Boston Scientific Corporation (NYSE:BSX) Shares Sold by Primecap Management Co. CA

Key Points

• Primecap Management Co. CA reduced its stake in Boston Scientific by 1.2%, selling 432,720 shares and holding approximately $3.68 billion worth of the stock, making it their third largest position.
• Insider sales included Director Edward J. Ludwig and EVP Arthur C. Butcher, who decreased their positions by 17.79% and 42.32% respectively, totaling over $2.2 million in sales.
• Analysts have raised their price targets for Boston Scientific, with Wells Fargo setting a new target of $124.00 and the overall average rating remaining at "Buy" with a target of approximately $117.50.

Primecap Management Co. CA decreased its holdings in shares of Boston Scientific Corporation (NYSE:BSX - Free Report) by 1.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 36,496,946 shares of the medical equipment provider's stock after selling 432,720 shares during the period. Boston Scientific makes up approximately 3.1% of Primecap Management Co. CA's holdings, making the stock its 3rd largest position. Primecap Management Co. CA owned approximately 2.47% of Boston Scientific worth $3,681,812,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Investment Management Corp VA ADV acquired a new stake in shares of Boston Scientific during the fourth quarter worth about $25,000. Colonial Trust Co SC boosted its stake in shares of Boston Scientific by 1,625.0% during the fourth quarter. Colonial Trust Co SC now owns 276 shares of the medical equipment provider's stock worth $25,000 after buying an additional 260 shares during the period. Sunbeam Capital Management LLC acquired a new stake in shares of Boston Scientific during the fourth quarter worth about $26,000. Ameriflex Group Inc. acquired a new stake in shares of Boston Scientific during the fourth quarter worth about $31,000. Finally, Fourth Dimension Wealth LLC acquired a new stake in shares of Boston Scientific during the fourth quarter worth about $36,000. Institutional investors and hedge funds own 89.07% of the company's stock.

Insider Buying and Selling at Boston Scientific

In other Boston Scientific news, Director Edward J. Ludwig sold 4,000 shares of the firm's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $106.03, for a total value of $424,120.00. Following the sale, the director directly owned 18,479 shares of the company's stock, valued at approximately $1,959,328.37. This trade represents a 17.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Arthur C. Butcher sold 17,313 shares of the firm'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 $1,811,459.19. Following the completion of the sale, the executive vice president directly owned 23,600 shares in the company, valued at approximately $2,469,268. The trade was a 42.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 345,029 shares of company stock valued at $35,976,603. 0.50% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently commented on BSX. Wells Fargo & Company raised their price objective on shares of Boston Scientific from $118.00 to $124.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Leerink Partnrs upgraded shares of Boston Scientific to a "strong-buy" rating in a research report on Monday, June 16th. Robert W. Baird raised their price objective on shares of Boston Scientific from $117.00 to $123.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Leerink Partners began coverage on shares of Boston Scientific in a research report on Monday, June 16th. They issued an "outperform" rating and a $118.00 price objective for the company. Finally, Truist Financial raised their price objective on shares of Boston Scientific from $120.00 to $125.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Two analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Boston Scientific presently has an average rating of "Buy" and an average price target of $117.50.

Boston Scientific Trading Down 1.9%

Shares of BSX opened at $104.71 on Wednesday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.37 and a quick ratio of 0.88. The firm has a 50 day simple moving average of $103.65 and a 200-day simple moving average of $102.00. Boston Scientific Corporation has a 1-year low of $73.02 and a 1-year high of $108.94. The stock has a market cap of $155.15 billion, a price-to-earnings ratio of 62.33, a price-to-earnings-growth ratio of 2.57 and a beta of 0.66.

Boston Scientific (NYSE:BSX - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The medical equipment provider reported $0.75 earnings per share for the quarter, topping analysts' consensus estimates of $0.72 by $0.03. Boston Scientific had a net margin of 13.55% and a return on equity of 19.21%. The business had revenue of $5.06 billion during the quarter, compared to analysts' expectations of $4.89 billion. During the same period last year, the company posted $0.62 EPS. The company's revenue was up 22.8% on a year-over-year basis. Equities analysts forecast that Boston Scientific Corporation will post 2.85 EPS for the current fiscal year.

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.

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