Boston Scientific Corporation (NYSE:BSX) Shares Sold by Mitsubishi UFJ Trust & Banking Corp

Key Points

• Mitsubishi UFJ Trust & Banking Corp reduced its stake in Boston Scientific by 6.3%, now holding approximately 0.05% of the company, worth about $79.7 million after selling 53,248 shares.
• Several institutional investors have increased their holdings in Boston Scientific, with Capital World Investors leading the way by boosting its position by 28.7% in the fourth quarter.
• Boston Scientific reported strong earnings with an EPS of $0.75, exceeding expectations, and a 22.8% increase in quarterly revenue year-over-year.

Mitsubishi UFJ Trust & Banking Corp decreased its holdings in shares of Boston Scientific Corporation (NYSE:BSX - Free Report) by 6.3% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 790,045 shares of the medical equipment provider's stock after selling 53,248 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned approximately 0.05% of Boston Scientific worth $79,700,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Bank Pictet & Cie Europe AG lifted its holdings in Boston Scientific by 40.8% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 73,096 shares of the medical equipment provider's stock valued at $6,529,000 after acquiring an additional 21,173 shares during the period. Oppenheimer & Co. Inc. lifted its holdings in Boston Scientific by 18.8% in the first quarter. Oppenheimer & Co. Inc. now owns 39,523 shares of the medical equipment provider's stock valued at $3,987,000 after acquiring an additional 6,264 shares during the period. Segall Bryant & Hamill LLC acquired a new position in Boston Scientific in the first quarter valued at approximately $8,234,000. Blue Trust Inc. lifted its holdings in Boston Scientific by 13.0% in the first quarter. Blue Trust Inc. now owns 5,000 shares of the medical equipment provider's stock valued at $504,000 after acquiring an additional 575 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S lifted its holdings in Boston Scientific by 109.9% in the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 270,107 shares of the medical equipment provider's stock valued at $24,126,000 after acquiring an additional 141,398 shares during the period. Institutional investors and hedge funds own 89.07% of the company's stock.

Insider Buying and Selling at Boston Scientific

In related news, CEO Michael F. Mahoney sold 164,443 shares of the firm's stock in a transaction that occurred 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 transaction, the chief executive officer owned 1,476,882 shares in the company, valued at $153,137,894.58. This trade represents a 10.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Joseph Michael Fitzgerald sold 50,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $104.63, for a total value of $5,231,500.00. Following the transaction, the executive vice president owned 178,342 shares in the company, valued at $18,659,923.46. This represents a 21.90% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 345,029 shares of company stock worth $35,976,603. 0.50% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have issued reports on BSX shares. Robert W. Baird boosted their price target on Boston Scientific from $117.00 to $123.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. UBS Group upped their target price on Boston Scientific from $130.00 to $135.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Wells Fargo & Company upped their target price on Boston Scientific from $118.00 to $124.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Citigroup reaffirmed a "buy" rating and set a $125.00 target price (up from $119.00) on shares of Boston Scientific in a research note on Thursday, May 22nd. Finally, Jefferies Financial Group reiterated a "hold" rating on shares of Boston Scientific in a research report on Monday, July 21st. Two investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $117.50.

Boston Scientific Trading Down 1.8%

BSX traded down $1.91 during mid-day trading on Wednesday, hitting $102.92. 9,104,612 shares of the stock were exchanged, compared to its average volume of 7,677,072. The firm's fifty day moving average is $103.65 and its two-hundred day moving average is $102.00. Boston Scientific Corporation has a 1-year low of $73.61 and a 1-year high of $108.94. The company has a current ratio of 1.37, a quick ratio of 0.88 and a debt-to-equity ratio of 0.49. The company has a market cap of $152.50 billion, a PE ratio of 61.26, a PEG ratio of 2.57 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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.72 by $0.03. The company had revenue of $5.06 billion for the quarter, compared to analyst estimates of $4.89 billion. Boston Scientific had a return on equity of 19.21% and a net margin of 13.55%. Boston Scientific's revenue for the quarter was up 22.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.62 EPS. Equities analysts forecast that Boston Scientific Corporation will post 2.85 earnings per share for the current fiscal year.

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.