Entropy Technologies LP Purchases 7,161 Shares of Boston Scientific Corporation (NYSE:BSX)

Key Points

• Entropy Technologies LP has increased its stake in Boston Scientific Corporation by 298.3% in the first quarter, owning 9,562 shares valued at approximately $965,000.
• Institutional investors hold 89.07% of Boston Scientific's stock, with several firms, including Brighton Jones LLC and Bank Pictet & Cie Europe AG, boosting their positions.
• Boston Scientific reported a 22.8% year-over-year increase in revenue during the last quarter, achieving $5.06 billion, alongside an earnings per share of $0.75, exceeding analysts' expectations.

Entropy Technologies LP increased its position in shares of Boston Scientific Corporation (NYSE:BSX - Free Report) by 298.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,562 shares of the medical equipment provider's stock after acquiring an additional 7,161 shares during the period. Entropy Technologies LP's holdings in Boston Scientific were worth $965,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of BSX. Brighton Jones LLC raised its holdings in shares of Boston Scientific by 0.8% during the fourth quarter. Brighton Jones LLC now owns 27,376 shares of the medical equipment provider's stock worth $2,445,000 after acquiring an additional 226 shares in the last quarter. Bank Pictet & Cie Europe AG raised its holdings in shares of 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 acquiring an additional 21,173 shares in the last quarter. Highview Capital Management LLC DE raised its holdings in shares of 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 acquiring an additional 1,439 shares in the last quarter. Rockefeller Capital Management L.P. raised its holdings in shares of Boston Scientific by 7.3% during the fourth quarter. Rockefeller Capital Management L.P. now owns 148,074 shares of the medical equipment provider's stock worth $13,191,000 after acquiring an additional 10,110 shares in the last quarter. Finally, Sagespring Wealth Partners LLC bought a new position in Boston Scientific during the fourth quarter valued at about $909,000. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

Boston Scientific Stock Performance

BSX stock traded down $1.00 during trading on Friday, reaching $103.15. 5,342,171 shares of the stock were exchanged, compared to its average volume of 6,961,994. Boston Scientific Corporation has a twelve month low of $77.29 and a twelve month high of $108.94. The company has a market capitalization of $152.84 billion, a P/E ratio of 61.40, a price-to-earnings-growth ratio of 2.51 and a beta of 0.66. The stock has a 50 day simple moving average of $103.56 and a 200-day simple moving average of $102.10. The company has a current ratio of 1.37, a quick ratio of 0.82 and a debt-to-equity ratio of 0.49.

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

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Robert W. Baird boosted their price target on Boston Scientific from $117.00 to $123.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. UBS Group boosted their price target on Boston Scientific from $130.00 to $135.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Erste Group Bank raised Boston Scientific to a "strong-buy" rating in a research report on Thursday, May 8th. Leerink Partnrs raised Boston Scientific to a "strong-buy" rating in a research report on Monday, June 16th. Finally, Truist Financial boosted their price target on Boston Scientific from $120.00 to $125.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Two research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $117.50.

Insider Activity at Boston Scientific

In other Boston Scientific news, EVP Joseph Michael Fitzgerald sold 50,000 shares of Boston Scientific stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $104.63, for a total transaction of $5,231,500.00. Following the sale, the executive vice president directly owned 178,342 shares of the company's stock, valued at approximately $18,659,923.46. The trade was a 21.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Yoshiaki Fujimori sold 2,901 shares of Boston Scientific stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $106.99, for a total value of $310,377.99. Following the sale, the director directly owned 2,081 shares in the company, valued at $222,646.19. The trade was a 58.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 345,029 shares of company stock valued at $35,976,603. Corporate 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.