSE:BSX - Free Report) by 6.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,097,777 shares of the medical equipment provider's stock after buying an additional 362,547 shares during the period. Dimensional Fund Advisors LP owned 0.41% of Boston Scientific worth $382,668,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of BSX. Outfitters Financial LLC lifted its position in Boston Scientific by 0.5% in the 4th quarter. Outfitters Financial LLC now owns 24,027 shares of the medical equipment provider's stock valued at $2,291,000 after purchasing an additional 110 shares during the last quarter. Natural Investments LLC grew its position in Boston Scientific by 2.9% in the 4th quarter. Natural Investments LLC now owns 4,036 shares of the medical equipment provider's stock worth $384,000 after purchasing an additional 112 shares during the last quarter. Thrive Wealth Management LLC increased its stake in shares of Boston Scientific by 1.6% in the fourth quarter. Thrive Wealth Management LLC now owns 7,387 shares of the medical equipment provider's stock valued at $704,000 after purchasing an additional 117 shares during the period. Kathmere Capital Management LLC increased its stake in shares of Boston Scientific by 2.3% in the fourth quarter. Kathmere Capital Management LLC now owns 5,228 shares of the medical equipment provider's stock valued at $498,000 after purchasing an additional 118 shares during the period. Finally, Patton Fund Management Inc. raised its holdings in shares of Boston Scientific by 5.5% during the fourth quarter. Patton Fund Management Inc. now owns 2,279 shares of the medical equipment provider's stock valued at $217,000 after buying an additional 118 shares during the last quarter. Institutional investors and hedge funds own 89.07% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on BSX shares. The Goldman Sachs Group set a $71.00 price target on Boston Scientific in a research note on Thursday, May 28th. Royal Bank Of Canada lowered their price objective on shares of Boston Scientific from $100.00 to $85.00 and set an "outperform" rating on the stock in a research note on Monday, July 13th. Wall Street Zen cut Boston Scientific from a "buy" rating to a "hold" rating in a report on Saturday, March 28th. Jefferies Financial Group cut their target price on Boston Scientific from $100.00 to $67.00 and set a "buy" rating for the company in a research report on Wednesday, June 24th. Finally, Needham & Company LLC decreased their price target on Boston Scientific from $77.00 to $57.00 and set a "buy" rating for the company in a research note on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $79.84.

Insider Buying and Selling

In other news, Director Cheryl Pegus acquired 1,770 shares of the stock in a transaction on Wednesday, May 20th. The shares were purchased at an average cost of $56.49 per share, for a total transaction of $99,987.30. Following the transaction, the director owned 1,770 shares in the company, valued at approximately $99,987.30. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Edward J. Ludwig bought 3,580 shares of the business's stock in a transaction on Wednesday, May 20th. The shares were purchased at an average cost of $56.68 per share, for a total transaction of $202,914.40. Following the completion of the purchase, the director owned 25,359 shares in the company, valued at approximately $1,437,348.12. This trade represents a 16.44% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders bought 9,800 shares of company stock valued at $554,012. Company insiders own 0.34% of the company's stock.

Boston Scientific Trading Down 1.4%

NYSE:BSX opened at $43.14 on Wednesday. The stock has a fifty day simple moving average of $47.77 and a 200 day simple moving average of $64.93. The firm has a market capitalization of $64.12 billion, a price-to-earnings ratio of 18.05, a price-to-earnings-growth ratio of 0.84 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 quick ratio of 1.22, a current ratio of 1.90 and a debt-to-equity ratio of 0.42.

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

Boston Scientific declared that its Board of Directors has authorized a share 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 reacquire up to 6.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board of directors believes its shares are undervalued.

Boston Scientific 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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