Boston Scientific Corporation (NYSE:BSX) Shares Sold by L & S Advisors Inc

Key Points

• L & S Advisors Inc reduced its stake in Boston Scientific Corporation by 35.6% in Q1, selling 35,145 shares and holding 63,565 shares valued at $6,412,000.
• Other institutional investors have also made significant changes to their holdings, including Bank Pictet & Cie Europe AG increasing its position by 40.8%.
• Boston Scientific reported revenues of $5.06 billion for the last quarter, surpassing analysts' expectations of $4.89 billion, with a net margin of 13.55%.

L & S Advisors Inc lessened its holdings in shares of Boston Scientific Corporation (NYSE:BSX - Free Report) by 35.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 63,565 shares of the medical equipment provider's stock after selling 35,145 shares during the period. L & S Advisors Inc's holdings in Boston Scientific were worth $6,412,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Bank Pictet & Cie Europe AG boosted its holdings in shares of 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 buying an additional 21,173 shares in the last quarter. Oppenheimer & Co. Inc. boosted its holdings in shares of Boston Scientific by 18.8% during the 1st quarter. Oppenheimer & Co. Inc. now owns 39,523 shares of the medical equipment provider's stock valued at $3,987,000 after buying an additional 6,264 shares in the last quarter. Segall Bryant & Hamill LLC bought a new position in Boston Scientific in the 1st quarter worth about $8,234,000. Blue Trust Inc. boosted its stake in Boston Scientific by 13.0% in the 1st quarter. Blue Trust Inc. now owns 5,000 shares of the medical equipment provider's stock worth $504,000 after purchasing an additional 575 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S boosted its stake in Boston Scientific by 109.9% in the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 270,107 shares of the medical equipment provider's stock worth $24,126,000 after purchasing an additional 141,398 shares in the last quarter. Institutional investors own 89.07% of the company's stock.

Boston Scientific Price Performance

BSX stock traded down $1.80 during midday trading on Tuesday, hitting $104.99. The company's stock had a trading volume of 1,048,490 shares, compared to its average volume of 7,641,387. The company has a quick ratio of 0.88, a current ratio of 1.45 and a debt-to-equity ratio of 0.47. The company has a 50 day moving average of $103.67 and a two-hundred day moving average of $101.98. Boston Scientific Corporation has a 12 month low of $73.02 and a 12 month high of $108.94. The firm has a market capitalization of $155.33 billion, a price-to-earnings ratio of 62.56, a price-to-earnings-growth ratio of 2.54 and a beta of 0.66.

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

Analysts Set New Price Targets

BSX has been the topic of a number of analyst reports. Wells Fargo & Company upped their price target on shares of Boston Scientific from $118.00 to $124.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Citigroup reissued a "buy" rating and issued a $125.00 target price (up previously from $119.00) on shares of Boston Scientific in a research report on Thursday, May 22nd. Leerink Partners initiated coverage on Boston Scientific in a research report on Monday, June 16th. They issued an "outperform" rating and a $118.00 target price for the company. Morgan Stanley boosted their target price on Boston Scientific from $120.00 to $125.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. Finally, Jefferies Financial Group reissued a "hold" rating on shares of Boston Scientific in a research report on Monday, July 21st. Two research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $117.50.

Insider Activity at Boston Scientific

In other Boston Scientific news, Director Yoshiaki Fujimori sold 2,901 shares of the firm's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $106.99, for a total value of $310,377.99. Following the completion of the sale, the director owned 2,081 shares of the company's stock, valued at approximately $222,646.19. This trade represents a 58.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Arthur C. Butcher sold 17,313 shares of the firm's stock in a transaction dated Friday, August 1st. The stock was 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 disclosure for this sale can be found here. Insiders have sold 345,029 shares of company stock valued at $35,976,603 over the last 90 days. Company insiders own 0.50% of the company's stock.

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.