Massachusetts Financial Services Co. MA Has $1.67 Billion Stock Holdings in Boston Scientific Corporation (NYSE:BSX)

Massachusetts Financial Services Co. MA cut its holdings in shares of Boston Scientific Corporation (NYSE:BSX - Free Report) by 16.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,521,619 shares of the medical equipment provider's stock after selling 3,138,336 shares during the period. Massachusetts Financial Services Co. MA owned 1.12% of Boston Scientific worth $1,666,701,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Colonial Trust Co SC lifted its holdings 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 in the fourth quarter valued at $25,000. Sunbeam Capital Management LLC purchased a new stake in Boston Scientific during the 4th quarter worth about $26,000. Ameriflex Group Inc. purchased a new stake in Boston Scientific during the 4th quarter worth about $31,000. Finally, Fourth Dimension Wealth LLC purchased a new stake in Boston Scientific during the 4th quarter worth about $36,000. 89.07% of the stock is owned by institutional investors and hedge funds.

Boston Scientific Stock Performance

NYSE BSX traded up $0.54 during trading on Thursday, reaching $103.73. 3,993,040 shares of the company's stock were exchanged, compared to its average volume of 6,735,906. The business has a 50 day moving average price of $103.38 and a 200-day moving average price of $100.79. The stock has a market capitalization of $153.46 billion, a P/E ratio of 75.71, a PEG ratio of 2.69 and a beta of 0.68. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.45 and a quick ratio of 0.88. Boston Scientific Corporation has a fifty-two week low of $71.88 and a fifty-two week high of $107.53.

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

Insider Activity

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 value of $17,051,094.67. Following the completion of the transaction, the chief executive officer directly owned 1,476,882 shares in the company, valued at approximately $153,137,894.58. This represents a 10.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John Bradley Sorenson sold 4,572 shares of the firm's stock in a transaction on Monday, May 5th. The stock was sold at an average price of $104.54, for a total value of $477,956.88. Following the transaction, the executive vice president directly owned 18,705 shares of the company's stock, valued at approximately $1,955,420.70. This represents a 19.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 461,970 shares of company stock valued at $47,755,193. Corporate insiders own 0.50% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on BSX. Evercore ISI lifted their price target on Boston Scientific from $110.00 to $112.00 and gave the company an "outperform" rating in a report on Thursday, April 24th. Needham & Company LLC reissued a "buy" rating and set a $115.00 price target on shares of Boston Scientific in a research report on Wednesday, May 28th. Royal Bank Of Canada upped their target price on Boston Scientific from $116.00 to $120.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. Robert W. Baird upped their target price on Boston Scientific from $115.00 to $120.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. Finally, Morgan Stanley boosted their price target on Boston Scientific from $120.00 to $125.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Twenty-two analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average price target 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.