Goldman Sachs Group Inc. Increases Stock Holdings in Boston Scientific Corporation (NYSE:BSX)

Key Points

• Goldman Sachs Group Inc. increased its holdings in Boston Scientific Corporation by 10.8%, now owning approximately 14.1 million shares valued at around $1.43 billion.
• Recent analyst reports have been favorable for Boston Scientific, with firms like Erste Group Bank upgrading the stock to a "strong-buy" and multiple analysts raising their price targets, reflecting a positive sentiment in the market.
• Insider selling activity includes significant transactions by executives, with EVP Joseph Michael Fitzgerald and CEO Michael F. Mahoney reducing their stakes, which has caused some speculation regarding the company's future performance.

Goldman Sachs Group Inc. lifted its position in Boston Scientific Corporation (NYSE:BSX - Free Report) by 10.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 14,143,332 shares of the medical equipment provider's stock after purchasing an additional 1,383,524 shares during the quarter. Goldman Sachs Group Inc. owned about 0.96% of Boston Scientific worth $1,426,779,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of BSX. HM Payson & Co. lifted its position in Boston Scientific by 1.4% in the first 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 last quarter. Baldwin Investment Management LLC lifted its position in shares of Boston Scientific by 1.2% during the fourth quarter. Baldwin Investment Management LLC now owns 8,740 shares of the medical equipment provider's stock worth $781,000 after purchasing an additional 102 shares in the last quarter. Park Square Financial Group LLC lifted its position in shares of Boston Scientific by 5.2% during the first quarter. Park Square Financial Group LLC now owns 2,066 shares of the medical equipment provider's stock worth $208,000 after purchasing an additional 103 shares in the last quarter. HHM Wealth Advisors LLC lifted its position in shares of Boston Scientific by 13.2% during the first quarter. HHM Wealth Advisors LLC now owns 881 shares of the medical equipment provider's stock worth $89,000 after purchasing an additional 103 shares in the last quarter. Finally, Evergreen Capital Management LLC increased its stake in shares of Boston Scientific by 1.7% during the fourth quarter. Evergreen Capital Management LLC now owns 6,331 shares of the medical equipment provider's stock worth $565,000 after buying an additional 106 shares during the period. Hedge funds and other institutional investors own 89.07% of the company's stock.

Analyst Ratings Changes

BSX has been the topic of a number of recent research reports. Erste Group Bank upgraded shares of Boston Scientific to a "strong-buy" rating in a research note on Thursday, May 8th. Evercore ISI increased their price target on Boston Scientific from $110.00 to $112.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. Citigroup reaffirmed a "buy" rating and set a $125.00 price target (up from $119.00) on shares of Boston Scientific in a report on Thursday, May 22nd. Oppenheimer increased their price target on Boston Scientific from $110.00 to $118.00 and gave the stock a "market perform" rating in a report on Thursday, July 24th. Finally, Jefferies Financial Group reaffirmed a "hold" rating on shares of Boston Scientific in a report on Monday, July 21st. Two investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $117.50.

Insider Buying and Selling

In other news, EVP Joseph Michael Fitzgerald sold 50,000 shares of Boston Scientific stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $104.63, for a total value of $5,231,500.00. Following the transaction, the executive vice president directly owned 178,342 shares of the company's stock, valued at $18,659,923.46. The trade was a 21.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Michael F. Mahoney sold 164,443 shares of Boston Scientific stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $103.69, for a total value of $17,051,094.67. Following the completion of the transaction, the chief executive officer directly owned 1,476,882 shares in the company, valued at $153,137,894.58. This represents a 10.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 345,029 shares of company stock worth $35,976,603 over the last ninety days. Insiders own 0.50% of the company's stock.

Boston Scientific Trading Down 1.9%

Boston Scientific stock opened at $104.71 on Wednesday. The stock has a market cap of $155.15 billion, a PE ratio of 62.33, a P/E/G ratio of 2.57 and a beta of 0.66. The stock has a 50-day moving average price of $103.65 and a 200 day moving average price of $102.00. Boston Scientific Corporation has a 52 week low of $73.02 and a 52 week high of $108.94. The company has a current ratio of 1.37, a quick ratio of 0.88 and a debt-to-equity ratio of 0.49.

Boston Scientific (NYSE:BSX - Get Free Report) last posted 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 during the quarter, compared to analysts' expectations of $4.89 billion. Boston Scientific had a return on equity of 19.21% and a net margin of 13.55%. The firm's quarterly revenue was up 22.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.62 EPS. Equities research analysts predict that Boston Scientific Corporation will post 2.85 earnings per share for the current fiscal year.

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.

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