LGT Group Foundation Acquires 183,661 Shares of Boston Scientific Corporation (NYSE:BSX)

Key Points

• LGT Group Foundation increased its stake in Boston Scientific by 143.8% in Q1, now owning 311,411 shares valued at approximately $31.42 million.
• Boston Scientific's CEO Michael F. Mahoney sold over 164,000 shares for about $17 million, resulting in a 10.02% decrease in his ownership.
• The company's recent quarterly earnings exceeded expectations, reporting $0.75 EPS and a revenue of $5.06 billion, marking a 22.8% increase from the previous year.

LGT Group Foundation boosted its stake in Boston Scientific Corporation (NYSE:BSX - Free Report) by 143.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 311,411 shares of the medical equipment provider's stock after purchasing an additional 183,661 shares during the quarter. LGT Group Foundation's holdings in Boston Scientific were worth $31,415,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of BSX. HM Payson & Co. raised its position in shares of Boston Scientific by 1.4% in the first quarter. HM Payson & Co. now owns 6,875 shares of the medical equipment provider's stock valued at $694,000 after purchasing an additional 98 shares during the period. Baldwin Investment Management LLC raised its position in shares of Boston Scientific by 1.2% in the fourth quarter. Baldwin Investment Management LLC now owns 8,740 shares of the medical equipment provider's stock valued at $781,000 after purchasing an additional 102 shares during the period. Park Square Financial Group LLC increased its holdings in Boston Scientific by 5.2% during the 1st quarter. Park Square Financial Group LLC now owns 2,066 shares of the medical equipment provider's stock worth $208,000 after acquiring an additional 103 shares during the period. HHM Wealth Advisors LLC increased its holdings in Boston Scientific by 13.2% during the 1st quarter. HHM Wealth Advisors LLC now owns 881 shares of the medical equipment provider's stock worth $89,000 after acquiring an additional 103 shares during the period. Finally, Evergreen Capital Management LLC increased its holdings in Boston Scientific by 1.7% during the 4th quarter. Evergreen Capital Management LLC now owns 6,331 shares of the medical equipment provider's stock worth $565,000 after acquiring an additional 106 shares during the period. 89.07% of the stock is currently owned by institutional investors and hedge funds.

Boston Scientific Trading Up 1.6%

NYSE:BSX traded up $1.65 during midday trading on Thursday, reaching $104.15. 7,246,071 shares of the stock traded hands, compared to its average volume of 7,074,138. The company has a fifty day moving average of $103.54 and a 200 day moving average of $102.09. Boston Scientific Corporation has a 12 month low of $76.60 and a 12 month high of $108.94. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.82 and a current ratio of 1.37. The stock has a market capitalization of $154.32 billion, a P/E ratio of 61.99, a PEG ratio of 2.47 and a beta of 0.66.

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

Wall Street Analysts Forecast Growth

BSX has been the topic of a number of analyst reports. Robert W. Baird upped their target price on shares of Boston Scientific from $117.00 to $123.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. Citigroup reaffirmed 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. Evercore ISI upped their target price on shares of Boston Scientific from $110.00 to $112.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. Raymond James Financial upped their target price on shares of Boston Scientific from $121.00 to $124.00 and gave the stock a "strong-buy" rating in a report on Thursday, July 24th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $115.00 price target on shares of Boston Scientific in a research note on Wednesday, May 28th. Two 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 stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $117.50.

Insiders Place Their Bets

In other Boston Scientific news, EVP Joseph Michael Fitzgerald sold 56,372 shares of the company's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $102.88, for a total value of $5,799,551.36. Following the completion of the transaction, the executive vice president directly owned 178,342 shares in the company, valued at approximately $18,347,824.96. This represents a 24.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael F. Mahoney sold 164,443 shares of the company's stock in a transaction on 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 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. In the last ninety days, insiders sold 345,029 shares of company stock worth $35,976,603. Company insiders own 0.50% of the company's stock.

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.