Associated Banc Corp Has $37.82 Million Stake in Boston Scientific Corporation (NYSE:BSX)

Key Points

• Associated Banc Corp reduced its stake in Boston Scientific by 11.4%, selling 48,370 shares during the first quarter, which left them with holdings worth approximately $37.8 million.
• Boston Scientific's quarterly earnings outperformed expectations, reporting an earnings per share of $0.75 and revenue of $5.06 billion, a year-over-year increase of 22.8%.
• Institutional investors now hold 89.07% of Boston Scientific's stock, with several firms increasing their positions significantly during the fourth quarter.

Associated Banc Corp trimmed its position in Boston Scientific Corporation (NYSE:BSX - Free Report) by 11.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 374,881 shares of the medical equipment provider's stock after selling 48,370 shares during the quarter. Boston Scientific makes up approximately 1.2% of Associated Banc Corp's portfolio, making the stock its 23rd largest position. Associated Banc Corp's holdings in Boston Scientific were worth $37,818,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Brighton Jones LLC boosted its position in Boston Scientific by 0.8% during the 4th quarter. Brighton Jones LLC now owns 27,376 shares of the medical equipment provider's stock worth $2,445,000 after acquiring an additional 226 shares during the period. Bank Pictet & Cie Europe AG lifted its position in shares of Boston Scientific by 40.8% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 73,096 shares of the medical equipment provider's stock worth $6,529,000 after purchasing an additional 21,173 shares in the last quarter. Highview Capital Management LLC DE boosted its holdings in shares of Boston Scientific by 6.2% during the fourth quarter. Highview Capital Management LLC DE now owns 24,507 shares of the medical equipment provider's stock worth $2,189,000 after purchasing an additional 1,439 shares during the period. Arete Wealth Advisors LLC acquired a new stake in shares of Boston Scientific during the fourth quarter worth approximately $308,000. Finally, Envestnet Asset Management Inc. grew its position in Boston Scientific by 1.8% during the fourth quarter. Envestnet Asset Management Inc. now owns 2,441,719 shares of the medical equipment provider's stock valued at $218,094,000 after purchasing an additional 43,992 shares in the last quarter. 89.07% of the stock is owned by hedge funds and other institutional investors.

Boston Scientific Price Performance

BSX stock traded down $0.06 during midday trading on Thursday, reaching $102.89. 5,405,736 shares of the company's stock traded hands, compared to its average volume of 7,704,204. The company has a 50-day simple moving average of $103.58 and a two-hundred day simple moving average of $102.04. The company has a quick ratio of 0.88, a current ratio of 1.37 and a debt-to-equity ratio of 0.49. Boston Scientific Corporation has a 1-year low of $74.01 and a 1-year high of $108.94. The company has a market cap of $152.46 billion, a price-to-earnings ratio of 61.25, a PEG ratio of 2.48 and a beta of 0.66.

Boston Scientific (NYSE:BSX - Get Free Report) last announced its earnings results 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 company had revenue of $5.06 billion during the quarter, compared to the consensus estimate of $4.89 billion. During the same period in the previous year, the firm posted $0.62 earnings per share. The company's revenue was up 22.8% on a year-over-year basis. On average, analysts anticipate that Boston Scientific Corporation will post 2.85 earnings per share for the current year.

Analysts Set New Price Targets

BSX has been the topic of several research analyst reports. Raymond James Financial boosted their price target on shares of Boston Scientific from $121.00 to $124.00 and gave the company a "strong-buy" rating in a report on Thursday, July 24th. Evercore ISI boosted their target price on Boston Scientific from $110.00 to $112.00 and gave the company an "outperform" rating in a research note on Thursday, April 24th. Needham & Company LLC reaffirmed a "buy" rating and issued a $115.00 target price on shares of Boston Scientific in a research report on Wednesday, May 28th. Citigroup reaffirmed a "buy" rating and set a $125.00 price target (up from $119.00) on shares of Boston Scientific in a research note on Thursday, May 22nd. Finally, Wells Fargo & Company boosted their price target on Boston Scientific from $118.00 to $124.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Two equities research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $117.50.

Insider Activity

In other news, EVP Arthur C. Butcher sold 17,313 shares of Boston Scientific stock in a transaction 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 completion of the sale, the executive vice president directly owned 23,600 shares of the company's stock, valued at approximately $2,469,268. This trade represents a 42.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Edward J. Ludwig sold 4,000 shares of the company's stock in a transaction on Friday, July 25th. The shares were sold at an average price of $106.03, for a total value of $424,120.00. Following the transaction, the director directly owned 18,479 shares in the company, valued at $1,959,328.37. This trade represents a 17.79% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 345,029 shares of company stock worth $35,976,603. 0.50% of the stock is owned by company 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.