Connor Clark & Lunn Investment Management Ltd. Grows Position in Boston Scientific Corporation (NYSE:BSX)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Boston Scientific by 32.5%, owning 108,080 shares valued at approximately $10.9 million at the end of the last quarter.
• Boston Scientific reported a 22.8% increase in quarterly revenue year-over-year, totaling $5.06 billion, and earnings per share of $0.75 which exceeded analysts' estimates.
• Recent analyst ratings have been positive, with Evercore ISI raising the target price from $110 to $112 and a consensus rating of "Buy" with an average price target of $117.50.

Connor Clark & Lunn Investment Management Ltd. grew its stake in Boston Scientific Corporation (NYSE:BSX - Free Report) by 32.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 108,080 shares of the medical equipment provider's stock after purchasing an additional 26,489 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Boston Scientific were worth $10,903,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Colonial Trust Co SC lifted its position in shares of Boston Scientific by 1,625.0% during the 4th quarter. Colonial Trust Co SC now owns 276 shares of the medical equipment provider's stock valued at $25,000 after buying an additional 260 shares in the last quarter. Investment Management Corp VA ADV purchased a new position in shares of Boston Scientific during the 4th quarter valued at approximately $25,000. Sunbeam Capital Management LLC purchased a new position in shares of Boston Scientific during the 4th quarter valued at approximately $26,000. Y.D. More Investments Ltd purchased a new position in shares of Boston Scientific during the 1st quarter valued at approximately $27,000. Finally, Ameriflex Group Inc. purchased a new position in shares of Boston Scientific during the 4th quarter valued at approximately $31,000. Hedge funds and other institutional investors own 89.07% of the company's stock.

Boston Scientific Stock Performance

Shares of Boston Scientific stock opened at $103.22 on Monday. The business has a 50-day moving average of $103.54 and a 200 day moving average of $102.07. Boston Scientific Corporation has a 12 month low of $75.00 and a 12 month high of $108.94. The stock has a market capitalization of $152.95 billion, a price-to-earnings ratio of 61.44, a price-to-earnings-growth ratio of 2.48 and a beta of 0.66. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.37 and a quick ratio of 0.82.

Boston Scientific (NYSE:BSX - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The medical equipment provider reported $0.75 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 company had revenue of $5.06 billion during the quarter, compared to analysts' expectations of $4.89 billion. During the same period last year, the business posted $0.62 EPS. Boston Scientific's revenue for the quarter was up 22.8% on a year-over-year basis. As a group, sell-side analysts forecast that Boston Scientific Corporation will post 2.85 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Evercore ISI increased their target price on Boston Scientific from $110.00 to $112.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. Truist Financial raised their price objective on Boston Scientific from $120.00 to $125.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Jefferies Financial Group restated a "hold" rating on shares of Boston Scientific in a report on Monday, July 21st. Citigroup restated a "buy" rating and issued a $125.00 price objective (up previously from $119.00) on shares of Boston Scientific in a report on Thursday, May 22nd. Finally, Wall Street Zen upgraded Boston Scientific from a "hold" rating to a "buy" rating in a report on Tuesday, April 29th. 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 company. According to MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $117.50.

Insider Activity at Boston Scientific

In related news, EVP Arthur C. Butcher sold 17,313 shares of the firm's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $104.63, for a total transaction of $1,811,459.19. Following the completion of the transaction, the executive vice president directly owned 23,600 shares in the company, valued at $2,469,268. This trade represents a 42.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Yoshiaki Fujimori sold 2,901 shares of the firm's stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $106.99, for a total value of $310,377.99. Following the transaction, the director owned 2,081 shares of the company's stock, valued at $222,646.19. This trade represents a 58.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 345,029 shares of company stock worth $35,976,603 over the last ninety days. Company insiders own 0.50% of the company's stock.

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.

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