Boston Scientific Corporation (NYSE:BSX) Shares Sold by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp reduced its stake in Boston Scientific Corporation by 19.1%, selling 182,036 shares and retaining 771,339 shares valued at approximately $77.8 million.
• Boston Scientific reported a 22.8% year-over-year increase in quarterly revenue, totaling $5.06 billion, with earnings per share surpassing analyst expectations at $0.75.
• Analysts are optimistic about Boston Scientific, with a consensus rating of "Buy" and an average price target of $117.50, with some firms projecting prices as high as $124.00.

Mackenzie Financial Corp lessened its stake in shares of Boston Scientific Corporation (NYSE:BSX - Free Report) by 19.1% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 771,339 shares of the medical equipment provider's stock after selling 182,036 shares during the period. Mackenzie Financial Corp owned approximately 0.05% of Boston Scientific worth $77,813,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BSX. Brighton Jones LLC raised its position in Boston Scientific by 0.8% in the 4th quarter. Brighton Jones LLC now owns 27,376 shares of the medical equipment provider's stock worth $2,445,000 after purchasing an additional 226 shares during the period. Bank Pictet & Cie Europe AG raised its position in Boston Scientific by 40.8% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 73,096 shares of the medical equipment provider's stock worth $6,529,000 after purchasing an additional 21,173 shares during the period. Highview Capital Management LLC DE raised its position in Boston Scientific by 6.2% in the 4th quarter. Highview Capital Management LLC DE now owns 24,507 shares of the medical equipment provider's stock worth $2,189,000 after purchasing an additional 1,439 shares during the period. Blair William & Co. IL raised its position in Boston Scientific by 12.3% in the 4th quarter. Blair William & Co. IL now owns 22,437 shares of the medical equipment provider's stock worth $2,004,000 after purchasing an additional 2,461 shares during the period. Finally, New Age Alpha Advisors LLC increased its stake in Boston Scientific by 10,685.1% in the 4th quarter. New Age Alpha Advisors LLC now owns 20,923 shares of the medical equipment provider's stock worth $1,869,000 after buying an additional 20,729 shares during the period. 89.07% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Boston Scientific

In other Boston Scientific news, EVP Joseph Michael Fitzgerald sold 50,000 shares of Boston Scientific stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $106.97, for a total transaction of $5,348,500.00. Following the sale, the executive vice president owned 178,342 shares of the company's stock, valued at $19,077,243.74. The trade was a 21.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Edward J. Ludwig sold 4,000 shares of Boston Scientific stock in a transaction on Friday, July 25th. The stock was sold at an average price of $106.03, for a total transaction of $424,120.00. Following the sale, the director directly owned 18,479 shares in the company, valued at approximately $1,959,328.37. This trade represents a 17.79% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 461,144 shares of company stock valued at $47,720,408. 0.50% of the stock is owned by insiders.

Boston Scientific Stock Performance

NYSE BSX traded up $0.22 during trading hours on Wednesday, reaching $106.69. The stock had a trading volume of 7,162,908 shares, compared to its average volume of 7,725,030. The stock has a fifty day moving average of $103.56 and a 200 day moving average of $101.69. The stock has a market cap of $157.84 billion, a P/E ratio of 63.51, a price-to-earnings-growth ratio of 2.55 and a beta of 0.68. Boston Scientific Corporation has a 52-week low of $71.88 and a 52-week high of $108.94. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.88 and a current ratio of 1.45.

Boston Scientific (NYSE:BSX - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The medical equipment provider reported $0.75 EPS for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $4.89 billion. During the same quarter in the prior year, the business earned $0.62 earnings per share. The company's revenue was up 22.8% compared to the same quarter last year. Sell-side analysts predict that Boston Scientific Corporation will post 2.85 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Oppenheimer lifted their price objective on shares of Boston Scientific from $110.00 to $118.00 and gave the company a "market perform" rating in a report on Thursday, July 24th. Jefferies Financial Group reiterated a "hold" rating on shares of Boston Scientific in a report on Monday, July 21st. Leerink Partnrs upgraded shares of Boston Scientific to a "strong-buy" rating in a report on Monday, June 16th. Barclays lifted their price objective on shares of Boston Scientific from $125.00 to $133.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Finally, Needham & Company LLC restated a "buy" rating and set a $115.00 price target on shares of Boston Scientific in a research note on Wednesday, May 28th. Two investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, Boston Scientific presently has a consensus rating of "Buy" and an average price target of $117.50.

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.