Freemont Management S.A. Invests $1.85 Million in Boston Scientific Corporation (NYSE:BSX)

Key Points

• Freemont Management S.A. acquired a new stake in Boston Scientific Corporation, purchasing 18,300 shares valued at approximately $1.85 million during the first quarter.
• Boston Scientific reported a better-than-expected quarterly performance with an EPS of $0.75, surpassing estimates, and revenue of $5.06 billion, a 22.8% increase from the previous year.
• Several analysts have raised their price targets for Boston Scientific, with targets now ranging from $118.00 to $125.00, indicating positive market sentiment towards the stock.

Freemont Management S.A. bought a new position in shares of Boston Scientific Corporation (NYSE:BSX - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 18,300 shares of the medical equipment provider's stock, valued at approximately $1,846,000.

Several other hedge funds have also modified their holdings of the company. HM Payson & Co. grew its stake in shares of Boston Scientific by 1.4% in the 1st quarter. HM Payson & Co. now owns 6,875 shares of the medical equipment provider's stock valued at $694,000 after buying an additional 98 shares during the period. Baldwin Investment Management LLC boosted its position in Boston Scientific by 1.2% in the 4th quarter. Baldwin Investment Management LLC now owns 8,740 shares of the medical equipment provider's stock valued at $781,000 after buying an additional 102 shares during the period. Park Square Financial Group LLC boosted its position in Boston Scientific by 5.2% in the 1st quarter. Park Square Financial Group LLC now owns 2,066 shares of the medical equipment provider's stock valued at $208,000 after buying an additional 103 shares during the period. Evergreen Capital Management LLC boosted its position in Boston Scientific by 1.7% in the 4th quarter. Evergreen Capital Management LLC now owns 6,331 shares of the medical equipment provider's stock valued at $565,000 after buying an additional 106 shares during the period. Finally, Forum Financial Management LP boosted its position in Boston Scientific by 0.8% in the 1st quarter. Forum Financial Management LP now owns 13,448 shares of the medical equipment provider's stock valued at $1,357,000 after buying an additional 112 shares during the period. 89.07% of the stock is owned by hedge funds and other institutional investors.

Boston Scientific Price Performance

BSX stock traded down $0.14 during trading on Friday, reaching $106.07. 5,875,124 shares of the company were exchanged, compared to its average volume of 7,847,640. The company has a market cap of $156.92 billion, a P/E ratio of 63.14, a PEG ratio of 2.67 and a beta of 0.68. Boston Scientific Corporation has a 52-week low of $71.88 and a 52-week high of $108.94. The stock's 50 day moving average price is $103.58 and its 200 day moving average price is $101.55. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.88 and a current ratio of 1.45.

Boston Scientific (NYSE:BSX - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The medical equipment provider reported $0.75 EPS for the quarter, topping analysts' consensus estimates of $0.72 by $0.03. The firm had revenue of $5.06 billion for the quarter, compared to the consensus estimate of $4.89 billion. Boston Scientific had a net margin of 13.55% and a return on equity of 19.39%. The firm'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. As a group, analysts predict that Boston Scientific Corporation will post 2.85 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

BSX has been the subject of several recent research reports. Oppenheimer raised their price target on shares of Boston Scientific from $110.00 to $118.00 and gave the company a "market perform" rating in a research report on Thursday. Jefferies Financial Group reaffirmed a "hold" rating on shares of Boston Scientific in a research report on Monday, July 21st. UBS Group lifted their price objective on shares of Boston Scientific from $130.00 to $135.00 and gave the stock a "buy" rating in a research report on Thursday. Evercore ISI lifted their price objective on shares of Boston Scientific from $110.00 to $112.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. Finally, Wall Street Zen raised shares of Boston Scientific from a "hold" rating to a "buy" rating in a research report on Tuesday, April 29th. Two equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $117.50.

Insider Buying and Selling at Boston Scientific

In related news, CEO Michael F. Mahoney sold 164,443 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $103.69, for a total transaction of $17,051,094.67. Following the transaction, the chief executive officer owned 1,476,882 shares of the company's stock, valued at approximately $153,137,894.58. This represents a 10.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Joseph Michael Fitzgerald sold 50,000 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $106.97, for a total transaction of $5,348,500.00. Following the transaction, the executive vice president directly owned 178,342 shares in the company, valued at approximately $19,077,243.74. This represents a 21.90% decrease in their position. The disclosure for this sale can be found here. Insiders sold 457,144 shares of company stock worth $47,296,288 over the last ninety days. 0.50% of the stock is currently owned by company insiders.

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.