IPG Investment Advisors LLC Sells 4,341 Shares of Boston Scientific Corporation (NYSE:BSX)

Key Points

• IPG Investment Advisors LLC reduced its stake in Boston Scientific Corporation by 24.2%, owning 13,628 shares valued at approximately $1.375 million after selling 4,341 shares in Q1.
• Recent research notes showed optimism, with Morgan Stanley increasing its price target for Boston Scientific from $120.00 to $125.00 and maintaining an "overweight" rating.
• Boston Scientific reported $0.75 EPS for the last quarter, exceeding expectations, with a revenue of $5.06 billion, marking a 22.8% year-over-year increase.

IPG Investment Advisors LLC cut its stake in shares of Boston Scientific Corporation (NYSE:BSX - Free Report) by 24.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,628 shares of the medical equipment provider's stock after selling 4,341 shares during the period. IPG Investment Advisors LLC's holdings in Boston Scientific were worth $1,375,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in BSX. HM Payson & Co. boosted its holdings in shares of Boston Scientific by 1.4% in the 1st quarter. HM Payson & Co. now owns 6,875 shares of the medical equipment provider's stock valued at $694,000 after purchasing an additional 98 shares in the last quarter. Baldwin Investment Management LLC boosted its stake in shares of Boston Scientific by 1.2% in the 4th quarter. Baldwin Investment Management LLC now owns 8,740 shares of the medical equipment provider's stock worth $781,000 after buying an additional 102 shares during the last quarter. Park Square Financial Group LLC boosted its stake in shares of Boston Scientific by 5.2% in the 1st quarter. Park Square Financial Group LLC now owns 2,066 shares of the medical equipment provider's stock worth $208,000 after buying an additional 103 shares during the last quarter. HHM Wealth Advisors LLC raised its holdings in shares of Boston Scientific by 13.2% in the 1st quarter. HHM Wealth Advisors LLC now owns 881 shares of the medical equipment provider's stock worth $89,000 after purchasing an additional 103 shares during the period. Finally, Evergreen Capital Management LLC lifted its position in shares of Boston Scientific by 1.7% during the fourth quarter. Evergreen Capital Management LLC now owns 6,331 shares of the medical equipment provider's stock worth $565,000 after acquiring an additional 106 shares in the last quarter. 89.07% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Boston Scientific news, Director Edward J. Ludwig sold 4,000 shares of the company's stock in a transaction that occurred 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 completion of the sale, the director owned 18,479 shares of the company's stock, valued at $1,959,328.37. This represents a 17.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael F. Mahoney sold 164,443 shares of the company's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $103.69, for a total value of $17,051,094.67. Following the completion of the transaction, the chief executive officer owned 1,476,882 shares of the company's stock, valued at $153,137,894.58. The trade was a 10.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 345,029 shares of company stock worth $35,976,603. 0.50% of the stock is owned by company insiders.

Boston Scientific Price Performance

Shares of BSX traded up $0.26 during trading hours on Friday, reaching $103.22. The company had a trading volume of 5,046,299 shares, compared to its average volume of 7,630,513. Boston Scientific Corporation has a 12-month low of $75.00 and a 12-month high of $108.94. The company has a market capitalization of $152.95 billion, a price-to-earnings ratio of 61.44, a PEG ratio of 2.48 and a beta of 0.66. The firm has a 50 day simple moving average of $103.58 and a 200-day simple moving average of $102.04. The company has a current ratio of 1.37, a quick ratio of 0.88 and a debt-to-equity ratio of 0.49.

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

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Barclays upped their target price on shares of Boston Scientific from $125.00 to $133.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Erste Group Bank raised shares of Boston Scientific to a "strong-buy" rating in a research note on Thursday, May 8th. Wall Street Zen raised shares of Boston Scientific from a "hold" rating to a "buy" rating in a research note on Tuesday, April 29th. Leerink Partnrs raised shares of Boston Scientific to a "strong-buy" rating in a research report on Monday, June 16th. Finally, 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 target price on the stock. Two equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $117.50.

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.