Invesco Ltd. Raises Position in Boston Scientific Corporation (NYSE:BSX)

Key Points

• Invesco Ltd. increased its stake in Boston Scientific Corporation by 5.3%, now owning over 16.6 million shares valued at approximately $1.68 billion.
• Boston Scientific reported earnings per share of $0.75 for the latest quarter, surpassing analyst expectations and reflecting a year-over-year revenue increase of 22.8%.
• Several analysts have recently upgraded their ratings on Boston Scientific, with Wells Fargo raising its price target from $118 to $124, affirming a positive outlook on the stock.

Invesco Ltd. grew its stake in shares of Boston Scientific Corporation (NYSE:BSX - Free Report) by 5.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 16,624,940 shares of the medical equipment provider's stock after buying an additional 834,274 shares during the quarter. Invesco Ltd. owned 1.12% of Boston Scientific worth $1,677,124,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in BSX. Capital World Investors raised its position in Boston Scientific by 28.7% in the 4th quarter. Capital World Investors now owns 27,899,903 shares of the medical equipment provider's stock worth $2,492,041,000 after purchasing an additional 6,216,199 shares during the period. GAMMA Investing LLC raised its position in Boston Scientific by 11,720.3% in the 1st quarter. GAMMA Investing LLC now owns 2,577,887 shares of the medical equipment provider's stock worth $260,057,000 after purchasing an additional 2,556,078 shares during the period. Northern Trust Corp raised its position in Boston Scientific by 18.0% in the 4th quarter. Northern Trust Corp now owns 14,595,627 shares of the medical equipment provider's stock worth $1,303,681,000 after purchasing an additional 2,221,790 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Boston Scientific by 18.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,839,362 shares of the medical equipment provider's stock worth $968,172,000 after purchasing an additional 1,709,461 shares during the period. Finally, Vanguard Group Inc. raised its position in Boston Scientific by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 134,588,729 shares of the medical equipment provider's stock worth $13,577,311,000 after purchasing an additional 1,697,945 shares during the period. Hedge funds and other institutional investors own 89.07% of the company's stock.

Boston Scientific Stock Up 1.6%

NYSE:BSX traded up $1.65 during mid-day trading on Thursday, hitting $104.15. 7,246,071 shares of the company's stock were exchanged, compared to its average volume of 7,074,138. Boston Scientific Corporation has a one year low of $76.60 and a one year high of $108.94. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.37 and a quick ratio of 0.82. The business has a fifty day moving average price of $103.54 and a 200 day moving average price of $102.09. The company has a market cap of $154.32 billion, a PE ratio of 61.99, a P/E/G ratio of 2.47 and a beta of 0.66.

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 the consensus estimate of $0.72 by $0.03. Boston Scientific had a net margin of 13.55% and a return on equity of 19.21%. The business had revenue of $5.06 billion for the quarter, compared to analyst estimates of $4.89 billion. During the same quarter in the previous year, the firm posted $0.62 earnings per share. Boston Scientific's quarterly revenue was up 22.8% on a year-over-year basis. Equities analysts predict that Boston Scientific Corporation will post 2.85 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Robert W. Baird lifted their target price on shares of Boston Scientific from $117.00 to $123.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Raymond James Financial lifted their target price 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. Leerink Partnrs upgraded shares of Boston Scientific to a "strong-buy" rating in a research report on Monday, June 16th. Morgan Stanley raised their price target on shares of Boston Scientific from $120.00 to $125.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Finally, Truist Financial raised their price target on shares of Boston Scientific from $120.00 to $125.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Two equities research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $117.50.

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 dated 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 transaction, the executive vice president directly owned 23,600 shares of the company's stock, valued at approximately $2,469,268. The trade was a 42.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael F. Mahoney sold 164,443 shares of Boston Scientific 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 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 valued at $35,976,603 over the last three months. 0.50% of the stock is currently owned by corporate insiders.

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.