Boston Scientific Corporation (NYSE:BSX) Shares Bought by Empirical Financial Services LLC d.b.a. Empirical Wealth Management

Key Points

• Empirical Wealth Management increased its holdings in Boston Scientific by 86% during the first quarter, owning 21,781 shares valued at approximately $2.2 million.
• Boston Scientific's recent strong performance led Wells Fargo to raise its price target from $118 to $124, while the stock maintains a consensus rating of "Buy".
• An executive at Boston Scientific sold a significant portion of their shares, totaling over $5.7 million in value, indicating insider trading activities occurring alongside the stock's fluctuations.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its position in shares of Boston Scientific Corporation (NYSE:BSX - Free Report) by 86.0% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 21,781 shares of the medical equipment provider's stock after buying an additional 10,070 shares during the quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Boston Scientific were worth $2,197,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its stake in shares of Boston Scientific by 0.8% in the 4th quarter. Brighton Jones LLC now owns 27,376 shares of the medical equipment provider's stock valued at $2,445,000 after purchasing an additional 226 shares during the last quarter. Bank Pictet & Cie Europe AG raised its holdings in Boston Scientific by 40.8% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 73,096 shares of the medical equipment provider's stock worth $6,529,000 after purchasing an additional 21,173 shares during the last quarter. Highview Capital Management LLC DE raised its holdings in Boston Scientific by 6.2% during the fourth quarter. Highview Capital Management LLC DE now owns 24,507 shares of the medical equipment provider's stock worth $2,189,000 after purchasing an additional 1,439 shares during the last quarter. Nemes Rush Group LLC raised its holdings in Boston Scientific by 312.3% during the fourth quarter. Nemes Rush Group LLC now owns 635 shares of the medical equipment provider's stock worth $57,000 after purchasing an additional 481 shares during the last quarter. Finally, Nicolet Advisory Services LLC acquired a new position in Boston Scientific during the fourth quarter worth $223,000. Hedge funds and other institutional investors own 89.07% of the company's stock.

Boston Scientific Stock Down 1.8%

NYSE BSX traded down $1.97 during trading hours on Tuesday, reaching $104.82. 2,468,525 shares of the company's stock traded hands, compared to its average volume of 7,651,041. Boston Scientific Corporation has a 52-week low of $73.02 and a 52-week high of $108.94. The firm has a market cap of $155.08 billion, a PE ratio of 62.37, a PEG ratio of 2.54 and a beta of 0.66. The firm has a 50-day simple moving average of $103.67 and a 200 day simple moving average of $101.98. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.45 and a quick ratio of 0.88.

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, topping analysts' consensus estimates of $0.72 by $0.03. Boston Scientific had a net margin of 13.55% and a return on equity of 19.39%. The company had revenue of $5.06 billion for the quarter, compared to the consensus estimate of $4.89 billion. During the same quarter last year, the firm posted $0.62 earnings per share. The firm's revenue was up 22.8% compared to the same quarter last year. Sell-side analysts anticipate that Boston Scientific Corporation will post 2.85 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Royal Bank Of Canada reissued an "outperform" rating on shares of Boston Scientific in a research report on Thursday, July 24th. Jefferies Financial Group reissued a "hold" rating on shares of Boston Scientific in a research report on Monday, July 21st. Wells Fargo & Company boosted their price target on Boston Scientific from $118.00 to $124.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Leerink Partners started coverage on Boston Scientific in a report on Monday, June 16th. They set an "outperform" rating and a $118.00 target price for the company. Finally, Oppenheimer increased their price objective on Boston Scientific from $110.00 to $118.00 and gave the stock a "market perform" rating in a report on Thursday, July 24th. Two investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat.com, Boston Scientific currently has an average rating of "Buy" and an average price target of $117.50.

Insider Activity

In other news, Director Edward J. Ludwig sold 4,000 shares of the company's stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $106.03, for a total transaction of $424,120.00. Following the transaction, the director owned 18,479 shares in the company, valued at $1,959,328.37. This represents a 17.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Arthur C. Butcher sold 17,313 shares of the company's stock in a transaction that occurred on Friday, August 1st. The stock was 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 owned 23,600 shares in the company, valued at approximately $2,469,268. This represents a 42.32% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 345,029 shares of company stock valued at $35,976,603. Insiders own 0.50% of the company's stock.

Boston Scientific 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.