AGF Management Ltd. Decreases Position in Boston Scientific Corporation (NYSE:BSX)

Key Points

• AGF Management Ltd. has reduced its stake in Boston Scientific Corporation to approximately 4.7 million shares, making it the firm's third largest investment as of the latest filing with the SEC.
• Boston Scientific reported a 22.8% increase in revenue for the last quarter, with earnings per share of $0.75, surpassing analysts' expectations.
• Research analysts are optimistic about Boston Scientific, with multiple firms raising their price targets, resulting in a consensus rating of "Buy" and an average target price of $117.50.

AGF Management Ltd. decreased its stake in shares of Boston Scientific Corporation (NYSE:BSX - Free Report) by 1.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,747,292 shares of the medical equipment provider's stock after selling 49,829 shares during the period. Boston Scientific comprises about 2.6% of AGF Management Ltd.'s investment portfolio, making the stock its 3rd biggest holding. AGF Management Ltd. owned about 0.32% of Boston Scientific worth $478,907,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Capital World Investors increased its position in Boston Scientific by 28.7% in the fourth quarter. Capital World Investors now owns 27,899,903 shares of the medical equipment provider's stock worth $2,492,041,000 after buying an additional 6,216,199 shares during the period. GAMMA Investing LLC grew its position in Boston Scientific by 11,720.3% in the 1st quarter. GAMMA Investing LLC now owns 2,577,887 shares of the medical equipment provider's stock worth $260,057,000 after purchasing an additional 2,556,078 shares during the last quarter. Northern Trust Corp increased its stake in shares of 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 purchasing an additional 2,221,790 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Boston Scientific by 18.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,839,362 shares of the medical equipment provider's stock valued at $968,172,000 after buying an additional 1,709,461 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Boston Scientific by 1.3% during the first quarter. Vanguard Group Inc. now owns 134,588,729 shares of the medical equipment provider's stock worth $13,577,311,000 after buying an additional 1,697,945 shares during the period. 89.07% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BSX has been the topic of several recent analyst reports. Raymond James Financial lifted their target price on Boston Scientific from $121.00 to $124.00 and gave the company a "strong-buy" rating in a research note on Thursday, July 24th. Wells Fargo & Company increased their target price on shares of Boston Scientific from $118.00 to $124.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Jefferies Financial Group restated a "hold" rating on shares of Boston Scientific in a research report on Monday, July 21st. Robert W. Baird upped their price target on shares of Boston Scientific from $117.00 to $123.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Finally, Erste Group Bank raised Boston Scientific to a "strong-buy" rating in a report on Thursday, May 8th. Two analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, Boston Scientific currently has an average rating of "Buy" and an average target price of $117.50.

Insiders Place Their Bets

In other Boston Scientific news, EVP Joseph Michael Fitzgerald sold 50,000 shares of the company's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $104.63, for a total value of $5,231,500.00. Following the completion of the transaction, the executive vice president owned 178,342 shares of the company's stock, valued at $18,659,923.46. This represents a 21.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Yoshiaki Fujimori sold 2,901 shares of Boston Scientific stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $106.99, for a total value of $310,377.99. Following the sale, the director directly owned 2,081 shares in the company, valued at $222,646.19. The trade was a 58.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 345,029 shares of company stock valued at $35,976,603 in the last 90 days. 0.50% of the stock is currently owned by corporate insiders.

Boston Scientific Stock Up 1.6%

Shares of Boston Scientific stock traded up $1.65 during midday trading on Thursday, reaching $104.15. 7,246,071 shares of the company's stock traded hands, compared to its average volume of 7,600,660. The company has a market cap of $154.32 billion, a price-to-earnings ratio of 61.99, a price-to-earnings-growth ratio of 2.47 and a beta of 0.66. Boston Scientific Corporation has a 52 week low of $76.60 and a 52 week high of $108.94. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.82 and a current ratio of 1.37. The company's 50 day simple moving average is $103.51 and its 200 day simple moving average is $102.08.

Boston Scientific (NYSE:BSX - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The medical equipment provider reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.03. Boston Scientific had a return on equity of 19.21% and a net margin of 13.55%. The company had revenue of $5.06 billion for the quarter, compared to the consensus estimate of $4.89 billion. During the same period last year, the business posted $0.62 earnings per share. The firm's revenue was up 22.8% compared to the same quarter last year. Equities analysts expect that Boston Scientific Corporation will post 2.85 earnings per share for the current fiscal year.

Boston Scientific Company Profile

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.