Knights of Columbus Asset Advisors LLC Has $6.42 Million Stock Holdings in Boston Scientific Corporation (NYSE:BSX)

Key Points

• Knights of Columbus Asset Advisors LLC has reduced its holdings in Boston Scientific Corporation by 27% during the first quarter, now owning 63,674 shares worth $6.4 million.
• Major hedge funds, including Norges Bank and Capital World Investors, have increased their stakes in Boston Scientific, with 89.07% of the stock held by institutional investors and hedge funds.
• Boston Scientific reported quarterly earnings of $0.75 per share, exceeding expectations, with revenues reaching $5.06 billion, marking a year-over-year increase of 22.8%.

Knights of Columbus Asset Advisors LLC decreased its position in shares of Boston Scientific Corporation (NYSE:BSX - Free Report) by 27.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,674 shares of the medical equipment provider's stock after selling 23,577 shares during the period. Knights of Columbus Asset Advisors LLC's holdings in Boston Scientific were worth $6,423,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in BSX. Skandinaviska Enskilda Banken AB publ raised its stake in shares of Boston Scientific by 44.7% in the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 1,361,584 shares of the medical equipment provider's stock worth $137,357,000 after buying an additional 420,824 shares in the last quarter. Drive Wealth Management LLC raised its position in Boston Scientific by 19.5% in the first quarter. Drive Wealth Management LLC now owns 3,359 shares of the medical equipment provider's stock worth $339,000 after acquiring an additional 549 shares in the last quarter. Longbow Finance SA acquired a new stake in Boston Scientific in the 1st quarter valued at about $6,258,000. Caliber Wealth Management LLC KS acquired a new position in shares of Boston Scientific in the 1st quarter worth approximately $687,000. Finally, Freemont Management S.A. bought a new stake in Boston Scientific during the first quarter worth approximately $1,846,000. 89.07% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Michael F. Mahoney sold 164,443 shares of the stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $103.69, for a total transaction of $17,051,094.67. Following the sale, the chief executive officer owned 1,476,882 shares in the company, valued at approximately $153,137,894.58. This represents a 10.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Joseph Michael Fitzgerald sold 56,372 shares of Boston Scientific stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $102.88, for a total value of $5,799,551.36. Following the completion of the transaction, the executive vice president directly owned 178,342 shares of the company's stock, valued at $18,347,824.96. This represents a 24.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 457,144 shares of company stock valued at $47,296,288 over the last quarter. 0.50% of the stock is owned by insiders.

Boston Scientific Price Performance

Shares of NYSE BSX traded down $0.14 during midday trading on Friday, reaching $106.07. 5,875,124 shares of the company traded hands, compared to its average volume of 7,847,640. Boston Scientific Corporation has a 12 month low of $71.88 and a 12 month high of $108.94. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.88 and a current ratio of 1.45. The stock's 50-day simple moving average is $103.58 and its 200-day simple moving average is $101.55. The firm has a market cap of $156.92 billion, a PE ratio of 63.14, a PEG ratio of 2.67 and a beta of 0.68.

Boston Scientific (NYSE:BSX - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The medical equipment provider reported $0.75 EPS for the quarter, beating analysts' consensus estimates 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 19.39%. The company's revenue for the quarter was up 22.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.62 earnings per share. As a group, equities analysts anticipate that Boston Scientific Corporation will post 2.85 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Robert W. Baird boosted their target price on Boston Scientific from $117.00 to $123.00 and gave the stock an "outperform" rating in a research report on Thursday. Leerink Partnrs raised Boston Scientific to a "strong-buy" rating in a research report on Monday, June 16th. Citigroup restated a "buy" rating and set a $125.00 price objective (up from $119.00) on shares of Boston Scientific in a research report on Thursday, May 22nd. Wells Fargo & Company upped their price objective on shares of Boston Scientific from $118.00 to $124.00 and gave the company an "overweight" rating in a research note on Thursday. Finally, Evercore ISI increased their price objective on Boston Scientific from $110.00 to $112.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. Two equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, Boston Scientific currently has a consensus rating of "Buy" and a consensus target price of $117.50.

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.