Boston Scientific Corporation $BSX Stock: M&G PLC Lowers Stake

Key Points

• M&G PLC reduced its Boston Scientific stake by 8.7% in the third quarter, selling 56,497 shares. It still held 593,287 shares, valued at about $26.1 million.
• Other institutional investors made mixed moves, with several increasing or initiating positions; institutions collectively owned 89.07% of the stock.
• Boston Scientific met quarterly EPS expectations at $0.73 and exceeded revenue forecasts with $5.14 billion, up 1.4% year over year. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $61.43.

M&G PLC decreased its position in shares of Boston Scientific Corporation (NYSE:BSX - Free Report) by 8.7% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 593,287 shares of the medical equipment provider's stock after selling 56,497 shares during the quarter. M&G PLC's holdings in Boston Scientific were worth $26,105,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. AlphaCore Capital LLC grew its holdings in Boston Scientific by 129.8% in the third quarter. AlphaCore Capital LLC now owns 32,157 shares of the medical equipment provider's stock worth $1,404,000 after purchasing an additional 18,162 shares during the period. Running Oak Capital LLC increased its holdings in Boston Scientific by 7.5% during the 3rd quarter. Running Oak Capital LLC now owns 208,331 shares of the medical equipment provider's stock worth $9,094,000 after purchasing an additional 14,449 shares in the last quarter. Fulcrum Asset Management LLP increased its holdings in Boston Scientific by 164.8% during the 3rd quarter. Fulcrum Asset Management LLP now owns 126,489 shares of the medical equipment provider's stock worth $5,550,000 after purchasing an additional 78,726 shares in the last quarter. StoneRidge PMG Advisors LLC bought a new position in shares of Boston Scientific in the third quarter valued at approximately $638,000. Finally, Hohimer Wealth Management LLC bought a new position in shares of Boston Scientific in the third quarter valued at approximately $4,266,000. 89.07% of the stock is owned by institutional investors.

Boston Scientific Stock Performance

Shares of BSX opened at $44.00 on Tuesday. The stock has a 50 day moving average of $44.26 and a 200 day moving average of $55.46. The company has a market capitalization of $63.78 billion, a price-to-earnings ratio of 18.64, a PEG ratio of 1.36 and a beta of 0.60. Boston Scientific Corporation has a 12 month low of $39.57 and a 12 month high of $105.65. The company has a current ratio of 1.36, a quick ratio of 0.74 and a debt-to-equity ratio of 0.42.

Boston Scientific (NYSE:BSX - Get Free Report) last posted its quarterly earnings data on Wednesday, October 28th. The medical equipment provider reported $0.73 earnings per share for the quarter, hitting the consensus estimate of $0.73. The business had revenue of $5.14 billion for the quarter, compared to analysts' expectations of $5.09 billion. Boston Scientific had a return on equity of 18.61% and a net margin of 16.62%. The business's revenue was up 1.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.75 earnings per share. As a group, sell-side analysts forecast that Boston Scientific Corporation will post 3.17 earnings per share for the current year.

Analyst Upgrades and Downgrades

BSX has been the subject of a number of analyst reports. Rothschild & Co Redburn lowered their price target on Boston Scientific from $106.00 to $78.00 and set a "buy" rating for the company in a research report on Thursday, July 30th. Raymond James Financial reaffirmed an "outperform" rating and set a $57.00 price objective (down from $78.00) on shares of Boston Scientific in a report on Thursday, July 30th. Argus lowered shares of Boston Scientific from a "buy" rating to a "hold" rating in a research note on Friday, July 31st. Piper Sandler reduced their target price on shares of Boston Scientific from $65.00 to $60.00 and set an "overweight" rating for the company in a research note on Wednesday, July 29th. Finally, Stifel Nicolaus lowered their target price on shares of Boston Scientific from $60.00 to $55.00 and set a "buy" rating for the company in a report on Monday, October 26th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Boston Scientific has a consensus rating of "Moderate Buy" and a consensus price target of $61.43.

Boston Scientific Profile

Boston Scientific is a medical technology company that develops, manufactures and markets devices used in minimally invasive procedures across a range of medical specialties. Founded in 1979, the company is headquartered in Marlborough, Massachusetts.

Its products support areas including cardiovascular care, endoscopy, urology and neuromodulation. They include catheter-based devices and therapies for conditions affecting the heart and blood vessels, as well as devices used in diagnostic and therapeutic procedures involving the digestive and urinary systems.

Boston Scientific serves healthcare providers and patients around the world.

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