Main Street Research LLC Buys 365,180 Shares of Boston Scientific Corporation (NYSE:BSX)

Main Street Research LLC grew its stake in shares of Boston Scientific Corporation (NYSE:BSX - Free Report) by 4,808.2% in the first quarter, according to its most recent filing with the SEC. The fund owned 372,775 shares of the medical equipment provider's stock after acquiring an additional 365,180 shares during the period. Boston Scientific comprises about 2.5% of Main Street Research LLC's portfolio, making the stock its 19th largest holding. Main Street Research LLC's holdings in Boston Scientific were worth $37,606,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Investment Management Corp VA ADV purchased a new stake in Boston Scientific in the 4th quarter worth about $25,000. Colonial Trust Co SC lifted its position in Boston Scientific by 1,625.0% in the 4th quarter. Colonial Trust Co SC now owns 276 shares of the medical equipment provider's stock worth $25,000 after buying an additional 260 shares in the last quarter. Sunbeam Capital Management LLC acquired a new stake in shares of Boston Scientific during the 4th quarter valued at $26,000. Ameriflex Group Inc. purchased a new position in shares of Boston Scientific during the 4th quarter valued at $31,000. Finally, Fairway Wealth LLC acquired a new position in shares of Boston Scientific in the fourth quarter worth $36,000. 89.07% of the stock is currently owned by institutional investors and hedge funds.

Boston Scientific Price Performance

NYSE BSX traded up $1.15 during trading hours on Thursday, reaching $104.11. 4,003,238 shares of the company's stock were exchanged, compared to its average volume of 6,675,211. The firm has a fifty day moving average of $103.45 and a 200-day moving average of $100.35. The company has a current ratio of 1.45, a quick ratio of 0.88 and a debt-to-equity ratio of 0.47. Boston Scientific Corporation has a one year low of $71.88 and a one year high of $107.53. The stock has a market cap of $154.03 billion, a PE ratio of 76.01, a price-to-earnings-growth ratio of 2.66 and a beta of 0.68.

Boston Scientific (NYSE:BSX - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The medical equipment provider reported $0.75 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.67 by $0.08. The business had revenue of $4.66 billion during the quarter, compared to analysts' expectations of $4.57 billion. Boston Scientific had a return on equity of 18.67% and a net margin of 11.58%. The firm's revenue for the quarter was up 20.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.56 earnings per share. On average, equities research analysts predict that Boston Scientific Corporation will post 2.85 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, EVP Arthur C. Butcher sold 17,314 shares of the company's stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $102.06, for a total transaction of $1,767,066.84. Following the transaction, the executive vice president owned 22,235 shares of the company's stock, valued at $2,269,304.10. This represents a 43.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP John Bradley Sorenson sold 4,572 shares of Boston Scientific stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $104.54, for a total value of $477,956.88. Following the completion of the sale, the executive vice president owned 18,705 shares of the company's stock, valued at approximately $1,955,420.70. The trade was a 19.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 461,970 shares of company stock worth $47,755,193. 0.50% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on BSX shares. Evercore ISI upped their target price on Boston Scientific from $110.00 to $112.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. Leerink Partners initiated coverage on shares of Boston Scientific in a research note on Monday, June 16th. They set an "outperform" rating and a $118.00 price target on the stock. Needham & Company LLC reaffirmed a "buy" rating and issued a $115.00 price objective on shares of Boston Scientific in a research note on Wednesday, May 28th. Leerink Partnrs raised shares of Boston Scientific to a "strong-buy" rating in a research report on Monday, June 16th. Finally, BTIG Research reissued a "buy" rating and set a $124.00 price objective on shares of Boston Scientific in a report on Wednesday, April 23rd. Twenty-two investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $116.09.

Boston Scientific 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.