Longbow Finance SA Takes Position in Boston Scientific Corporation (NYSE:BSX)

Key Points

• Longbow Finance SA acquired a new stake in Boston Scientific Corporation by purchasing 62,032 shares valued at approximately $6.26 million during Q1.
• Institutional investors and hedge funds own 89.07% of Boston Scientific's stock, indicating significant institutional support.
• Wall Street analysts have raised their price targets for Boston Scientific, with ratings moving to a consensus average price target of $117.50 and largely positive outlooks on the stock.

Longbow Finance SA bought a new position in shares of Boston Scientific Corporation (NYSE:BSX - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 62,032 shares of the medical equipment provider's stock, valued at approximately $6,258,000.

Several other institutional investors have also recently made changes to their positions in BSX. Wellington Management Group LLP increased its holdings in Boston Scientific by 10.2% in the fourth quarter. Wellington Management Group LLP now owns 36,165,399 shares of the medical equipment provider's stock valued at $3,230,293,000 after buying an additional 3,344,571 shares in the last quarter. Geode Capital Management LLC increased its holdings in Boston Scientific by 3.5% in the fourth quarter. Geode Capital Management LLC now owns 30,626,170 shares of the medical equipment provider's stock valued at $2,729,371,000 after buying an additional 1,041,329 shares in the last quarter. Capital World Investors increased its holdings in Boston Scientific by 28.7% in the fourth quarter. Capital World Investors now owns 27,899,903 shares of the medical equipment provider's stock valued at $2,492,041,000 after buying an additional 6,216,199 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its holdings in Boston Scientific by 2.5% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 22,312,967 shares of the medical equipment provider's stock valued at $1,992,994,000 after buying an additional 554,388 shares in the last quarter. Finally, Norges Bank purchased a new position in Boston Scientific in the fourth quarter valued at $1,762,522,000. Hedge funds and other institutional investors own 89.07% of the company's stock.

Boston Scientific Stock Performance

NYSE:BSX traded down $0.14 during trading hours on Friday, reaching $106.07. 5,875,124 shares of the company's stock were exchanged, compared to its average volume of 7,847,640. The firm has a market capitalization of $156.92 billion, a price-to-earnings ratio of 63.14, a P/E/G ratio of 2.67 and a beta of 0.68. The company has a 50-day moving average of $103.58 and a 200 day moving average of $101.55. The company has a quick ratio of 0.88, a current ratio of 1.45 and a debt-to-equity ratio of 0.47. Boston Scientific Corporation has a 1-year low of $71.88 and a 1-year high of $108.94.

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 analysts' consensus estimates of $0.72 by $0.03. The firm had revenue of $5.06 billion during 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 19.39%. Boston Scientific's quarterly revenue was up 22.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.62 EPS. Research analysts anticipate that Boston Scientific Corporation will post 2.85 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on BSX. Morgan Stanley lifted their target price on shares of Boston Scientific from $120.00 to $125.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. Evercore ISI lifted their target price on shares of Boston Scientific from $110.00 to $112.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. Barclays lifted their target price on shares of Boston Scientific from $125.00 to $133.00 and gave the company an "overweight" rating in a research report on Thursday. Wells Fargo & Company lifted their target price on shares of Boston Scientific from $118.00 to $124.00 and gave the company an "overweight" rating in a research report on Thursday. Finally, Royal Bank Of Canada lifted their target price on shares of Boston Scientific from $116.00 to $120.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. Two investment 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 stock. According to MarketBeat, Boston Scientific has a consensus rating of "Buy" and an average target price of $117.50.

Insider Activity

In other news, EVP Joseph Michael Fitzgerald sold 50,000 shares of the firm's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $106.97, for a total value of $5,348,500.00. Following the completion of the sale, the executive vice president owned 178,342 shares in the company, valued at approximately $19,077,243.74. This trade represents a 21.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Arthur C. Butcher sold 17,314 shares of the firm's stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $102.06, for a total transaction of $1,767,066.84. Following the completion of the sale, the executive vice president owned 22,235 shares of the company's stock, valued at $2,269,304.10. This trade represents a 43.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 457,144 shares of company stock worth $47,296,288 over the last quarter. 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.