MGB Wealth Management LLC Increases Stock Position in Boston Scientific Corporation (NYSE:BSX)

Key Points

• MGB Wealth Management LLC increased its stake in Boston Scientific Corporation by 41.7% in the first quarter, acquiring a total of 10,024 shares valued at approximately $1 million.
• Insiders at Boston Scientific have sold a total of 345,029 shares worth around $36 million in the last quarter, indicating a significant reduction in their positions.
• Boston Scientific reported a 22.8% revenue increase year-over-year in its latest quarterly earnings, with a revenue of $5.06 billion and an EPS of $0.75, surpassing estimates.

MGB Wealth Management LLC lifted its holdings in shares of Boston Scientific Corporation (NYSE:BSX - Free Report) by 41.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,024 shares of the medical equipment provider's stock after acquiring an additional 2,951 shares during the quarter. MGB Wealth Management LLC's holdings in Boston Scientific were worth $1,004,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in BSX. Capital World Investors lifted its holdings 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 buying an additional 6,216,199 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its holdings in Boston Scientific by 2.5% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 22,312,967 shares of the medical equipment provider's stock worth $1,992,994,000 after buying an additional 554,388 shares in the last quarter. Northern Trust Corp lifted its holdings 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 buying an additional 2,221,790 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings 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 buying an additional 1,709,461 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Boston Scientific by 8.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,946,379 shares of the medical equipment provider's stock worth $799,092,000 after buying an additional 695,000 shares in the last quarter. Institutional investors and hedge funds own 89.07% of the company's stock.

Insiders Place Their Bets

In other Boston Scientific news, Director Edward J. Ludwig sold 4,000 shares of the stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $106.03, for a total value of $424,120.00. Following the completion of the sale, the director owned 18,479 shares in the company, valued at $1,959,328.37. This represents a 17.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Joseph Michael Fitzgerald sold 50,000 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $104.63, for a total transaction of $5,231,500.00. Following the completion of the sale, the executive vice president owned 178,342 shares of the company's stock, valued at approximately $18,659,923.46. The trade was a 21.90% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 345,029 shares of company stock worth $35,976,603 in the last quarter. Corporate insiders own 0.50% of the company's stock.

Boston Scientific Trading Down 1.9%

Shares of NYSE:BSX opened at $104.71 on Wednesday. The stock has a market capitalization of $155.15 billion, a price-to-earnings ratio of 62.33, a PEG ratio of 2.57 and a beta of 0.66. Boston Scientific Corporation has a 1-year low of $73.02 and a 1-year high of $108.94. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.88 and a current ratio of 1.37. The company has a 50 day moving average price of $103.65 and a 200 day moving average price of $102.00.

Boston Scientific (NYSE:BSX - Get Free Report) last issued 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. The business had revenue of $5.06 billion during the quarter, compared to the consensus estimate of $4.89 billion. Boston Scientific had a net margin of 13.55% and a return on equity of 19.21%. The firm's quarterly revenue was up 22.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.62 EPS. On average, research analysts anticipate that Boston Scientific Corporation will post 2.85 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have commented on BSX shares. Evercore ISI boosted their price objective 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. Morgan Stanley boosted their target price on shares of Boston Scientific from $120.00 to $125.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. Needham & Company LLC reissued a "buy" rating and issued a $115.00 target price on shares of Boston Scientific in a research report on Wednesday, May 28th. UBS Group boosted their target price on shares of Boston Scientific from $130.00 to $135.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Finally, Erste Group Bank raised shares of Boston Scientific to a "strong-buy" rating in a research report on Thursday, May 8th. Two research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price 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.

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