iA Global Asset Management Inc. Sells 17,636 Shares of Boston Scientific Corporation (NYSE:BSX)

Key Points

• iA Global Asset Management Inc. reduced its stake in Boston Scientific Corporation by 9.8% during the first quarter, owning 162,731 shares worth approximately $16.4 million after the sale.
• CEO Michael F. Mahoney sold 164,443 shares at an average price of $103.69, decreasing his ownership by 10.02% to approximately 1.48 million shares.
• Boston Scientific reported a 22.8% year-over-year increase in revenue, with earnings per share of $0.75, exceeding analyst expectations.

iA Global Asset Management Inc. trimmed its holdings in shares of Boston Scientific Corporation (NYSE:BSX - Free Report) by 9.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 162,731 shares of the medical equipment provider's stock after selling 17,636 shares during the period. iA Global Asset Management Inc.'s holdings in Boston Scientific were worth $16,416,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Colonial Trust Co SC boosted 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 worth $25,000 after purchasing an additional 260 shares during the period. Investment Management Corp VA ADV bought a new position in Boston Scientific during the 4th quarter valued at approximately $25,000. Sunbeam Capital Management LLC purchased a new stake in Boston Scientific in the 4th quarter worth approximately $26,000. Ameriflex Group Inc. purchased a new stake in Boston Scientific in the 4th quarter worth approximately $31,000. Finally, Fourth Dimension Wealth LLC bought a new stake in shares of Boston Scientific in the 4th quarter worth approximately $36,000. 89.07% of the stock is owned by institutional investors.

Boston Scientific Stock Performance

NYSE BSX traded down $0.06 during trading hours on Thursday, hitting $102.89. 5,405,736 shares of the company's stock traded hands, compared to its average volume of 7,704,204. Boston Scientific Corporation has a 52 week low of $74.01 and a 52 week high of $108.94. The firm has a market capitalization of $152.46 billion, a P/E ratio of 61.25, a P/E/G ratio of 2.48 and a beta of 0.66. The company has a current ratio of 1.37, a quick ratio of 0.88 and a debt-to-equity ratio of 0.49. The business's fifty day moving average price is $103.58 and its two-hundred day moving average price is $102.04.

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

Insider Buying and Selling at Boston Scientific

In related news, EVP Arthur C. Butcher sold 17,313 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $104.63, for a total value 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 approximately $2,469,268. This represents a 42.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Yoshiaki Fujimori sold 2,901 shares of Boston Scientific stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $106.99, for a total transaction of $310,377.99. Following the transaction, the director directly owned 2,081 shares in the company, valued at $222,646.19. This represents a 58.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 345,029 shares of company stock valued at $35,976,603 in the last ninety days. 0.50% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on BSX. Citigroup restated a "buy" rating and set a $125.00 target price (up previously from $119.00) on shares of Boston Scientific in a report on Thursday, May 22nd. Wall Street Zen upgraded shares of Boston Scientific from a "hold" rating to a "buy" rating in a report on Tuesday, April 29th. BTIG Research reaffirmed a "buy" rating and issued a $124.00 target price on shares of Boston Scientific in a research report on Wednesday, April 23rd. Truist Financial boosted their price target on shares of Boston Scientific from $120.00 to $125.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Finally, Jefferies Financial Group reissued a "hold" rating on shares of Boston Scientific in a research note on Monday, July 21st. Two 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. Based on data from MarketBeat, Boston Scientific has a consensus rating of "Buy" and a consensus price target of $117.50.

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.