Delta Global Management LP Purchases Shares of 28,012 Boston Scientific Corporation $BSX

Key Points

• Delta Global Management LP acquired 28,012 Boston Scientific shares worth approximately $1.76 million, while institutional investors collectively own 89.07% of the company.
• Boston Scientific insiders purchased 9,800 shares valued at about $554,000 over the past 90 days, and the board approved a $5 billion share-repurchase program covering up to 6.4% of outstanding shares.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $79.84, although several firms recently lowered their targets and ratings.

Delta Global Management LP acquired a new position in Boston Scientific Corporation (NYSE:BSX - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The firm acquired 28,012 shares of the medical equipment provider's stock, valued at approximately $1,758,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Outfitters Financial LLC lifted its holdings 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 in the last quarter. Natural Investments LLC lifted its position in Boston Scientific by 2.9% during the 4th quarter. Natural Investments LLC now owns 4,036 shares of the medical equipment provider's stock worth $384,000 after acquiring an additional 112 shares in the last quarter. Kathmere Capital Management LLC boosted its holdings in 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 worth $498,000 after acquiring an additional 118 shares during the period. Patton Fund Management Inc. grew its position in Boston Scientific by 5.5% in the fourth quarter. Patton Fund Management Inc. now owns 2,279 shares of the medical equipment provider's stock valued at $217,000 after acquiring an additional 118 shares in the last quarter. Finally, Bridgewater Advisors Inc. raised its stake in shares of Boston Scientific by 1.2% during the fourth quarter. Bridgewater Advisors Inc. now owns 10,051 shares of the medical equipment provider's stock valued at $921,000 after purchasing an additional 123 shares during the period. 89.07% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Boston Scientific

In other news, Director Edward J. Ludwig purchased 3,580 shares of the firm's stock in a transaction that occurred on Wednesday, May 20th. The stock was acquired at an average cost 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 of the company's stock, valued at approximately $1,437,348.12. This trade represents a 16.44% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David C. Habiger acquired 2,250 shares of the stock in a transaction that occurred on Wednesday, May 20th. The stock was purchased at an average cost of $55.92 per share, with a total value of $125,820.00. Following the completion of the acquisition, the director owned 13,878 shares of the company's stock, valued at $776,057.76. The trade was a 19.35% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders purchased 9,800 shares of company stock valued at $554,012. Insiders own 0.34% of the company's stock.

Boston Scientific Stock Up 0.0%

Shares of NYSE:BSX opened at $44.26 on Monday. The company has a current ratio of 1.90, a quick ratio of 1.22 and a debt-to-equity ratio of 0.42. The company has a fifty day simple moving average of $47.21 and a 200 day simple moving average of $63.84. 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 Corporation has a 12-month low of $42.20 and a 12-month high of $109.50.

Boston Scientific announced that its Board of Directors has authorized a share buyback plan on Monday, May 18th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the medical equipment provider to purchase up to 6.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

BSX has been the subject of several analyst reports. Barclays decreased their target price on shares of Boston Scientific from $96.00 to $89.00 and set an "overweight" rating for the company in a research note on Thursday, May 28th. Wells Fargo & Company reaffirmed an "equal weight" rating and set a $55.00 price target (down from $75.00) on shares of Boston Scientific in a research note on Thursday, May 28th. Daiwa Securities Group lowered shares of Boston Scientific from a "strong-buy" rating to a "hold" rating in a report on Wednesday, April 29th. Bank of America decreased their price objective on shares of Boston Scientific from $105.00 to $68.00 and set a "buy" rating for the company in a research report on Monday, May 18th. Finally, Raymond James Financial restated an "outperform" rating and set a $88.00 target price (down from $97.00) on shares of Boston Scientific in a research note on Monday, March 30th. One 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 given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $79.84.

Boston Scientific Company 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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