HB Wealth Management LLC Buys 8,723 Shares of Boston Scientific Corporation (NYSE:BSX)

Key Points

• HB Wealth Management LLC increased its stake in Boston Scientific Corporation by 29.0%, now holding 38,759 shares worth approximately $3.91 million.
• Boston Scientific reported $5.06 billion in revenue for its last quarter, surpassing analysts' expectations, with earnings per share of $0.75.
• Multiple brokerages have issued new price targets for Boston Scientific, with UBS Group raising its target to $135.00 and maintaining a "buy" rating.

HB Wealth Management LLC lifted its holdings in Boston Scientific Corporation (NYSE:BSX - Free Report) by 29.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,759 shares of the medical equipment provider's stock after acquiring an additional 8,723 shares during the period. HB Wealth Management LLC's holdings in Boston Scientific were worth $3,910,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Brighton Jones LLC grew its holdings in Boston Scientific by 0.8% during the 4th quarter. Brighton Jones LLC now owns 27,376 shares of the medical equipment provider's stock valued at $2,445,000 after purchasing an additional 226 shares in the last quarter. Bank Pictet & Cie Europe AG grew its holdings in Boston Scientific by 40.8% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 73,096 shares of the medical equipment provider's stock valued at $6,529,000 after purchasing an additional 21,173 shares in the last quarter. Highview Capital Management LLC DE grew its holdings in Boston Scientific by 6.2% during the 4th quarter. Highview Capital Management LLC DE now owns 24,507 shares of the medical equipment provider's stock valued at $2,189,000 after purchasing an additional 1,439 shares in the last quarter. Blair William & Co. IL grew its holdings in Boston Scientific by 12.3% during the 4th quarter. Blair William & Co. IL now owns 22,437 shares of the medical equipment provider's stock worth $2,004,000 after acquiring an additional 2,461 shares in the last quarter. Finally, New Age Alpha Advisors LLC grew its holdings in Boston Scientific by 10,685.1% during the 4th quarter. New Age Alpha Advisors LLC now owns 20,923 shares of the medical equipment provider's stock worth $1,869,000 after acquiring an additional 20,729 shares in the last quarter. Institutional investors and hedge funds own 89.07% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on BSX. Needham & Company LLC restated a "buy" rating and issued a $115.00 price target on shares of Boston Scientific in a research report on Wednesday, May 28th. UBS Group lifted their price objective on shares of Boston Scientific from $130.00 to $135.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Raymond James Financial boosted their price target on shares of Boston Scientific from $121.00 to $124.00 and gave the stock a "strong-buy" rating in a research report on Thursday, July 24th. Barclays boosted their price target on shares of Boston Scientific from $125.00 to $133.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Finally, Jefferies Financial Group restated a "hold" rating on shares of Boston Scientific in a research report on Monday, July 21st. Two 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 presently has an average rating of "Buy" and an average target price of $117.50.

Boston Scientific Price Performance

NYSE:BSX traded down $0.32 during mid-day trading on Wednesday, hitting $106.15. The company's stock had a trading volume of 4,176,057 shares, compared to its average volume of 7,701,936. Boston Scientific Corporation has a fifty-two week low of $71.88 and a fifty-two week high of $108.94. The company has a current ratio of 1.45, a quick ratio of 0.88 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $157.04 billion, a price-to-earnings ratio of 63.15, a P/E/G ratio of 2.55 and a beta of 0.68. The stock has a fifty day moving average of $103.56 and a 200-day moving average of $101.69.

Boston Scientific (NYSE:BSX - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The medical equipment provider reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.03. Boston Scientific had a net margin of 13.55% and a return on equity of 19.39%. The firm had revenue of $5.06 billion during the quarter, compared to analyst estimates of $4.89 billion. During the same quarter in the prior year, the business posted $0.62 earnings per share. The company's quarterly revenue was up 22.8% compared to the same quarter last year. As a group, equities analysts forecast that Boston Scientific Corporation will post 2.85 EPS for the current fiscal year.

Insider Transactions at Boston Scientific

In related news, Director Edward J. Ludwig sold 4,000 shares of the stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $106.03, for a total value of $424,120.00. Following the completion of the transaction, the director owned 18,479 shares of the company's stock, valued at $1,959,328.37. This represents a 17.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael F. Mahoney sold 164,443 shares of the stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $103.69, for a total transaction of $17,051,094.67. Following the completion of the transaction, the chief executive officer directly owned 1,476,882 shares of the company's stock, valued at $153,137,894.58. This trade represents a 10.02% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 461,144 shares of company stock valued at $47,720,408. Corporate insiders own 0.50% of the company's stock.

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.