Gulf International Bank UK Ltd Decreases Stock Holdings in Boston Scientific Corporation (NYSE:BSX)

Key Points

• Gulf International Bank UK Ltd reduced its stake in Boston Scientific Corporation by 25.4%, now holding 84,902 shares worth approximately $8.56 million.
• In recent months, several institutional investors have increased or initiated positions in Boston Scientific, with ownership by institutional investors at 89.07%.
• Boston Scientific's latest earnings report revealed a 22.8% year-over-year revenue growth, with earnings per share beating estimates at $0.75 compared to a consensus of $0.72.

Gulf International Bank UK Ltd lessened its holdings in Boston Scientific Corporation (NYSE:BSX - Free Report) by 25.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 84,902 shares of the medical equipment provider's stock after selling 28,865 shares during the period. Gulf International Bank UK Ltd's holdings in Boston Scientific were worth $8,564,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Colonial Trust Co SC boosted its stake in shares of Boston Scientific by 1,625.0% in 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 during the period. Investment Management Corp VA ADV bought a new position in shares of Boston Scientific in the 4th quarter worth about $25,000. Sunbeam Capital Management LLC bought a new position in shares of Boston Scientific in the 4th quarter worth about $26,000. Y.D. More Investments Ltd acquired a new stake in shares of Boston Scientific in the 1st quarter worth about $27,000. Finally, Ameriflex Group Inc. acquired a new stake in shares of Boston Scientific in the 4th quarter worth about $31,000. Hedge funds and other institutional investors own 89.07% of the company's stock.

Insider Buying and Selling at Boston Scientific

In other Boston Scientific news, EVP Arthur C. Butcher sold 17,313 shares of Boston Scientific stock in a transaction on Friday, August 1st. The stock was sold at an average price of $104.63, for a total transaction of $1,811,459.19. Following the completion of the sale, the executive vice president directly owned 23,600 shares of the company's stock, valued at $2,469,268. The trade was a 42.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Edward J. Ludwig sold 4,000 shares of the business's stock in a transaction on Friday, July 25th. The stock was sold at an average price of $106.03, for a total value of $424,120.00. Following the completion of the transaction, the director directly owned 18,479 shares of the company's stock, valued at approximately $1,959,328.37. The trade was a 17.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 345,029 shares of company stock worth $35,976,603 over the last three months. 0.50% of the stock is owned by company insiders.

Boston Scientific Price Performance

BSX opened at $102.54 on Wednesday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.82 and a current ratio of 1.37. Boston Scientific Corporation has a 52-week low of $75.53 and a 52-week high of $108.94. The stock has a market capitalization of $151.94 billion, a PE ratio of 61.04, a price-to-earnings-growth ratio of 2.47 and a beta of 0.66. The stock's 50 day moving average price is $103.51 and its 200-day moving average price is $102.08.

Boston Scientific (NYSE:BSX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The medical equipment provider reported $0.75 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.72 by $0.03. Boston Scientific had a return on equity of 19.21% and a net margin of 13.55%. The firm had revenue of $5.06 billion for the quarter, compared to the consensus estimate of $4.89 billion. During the same period in the prior year, the company posted $0.62 earnings per share. The company's quarterly revenue was up 22.8% on a year-over-year basis. On average, equities research analysts predict that Boston Scientific Corporation will post 2.85 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Erste Group Bank upgraded shares of Boston Scientific to a "strong-buy" rating in a research report on Thursday, May 8th. Raymond James Financial upped their price objective on shares of Boston Scientific from $121.00 to $124.00 and gave the company a "strong-buy" rating in a research note on Thursday, July 24th. Morgan Stanley lifted their target price on shares of Boston Scientific from $120.00 to $125.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Jefferies Financial Group reiterated a "hold" rating on shares of Boston Scientific in a research note on Monday, July 21st. Finally, Truist Financial boosted their price objective on shares of Boston Scientific from $120.00 to $125.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Two equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, Boston Scientific currently has an average rating of "Buy" and a consensus price target of $117.50.

About Boston Scientific

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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