Boston Scientific Corporation (NYSE:BSX) Shares Sold by Costello Asset Management INC

Key Points

• Costello Asset Management INC has reduced its stake in Boston Scientific Corporation by 8.3%, now holding approximately $6.19 million worth of shares.
• The stock has received predominantly positive ratings from analysts, with a consensus rating of "Buy" and a price target of $117.50.
• Boston Scientific reported earnings of $0.75 per share for the last quarter, exceeding estimates and reflecting a 22.8% year-over-year revenue increase.

Costello Asset Management INC lowered its holdings in shares of Boston Scientific Corporation (NYSE:BSX - Free Report) by 8.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 61,351 shares of the medical equipment provider's stock after selling 5,552 shares during the period. Boston Scientific makes up about 2.5% of Costello Asset Management INC's holdings, making the stock its 10th biggest position. Costello Asset Management INC's holdings in Boston Scientific were worth $6,189,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Colonial Trust Co SC grew its stake in Boston Scientific by 1,625.0% in the fourth quarter. Colonial Trust Co SC now owns 276 shares of the medical equipment provider's stock valued at $25,000 after acquiring an additional 260 shares during the period. Investment Management Corp VA ADV purchased a new position in shares of Boston Scientific during the fourth quarter valued at approximately $25,000. Sunbeam Capital Management LLC purchased a new position in Boston Scientific during the 4th quarter worth $26,000. Ameriflex Group Inc. bought a new stake in shares of Boston Scientific in the 4th quarter worth $31,000. Finally, Fourth Dimension Wealth LLC bought a new stake in shares of Boston Scientific in the 4th quarter worth $36,000. Institutional investors and hedge funds own 89.07% of the company's stock.

Analyst Ratings Changes

Several analysts have recently issued reports on BSX shares. UBS Group upped their target price on shares of Boston Scientific from $130.00 to $135.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Needham & Company LLC reiterated a "buy" rating and set a $115.00 price target on shares of Boston Scientific in a report on Wednesday, May 28th. Leerink Partners began coverage on Boston Scientific in a report on Monday, June 16th. They set an "outperform" rating and a $118.00 price target on the stock. Evercore ISI lifted their price target on Boston Scientific from $110.00 to $112.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. Finally, BTIG Research reiterated a "buy" rating and set a $124.00 price target on shares of Boston Scientific in a report on Wednesday, April 23rd. 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.com, the stock has a consensus rating of "Buy" and a consensus price target of $117.50.

Boston Scientific Price Performance

BSX opened at $106.74 on Tuesday. The stock has a 50-day moving average price of $103.67 and a 200-day moving average price of $101.98. Boston Scientific Corporation has a 12-month low of $71.88 and a 12-month high of $108.94. The company has a current ratio of 1.45, a quick ratio of 0.88 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $157.92 billion, a P/E ratio of 63.54, a PEG ratio of 2.54 and a beta of 0.66.

Boston Scientific (NYSE:BSX - Get Free Report) last released its earnings results on Wednesday, July 23rd. The medical equipment provider reported $0.75 earnings per share for the quarter, beating analysts' consensus estimates of $0.72 by $0.03. Boston Scientific had a return on equity of 19.39% and a net margin of 13.55%. The company had revenue of $5.06 billion during the quarter, compared to analyst estimates of $4.89 billion. During the same quarter in the previous year, the company posted $0.62 EPS. Boston Scientific's revenue for the quarter was up 22.8% on a year-over-year basis. Equities 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 Joseph Michael Fitzgerald sold 50,000 shares of the business's stock in a transaction dated 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 sale, the executive vice president owned 178,342 shares of the company's stock, valued at approximately $18,659,923.46. The trade was a 21.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Arthur C. Butcher sold 17,313 shares of the company's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $104.63, for a total value of $1,811,459.19. Following the transaction, the executive vice president directly owned 23,600 shares of the company's stock, valued at $2,469,268. The trade was a 42.32% 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 worth $35,976,603 in the last 90 days. 0.50% of the stock is currently owned by company insiders.

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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