Boston Scientific Corporation (NYSE:BSX) Shares Bought by OVERSEA CHINESE BANKING Corp Ltd

Key Points

• OVERSEA CHINESE BANKING Corp Ltd significantly increased its stake in Boston Scientific Corporation by 152.4%, acquiring a total of 6,073 shares valued at approximately $613,000.
• Insider transactions revealed that Boston Scientific's director sold a total of 6,901 shares recently, indicating potential shifts in confidence among company executives.
• Boston Scientific reported a quarterly revenue of $5.06 billion, surpassing analyst estimates and showing a 22.8% year-over-year increase.

OVERSEA CHINESE BANKING Corp Ltd lifted its stake in Boston Scientific Corporation (NYSE:BSX - Free Report) by 152.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,073 shares of the medical equipment provider's stock after acquiring an additional 3,667 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Boston Scientific were worth $613,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in BSX. Brighton Jones LLC lifted its stake in Boston Scientific by 0.8% during the fourth quarter. Brighton Jones LLC now owns 27,376 shares of the medical equipment provider's stock valued at $2,445,000 after purchasing an additional 226 shares during the last quarter. Bank Pictet & Cie Europe AG lifted its stake in Boston Scientific by 40.8% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 73,096 shares of the medical equipment provider's stock valued at $6,529,000 after purchasing an additional 21,173 shares during the last quarter. Highview Capital Management LLC DE lifted its stake in Boston Scientific by 6.2% during the fourth quarter. Highview Capital Management LLC DE now owns 24,507 shares of the medical equipment provider's stock valued at $2,189,000 after purchasing an additional 1,439 shares during the last quarter. World Investment Advisors lifted its stake in Boston Scientific by 13.1% during the fourth quarter. World Investment Advisors now owns 13,215 shares of the medical equipment provider's stock valued at $1,180,000 after purchasing an additional 1,531 shares during the last quarter. Finally, Arete Wealth Advisors LLC acquired a new stake in Boston Scientific during the fourth quarter valued at approximately $308,000. 89.07% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Boston Scientific

In other news, Director Yoshiaki Fujimori sold 2,901 shares of the stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $106.99, for a total transaction of $310,377.99. Following the transaction, the director owned 2,081 shares in the company, valued at $222,646.19. This represents a 58.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Edward J. Ludwig sold 4,000 shares of the stock in a transaction on Friday, July 25th. The stock was sold at an average price of $106.03, for a total transaction of $424,120.00. Following the transaction, the director owned 18,479 shares in the company, valued at approximately $1,959,328.37. This trade represents a 17.79% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 277,716 shares of company stock worth $28,933,644. Company insiders own 0.50% of the company's stock.

Boston Scientific Stock Up 0.5%

Boston Scientific stock opened at $105.40 on Monday. The firm's 50 day moving average price is $103.63 and its two-hundred day moving average price is $101.93. Boston Scientific Corporation has a twelve month low of $71.88 and a twelve month high of $108.94. The firm has a market cap of $155.93 billion, a PE ratio of 62.74, a P/E/G ratio of 2.54 and a beta of 0.66. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.88 and a current ratio of 1.45.

Boston Scientific (NYSE:BSX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The medical equipment provider reported $0.75 EPS for the quarter, topping the consensus estimate of $0.72 by $0.03. Boston Scientific had a net margin of 13.55% and a return on equity of 19.39%. The company had revenue of $5.06 billion for the quarter, compared to analyst estimates of $4.89 billion. During the same quarter in the prior year, the business posted $0.62 EPS. Boston Scientific's quarterly revenue was up 22.8% on a year-over-year basis. On average, research analysts predict that Boston Scientific Corporation will post 2.85 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently commented on BSX shares. Leerink Partners started coverage on shares of Boston Scientific in a research note on Monday, June 16th. They set an "outperform" rating and a $118.00 target price for the company. Truist Financial increased their target price on shares of Boston Scientific from $120.00 to $125.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Wall Street Zen raised shares of Boston Scientific from a "hold" rating to a "buy" rating in a research note on Tuesday, April 29th. Needham & Company LLC reissued a "buy" rating and set a $115.00 target price on shares of Boston Scientific in a research note on Wednesday, May 28th. Finally, Leerink Partnrs upgraded shares of Boston Scientific to a "strong-buy" rating in a research report on Monday, June 16th. Two analysts have rated the stock with a hold rating, twenty-two have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Boston Scientific currently has an average rating of "Buy" and a consensus target price of $117.50.

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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