CI Investments Inc. Sells 517,759 Shares of Boston Scientific Corporation $BSX

Key Points

• CI Investments Inc. cut its Boston Scientific stake by 42.4% in the first quarter, selling 517,759 shares and leaving it with 703,393 shares valued at about $44.1 million.
• Boston Scientific reported solid quarterly results, with EPS of $0.80 and revenue of $5.20 billion, both slightly ahead of analyst expectations and up 11.6% year over year.
• The company also announced a $5 billion share repurchase program, while analysts currently maintain a Moderate Buy consensus with an average price target of $79.84.

CI Investments Inc. reduced its stake in Boston Scientific Corporation (NYSE:BSX - Free Report) by 42.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 703,393 shares of the medical equipment provider's stock after selling 517,759 shares during the period. CI Investments Inc.'s holdings in Boston Scientific were worth $44,138,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in BSX. Outfitters Financial LLC lifted its position in shares of Boston Scientific by 0.5% during the 4th quarter. Outfitters Financial LLC now owns 24,027 shares of the medical equipment provider's stock valued at $2,291,000 after acquiring an additional 110 shares during the period. Natural Investments LLC grew its stake in Boston Scientific by 2.9% during the fourth quarter. Natural Investments LLC now owns 4,036 shares of the medical equipment provider's stock worth $384,000 after buying an additional 112 shares in the last quarter. Thrive Wealth Management LLC increased its holdings in Boston Scientific by 1.6% in the 4th quarter. Thrive Wealth Management LLC now owns 7,387 shares of the medical equipment provider's stock valued at $704,000 after buying an additional 117 shares during the period. Kathmere Capital Management LLC raised its position in shares of Boston Scientific by 2.3% in the 4th quarter. Kathmere Capital Management LLC now owns 5,228 shares of the medical equipment provider's stock valued at $498,000 after buying an additional 118 shares in the last quarter. Finally, Patton Fund Management Inc. lifted its holdings in shares of Boston Scientific by 5.5% during the 4th quarter. Patton Fund Management Inc. now owns 2,279 shares of the medical equipment provider's stock worth $217,000 after acquiring an additional 118 shares during the period. Institutional investors own 89.07% of the company's stock.

Analysts Set New Price Targets

BSX has been the subject of several recent analyst reports. Citigroup cut their target price on Boston Scientific from $87.00 to $70.00 and set a "buy" rating for the company in a research note on Thursday, May 28th. Truist Financial dropped their price objective on Boston Scientific from $64.00 to $62.00 and set a "buy" rating for the company in a research report on Thursday, July 16th. Weiss Ratings lowered shares of Boston Scientific from a "hold (c-)" rating to a "sell (d+)" rating in a report on Tuesday, July 7th. The Goldman Sachs Group set a $71.00 price objective on Boston Scientific in a research report on Thursday, May 28th. Finally, Wolfe Research lowered shares of Boston Scientific from an "outperform" rating to a "peer perform" rating in a report on Friday, May 29th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Boston Scientific has a consensus rating of "Moderate Buy" and an average price target of $79.84.

Boston Scientific Price Performance

Boston Scientific stock opened at $43.14 on Wednesday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.22 and a current ratio of 1.90. The stock has a market capitalization of $64.12 billion, a price-to-earnings ratio of 18.05, a PEG ratio of 0.84 and a beta of 0.58. The stock's 50 day moving average price is $47.77 and its two-hundred day moving average price is $64.93. Boston Scientific Corporation has a 52-week low of $42.20 and a 52-week high of $109.50.

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

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

Insiders Place Their Bets

In related news, Director Cheryl Pegus purchased 1,770 shares of the stock in a transaction that occurred on Wednesday, May 20th. The shares were bought at an average price of $56.49 per share, with a total value of $99,987.30. Following the acquisition, the director owned 1,770 shares of the company's stock, valued at $99,987.30. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Edward J. Ludwig acquired 3,580 shares of the company's stock in a transaction on Wednesday, May 20th. The shares were acquired at an average cost of $56.68 per share, for a total transaction of $202,914.40. Following the completion of the acquisition, the director owned 25,359 shares of the company's stock, valued at approximately $1,437,348.12. The trade was a 16.44% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders bought 9,800 shares of company stock valued at $554,012. Corporate insiders own 0.34% of the company's stock.

Boston Scientific Profile

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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