Sierra Summit Advisors LLC Has $8.78 Million Holdings in Boston Scientific Corporation (NYSE:BSX)

Key Points

• Sierra Summit Advisors LLC reduced its stake in Boston Scientific Corporation by 26.4%, selling 31,290 shares during the first quarter, with remaining holdings valued at $8.78 million.
• Several institutional investors, including Capital World Investors and GAMMA Investing LLC, significantly increased their holdings in Boston Scientific, reflecting a strong interest in the company's stock.
• Boston Scientific reported a 22.8% increase in year-over-year revenue, with earnings of $0.75 per share, exceeding the analysts' expectations of $0.72.

Sierra Summit Advisors LLC decreased its position in shares of Boston Scientific Corporation (NYSE:BSX - Free Report) by 26.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 87,060 shares of the medical equipment provider's stock after selling 31,290 shares during the period. Boston Scientific makes up approximately 1.9% of Sierra Summit Advisors LLC's investment portfolio, making the stock its 20th biggest position. Sierra Summit Advisors LLC's holdings in Boston Scientific were worth $8,783,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. HM Payson & Co. grew its stake in Boston Scientific by 1.4% during the 1st quarter. HM Payson & Co. now owns 6,875 shares of the medical equipment provider's stock valued at $694,000 after acquiring an additional 98 shares in the last quarter. Baldwin Investment Management LLC raised its stake in Boston Scientific by 1.2% during the 4th quarter. Baldwin Investment Management LLC now owns 8,740 shares of the medical equipment provider's stock worth $781,000 after acquiring an additional 102 shares in the last quarter. Park Square Financial Group LLC grew its position in Boston Scientific by 5.2% during the 1st quarter. Park Square Financial Group LLC now owns 2,066 shares of the medical equipment provider's stock worth $208,000 after purchasing an additional 103 shares during the last quarter. HHM Wealth Advisors LLC boosted its holdings in shares of Boston Scientific by 13.2% in the first quarter. HHM Wealth Advisors LLC now owns 881 shares of the medical equipment provider's stock valued at $89,000 after acquiring an additional 103 shares in the last quarter. Finally, Evergreen Capital Management LLC boosted its holdings in 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 buying an additional 106 shares in the last quarter. Hedge funds and other institutional investors own 89.07% of the company's stock.

Insider Activity

In other news, CEO Michael F. Mahoney sold 164,443 shares of the company's stock in a transaction dated 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 sale, the chief executive officer directly owned 1,476,882 shares of the company's stock, valued at $153,137,894.58. This represents a 10.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Arthur C. Butcher sold 17,313 shares of the stock in a transaction that occurred on 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 sale, the executive vice president directly owned 23,600 shares of the company's stock, 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. In the last three months, insiders sold 345,029 shares of company stock worth $35,976,603. Corporate insiders own 0.50% of the company's stock.

Boston Scientific Price Performance

Shares of Boston Scientific stock traded down $0.38 during trading on Monday, reaching $102.77. The company's stock had a trading volume of 4,166,126 shares, compared to its average volume of 7,572,511. The stock has a 50-day moving average price of $103.52 and a two-hundred day moving average price of $102.07. The company has a current ratio of 1.37, a quick ratio of 0.82 and a debt-to-equity ratio of 0.49. Boston Scientific Corporation has a one year low of $75.44 and a one year high of $108.94. The stock has a market capitalization of $152.27 billion, a P/E ratio of 61.17, a price-to-earnings-growth ratio of 2.48 and a beta of 0.66.

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

Analyst Upgrades and Downgrades

BSX has been the subject of a number of research reports. Truist Financial lifted their target price on shares of Boston Scientific from $120.00 to $125.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Morgan Stanley increased their target price on shares of Boston Scientific from $120.00 to $125.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. Raymond James Financial raised their price objective on shares of Boston Scientific from $121.00 to $124.00 and gave the company a "strong-buy" rating in a research report on Thursday, July 24th. Evercore ISI increased their price target on shares of Boston Scientific from $110.00 to $112.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. Finally, Erste Group Bank raised shares of Boston Scientific to a "strong-buy" rating in a research report on Thursday, May 8th. Two research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target 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.