Corient IA LLC Makes New $706,000 Investment in Boston Scientific Corporation (NYSE:BSX)

Key Points

• Corient IA LLC has made a new investment in Boston Scientific Corporation, purchasing 7,000 shares valued at approximately $706,000.
• Various institutional investors, including Vanguard Group and Capital World Investors, have increased their stakes in Boston Scientific, with institutional ownership now at 89.07%.
• Boston Scientific's recent quarterly earnings showed a revenue increase of 22.8% year-over-year, beating the consensus estimate with a reported revenue of $5.06 billion.

Corient IA LLC bought a new position in shares of Boston Scientific Corporation (NYSE:BSX - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 7,000 shares of the medical equipment provider's stock, valued at approximately $706,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Boston Scientific by 1.3% during the first quarter. Vanguard Group Inc. now owns 134,588,729 shares of the medical equipment provider's stock worth $13,577,311,000 after acquiring an additional 1,697,945 shares during the last quarter. Capital World Investors raised its stake in shares of Boston Scientific by 28.7% in the fourth quarter. Capital World Investors now owns 27,899,903 shares of the medical equipment provider's stock valued at $2,492,041,000 after buying an additional 6,216,199 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in shares of Boston Scientific by 2.5% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 22,312,967 shares of the medical equipment provider's stock valued at $1,992,994,000 after purchasing an additional 554,388 shares during the period. Invesco Ltd. increased its stake in Boston Scientific by 5.3% in the 1st quarter. Invesco Ltd. now owns 16,624,940 shares of the medical equipment provider's stock worth $1,677,124,000 after acquiring an additional 834,274 shares during the last quarter. Finally, Northern Trust Corp lifted its position in Boston Scientific by 18.0% in the 4th quarter. Northern Trust Corp now owns 14,595,627 shares of the medical equipment provider's stock worth $1,303,681,000 after buying an additional 2,221,790 shares during the last quarter. 89.07% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BSX has been the topic of several analyst reports. Wells Fargo & Company lifted their target price on shares of Boston Scientific from $118.00 to $124.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Robert W. Baird increased their price objective on Boston Scientific from $117.00 to $123.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. Needham & Company LLC restated a "buy" rating and set a $115.00 price target on shares of Boston Scientific in a report on Wednesday, May 28th. Erste Group Bank upgraded Boston Scientific to a "strong-buy" rating in a report on Thursday, May 8th. Finally, Oppenheimer raised their price target on Boston Scientific from $110.00 to $118.00 and gave the company a "market perform" rating in a report on Thursday, July 24th. Two equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $117.50.

Insider Buying and Selling at Boston Scientific

In other news, Director Edward J. Ludwig sold 4,000 shares of the company's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $106.03, for a total transaction of $424,120.00. Following the completion of the transaction, the director directly owned 18,479 shares of the company's stock, valued at approximately $1,959,328.37. This represents a 17.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Arthur C. Butcher sold 17,313 shares of the company's stock in a transaction dated Friday, August 1st. The shares were 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 ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 345,029 shares of company stock worth $35,976,603. Corporate insiders own 0.50% of the company's stock.

Boston Scientific Price Performance

BSX stock opened at $103.15 on Friday. The company has a current ratio of 1.37, a quick ratio of 0.82 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $152.84 billion, a PE ratio of 61.40, a P/E/G ratio of 2.48 and a beta of 0.66. Boston Scientific Corporation has a 12-month low of $77.29 and a 12-month high of $108.94. The business's fifty day moving average price is $103.56 and its 200 day moving average price is $102.09.

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

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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