Dodge & Cox Trims Stake in Boston Scientific Corporation $BSX

Key Points

• Dodge & Cox cut its stake in Boston Scientific Corporation by 3.3% in Q1 2023, holding 91,695 shares valued at $9.25 million after selling 3,100 shares during the quarter.
• The company recently reported earnings per share of $0.75, exceeding analysts' expectations, with Q2 revenue of $5.06 billion, up 22.8% year-over-year.
• The stock has received multiple upgrades, with analysts raising price targets; Raymond James has a target of $124.00, indicating a strong "buy" rating.

Dodge & Cox reduced its stake in shares of Boston Scientific Corporation (NYSE:BSX - Free Report) by 3.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 91,695 shares of the medical equipment provider's stock after selling 3,100 shares during the quarter. Dodge & Cox's holdings in Boston Scientific were worth $9,250,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Y.D. More Investments Ltd purchased a new stake in Boston Scientific in the 1st quarter valued at about $27,000. Investment Management Corp VA ADV purchased a new stake in shares of Boston Scientific in the fourth quarter valued at approximately $25,000. Colonial Trust Co SC grew its stake in Boston Scientific by 1,625.0% in the fourth quarter. Colonial Trust Co SC now owns 276 shares of the medical equipment provider's stock worth $25,000 after purchasing an additional 260 shares in the last quarter. Sunbeam Capital Management LLC purchased a new position in Boston Scientific during the 4th quarter worth $26,000. Finally, Ameriflex Group Inc. bought a new stake in Boston Scientific during the 4th quarter valued at $31,000. Hedge funds and other institutional investors own 89.07% of the company's stock.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Robert W. Baird lifted their price objective on Boston Scientific from $117.00 to $123.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. UBS Group increased their target price on Boston Scientific from $130.00 to $135.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Truist Financial lifted their price target on Boston Scientific from $120.00 to $125.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Wells Fargo & Company upped their price objective on Boston Scientific from $118.00 to $124.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Finally, Leerink Partners assumed coverage on Boston Scientific in a research report on Monday, June 16th. They set an "outperform" rating and a $118.00 price objective on the stock. Three investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $117.50.

Insider Buying and Selling at Boston Scientific

In other Boston Scientific news, Director Yoshiaki Fujimori sold 2,901 shares of Boston Scientific stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $106.99, for a total transaction of $310,377.99. Following the completion of the sale, the director owned 2,081 shares of the company's stock, valued at approximately $222,646.19. The trade was a 58.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Joseph Michael Fitzgerald sold 56,372 shares of the stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $102.88, for a total value of $5,799,551.36. Following the completion of the transaction, the executive vice president directly owned 178,342 shares in the company, valued at $18,347,824.96. This represents a 24.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 345,029 shares of company stock worth $35,976,603 in the last three months. 0.50% of the stock is owned by company insiders.

Boston Scientific Stock Up 1.2%

NYSE:BSX traded up $1.31 during mid-day trading on Tuesday, hitting $106.42. 5,613,286 shares of the company's stock traded hands, compared to its average volume of 6,216,135. The company has a fifty day moving average of $104.27 and a 200 day moving average of $102.15. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.82 and a current ratio of 1.37. Boston Scientific Corporation has a twelve month low of $79.03 and a twelve month high of $108.94. The company has a market capitalization of $157.69 billion, a P/E ratio of 63.35, a P/E/G ratio of 2.53 and a beta of 0.66.

Boston Scientific (NYSE:BSX - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The medical equipment provider reported $0.75 earnings per share for the quarter, topping analysts' consensus estimates of $0.72 by $0.03. The business had revenue of $5.06 billion for the quarter, compared to analyst estimates of $4.89 billion. Boston Scientific had a return on equity of 19.21% and a net margin of 13.55%.The company's revenue was up 22.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.62 earnings per share. Boston Scientific has set its Q3 2025 guidance at 0.700-0.720 EPS. On average, analysts forecast 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.