Generate Investment Management Ltd Reduces Position in Boston Scientific Corporation (NYSE:BSX)

Generate Investment Management Ltd cut its holdings in Boston Scientific Corporation (NYSE:BSX - Free Report) by 23.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 139,691 shares of the medical equipment provider's stock after selling 43,287 shares during the quarter. Generate Investment Management Ltd's holdings in Boston Scientific were worth $14,092,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Colonial Trust Co SC lifted its holdings in shares of Boston Scientific by 1,625.0% during the fourth quarter. Colonial Trust Co SC now owns 276 shares of the medical equipment provider's stock valued at $25,000 after purchasing an additional 260 shares in the last quarter. Investment Management Corp VA ADV bought a new stake in Boston Scientific in the 4th quarter worth about $25,000. Sunbeam Capital Management LLC purchased a new position in Boston Scientific in the 4th quarter worth about $26,000. Ameriflex Group Inc. bought a new position in Boston Scientific during the 4th quarter valued at about $31,000. Finally, Fairway Wealth LLC purchased a new stake in shares of Boston Scientific during the 4th quarter valued at about $36,000. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BSX has been the subject of several research reports. Truist Financial boosted their price objective on shares of Boston Scientific from $113.00 to $117.00 and gave the company a "buy" rating in a report on Thursday, April 24th. Erste Group Bank upgraded shares of Boston Scientific to a "strong-buy" rating in a research note on Thursday, May 8th. Leerink Partners assumed coverage on Boston Scientific in a research note on Monday, June 16th. They issued an "outperform" rating and a $118.00 price target on the stock. Leerink Partnrs upgraded Boston Scientific to a "strong-buy" rating in a research report on Monday, June 16th. Finally, Robert W. Baird raised their target price on Boston Scientific from $115.00 to $120.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. Twenty-two investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Boston Scientific presently has a consensus rating of "Buy" and an average target price of $116.09.

Boston Scientific Price Performance

NYSE:BSX traded up $0.19 on Wednesday, reaching $104.31. 5,691,604 shares of the company's stock traded hands, compared to its average volume of 6,584,490. The stock has a 50-day simple moving average of $102.14 and a 200-day simple moving average of $99.29. Boston Scientific Corporation has a 12 month low of $71.88 and a 12 month high of $107.17. The firm has a market cap of $154.32 billion, a PE ratio of 76.14, a P/E/G ratio of 2.65 and a beta of 0.68. The company has a quick ratio of 0.88, a current ratio of 1.45 and a debt-to-equity ratio of 0.47.

Boston Scientific (NYSE:BSX - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The medical equipment provider reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.08. Boston Scientific had a return on equity of 18.67% and a net margin of 11.58%. The company had revenue of $4.66 billion for the quarter, compared to the consensus estimate of $4.57 billion. During the same quarter last year, the company earned $0.56 EPS. The firm's quarterly revenue was up 20.9% on a year-over-year basis. Equities research analysts forecast that Boston Scientific Corporation will post 2.85 earnings per share for the current year.

Insider Transactions at Boston Scientific

In other news, SVP Vance R. Brown sold 4,826 shares of the company's stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $95.09, for a total transaction of $458,904.34. Following the sale, the senior vice president now directly owns 36,193 shares of the company's stock, valued at $3,441,592.37. This represents a 11.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John Bradley Sorenson sold 4,572 shares of the firm's stock in a transaction on Monday, May 5th. The shares were sold at an average price of $104.54, for a total transaction of $477,956.88. Following the completion of the transaction, the executive vice president now directly owns 18,705 shares of the company's stock, valued at approximately $1,955,420.70. This trade represents a 19.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 411,970 shares of company stock valued at $42,406,693. 0.50% of the stock is currently owned by corporate 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.