Bradley Foster & Sargent Inc. CT Grows Stock Holdings in Boston Scientific Corporation $BSX

Key Points

• Bradley Foster & Sargent Inc. CT increased its Boston Scientific stake by 27.3% in the first quarter, adding 134,550 shares to bring its total to 627,470 shares worth about $39.4 million.
• Several other hedge funds also boosted their holdings, and institutional investors now own 89.07% of Boston Scientific’s shares, signaling strong professional interest in the stock.
• Boston Scientific’s board approved a $5 billion share repurchase program, authorizing buybacks of up to 6.4% of outstanding shares, while the company also reported solid quarterly results that slightly beat expectations.

Bradley Foster & Sargent Inc. CT lifted its holdings in Boston Scientific Corporation (NYSE:BSX - Free Report) by 27.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 627,470 shares of the medical equipment provider's stock after acquiring an additional 134,550 shares during the period. Bradley Foster & Sargent Inc. CT's holdings in Boston Scientific were worth $39,374,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Lombard Odier Asset Management Europe Ltd raised its position in Boston Scientific by 5.7% in the first quarter. Lombard Odier Asset Management Europe Ltd now owns 151,463 shares of the medical equipment provider's stock valued at $9,504,000 after purchasing an additional 8,184 shares during the period. Aristotle Atlantic Partners LLC boosted its position in shares of Boston Scientific by 5.9% in the first quarter. Aristotle Atlantic Partners LLC now owns 223,520 shares of the medical equipment provider's stock worth $14,026,000 after buying an additional 12,480 shares during the period. Waverly Advisors LLC grew its stake in shares of Boston Scientific by 8.5% in the first quarter. Waverly Advisors LLC now owns 162,989 shares of the medical equipment provider's stock valued at $10,228,000 after buying an additional 12,801 shares in the last quarter. Unisphere Establishment grew its stake in shares of Boston Scientific by 28.8% in the first quarter. Unisphere Establishment now owns 2,802,700 shares of the medical equipment provider's stock valued at $175,869,000 after buying an additional 626,000 shares in the last quarter. Finally, Entropy Technologies LP raised its holdings in shares of Boston Scientific by 82.5% during the 1st quarter. Entropy Technologies LP now owns 282,967 shares of the medical equipment provider's stock valued at $17,756,000 after buying an additional 127,941 shares during the period. Hedge funds and other institutional investors own 89.07% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Raymond James Financial reissued an "outperform" rating and set a $88.00 price target (down from $97.00) on shares of Boston Scientific in a research report on Monday, March 30th. The Goldman Sachs Group set a $71.00 price objective on shares of Boston Scientific in a research note on Thursday, May 28th. Canaccord Genuity Group reduced their target price on shares of Boston Scientific from $71.00 to $70.00 and set a "buy" rating on the stock in a research report on Monday, June 1st. Jefferies Financial Group decreased their target price on shares of Boston Scientific from $100.00 to $67.00 and set a "buy" rating for the company in a research note on Wednesday, June 24th. Finally, Citigroup lowered their price target on shares of Boston Scientific from $87.00 to $70.00 and set a "buy" rating for the company in a report on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Boston Scientific presently has an average rating of "Moderate Buy" and an average price target of $79.84.

Insider Transactions at Boston Scientific

In related news, Director Edward J. Ludwig purchased 3,580 shares of the company's stock in a transaction that occurred on Wednesday, May 20th. The stock was acquired at an average price of $56.68 per share, for a total transaction of $202,914.40. Following the completion of the purchase, the director owned 25,359 shares in the company, valued at approximately $1,437,348.12. This represents a 16.44% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Cheryl Pegus purchased 1,770 shares of the business's stock in a transaction that occurred on Wednesday, May 20th. The stock was bought at an average cost of $56.49 per share, for a total transaction of $99,987.30. Following the completion of the acquisition, the director directly owned 1,770 shares of the company's stock, valued at $99,987.30. This represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders purchased 9,800 shares of company stock valued at $554,012. 0.34% of the stock is currently owned by corporate insiders.

Boston Scientific Price Performance

Shares of NYSE BSX opened at $44.26 on Friday. The company has a quick ratio of 1.22, a current ratio of 1.90 and a debt-to-equity ratio of 0.42. Boston Scientific Corporation has a fifty-two week low of $42.20 and a fifty-two week high of $109.50. The business has a 50 day moving average price of $47.21 and a two-hundred day moving average price of $64.06. The firm has a market cap of $65.78 billion, a PE ratio of 18.52, a price-to-earnings-growth ratio of 0.85 and a beta of 0.58.

Boston Scientific (NYSE:BSX - Get Free Report) last announced its earnings results on Wednesday, April 22nd. The medical equipment provider reported $0.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.79 by $0.01. The company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.19 billion. Boston Scientific had a return on equity of 19.17% and a net margin of 17.29%.Boston Scientific's quarterly revenue was up 11.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.75 EPS. Sell-side analysts expect that Boston Scientific Corporation will post 3.35 earnings per share for the current fiscal year.

Boston Scientific declared that its Board of Directors has approved a stock repurchase program on Monday, May 18th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the medical equipment provider to reacquire up to 6.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

About Boston Scientific

Boston Scientific Corporation NYSE: BSX is a global medical device company that develops, manufactures and markets a broad portfolio of products used in less-invasive medical procedures. Founded in 1979 by John Abele and Peter Nicholas, the company is headquartered in Marlborough, Massachusetts, and focuses on technologies that enable physicians to treat a wide range of cardiovascular, digestive, urologic, pulmonary and chronic pain conditions without open surgery.

Boston Scientific's activities span product development, clinical research, regulatory affairs and commercial sales.

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