Westpac Banking Corp Has $1.29 Million Stock Holdings in Boston Scientific Corporation (NYSE:BSX)

Key Points

• Westpac Banking Corp has reduced its stake in Boston Scientific Corporation by 19.4%, selling 3,092 shares and holding a total of 12,818 shares valued at approximately $1.29 million.
• Boston Scientific reported $0.75 earnings per share for the last quarter, exceeding analyst expectations of $0.72, with a revenue of $5.06 billion, up 22.8% year-over-year.
• Multiple research firms have increased their price targets for Boston Scientific, with the average target now at $117.50 and a consensus rating of "Buy" among analysts.

Westpac Banking Corp lowered its position in Boston Scientific Corporation (NYSE:BSX - Free Report) by 19.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,818 shares of the medical equipment provider's stock after selling 3,092 shares during the quarter. Westpac Banking Corp's holdings in Boston Scientific were worth $1,293,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. 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 valued at $25,000 after acquiring an additional 260 shares during the last quarter. Investment Management Corp VA ADV acquired a new stake in shares of Boston Scientific during the fourth quarter valued at $25,000. Sunbeam Capital Management LLC acquired a new stake in shares of Boston Scientific during the fourth quarter valued at $26,000. Y.D. More Investments Ltd acquired a new stake in shares of Boston Scientific during the first quarter valued at $27,000. Finally, Ameriflex Group Inc. acquired a new stake in shares of Boston Scientific during the fourth quarter valued at $31,000. Hedge funds and other institutional investors own 89.07% of the company's stock.

Wall Street Analysts Forecast Growth

BSX has been the topic of a number of analyst reports. Morgan Stanley increased their price objective on Boston Scientific from $120.00 to $125.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Wall Street Zen raised Boston Scientific from a "hold" rating to a "buy" rating in a research note on Tuesday, April 29th. UBS Group raised their price target on Boston Scientific from $130.00 to $135.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Needham & Company LLC reissued a "buy" rating and issued a $115.00 price target on shares of Boston Scientific in a research note on Wednesday, May 28th. Finally, Citigroup reissued a "buy" rating and issued a $125.00 price target (up from $119.00) on shares of Boston Scientific in a research note on Thursday, May 22nd. Two investment analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, Boston Scientific has an average rating of "Buy" and a consensus target price of $117.50.

Boston Scientific Stock Performance

Shares of BSX traded down $1.00 during mid-day trading on Friday, hitting $103.15. The stock had a trading volume of 5,342,171 shares, compared to its average volume of 6,961,994. The company has a market cap of $152.84 billion, a PE ratio of 61.40, a PEG ratio of 2.48 and a beta of 0.66. The company's fifty day simple moving average is $103.56 and its two-hundred day simple moving average is $102.09. The company has a quick ratio of 0.82, a current ratio of 1.37 and a debt-to-equity ratio of 0.49. Boston Scientific Corporation has a fifty-two week low of $77.29 and a fifty-two week high of $108.94.

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

Insider Buying and Selling

In other news, Director Edward J. Ludwig sold 4,000 shares of the business's stock in a transaction on 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 owned 18,479 shares of the company's stock, valued at approximately $1,959,328.37. The trade was a 17.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael F. Mahoney sold 164,443 shares of the business's 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 sale, the chief executive officer directly owned 1,476,882 shares in the company, valued at $153,137,894.58. This represents a 10.02% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 345,029 shares of company stock worth $35,976,603. 0.50% of the stock is owned by corporate insiders.

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.