Navellier & Associates Inc. Raises Stake in Boston Scientific Corporation (NYSE:BSX)

Key Points

• Navellier & Associates Inc. raised its stake in Boston Scientific Corporation by an impressive 1,270.5% in the first quarter, now holding 68,112 shares, valued at approximately $7.1 million.
• During the latest quarter, Boston Scientific reported $5.06 billion in revenue, exceeding analysts' expectations, with a 22.8% year-over-year growth in revenue.
• Analysts maintain a consensus rating of "Buy" for Boston Scientific, with a consensus price target of $117.50 following several upgrades from major firms.

Navellier & Associates Inc. increased its holdings in shares of Boston Scientific Corporation (NYSE:BSX - Free Report) by 1,270.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 68,112 shares of the medical equipment provider's stock after purchasing an additional 63,142 shares during the quarter. Boston Scientific makes up about 1.0% of Navellier & Associates Inc.'s investment portfolio, making the stock its 18th biggest holding. Navellier & Associates Inc.'s holdings in Boston Scientific were worth $7,100,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Colonial Trust Co SC boosted its holdings in Boston Scientific by 1,625.0% during the fourth quarter. Colonial Trust Co SC now owns 276 shares of the medical equipment provider's stock worth $25,000 after purchasing an additional 260 shares during the last quarter. Investment Management Corp VA ADV acquired a new position in Boston Scientific during the fourth quarter worth $25,000. Sunbeam Capital Management LLC acquired a new position in Boston Scientific during the fourth quarter worth $26,000. Ameriflex Group Inc. bought a new stake in Boston Scientific during the fourth quarter worth $31,000. Finally, Fourth Dimension Wealth LLC bought a new stake in Boston Scientific during the fourth quarter worth $36,000. Institutional investors and hedge funds own 89.07% of the company's stock.

Boston Scientific Stock Down 0.1%

NYSE BSX traded down $0.14 during mid-day trading on Friday, hitting $106.07. The company's stock had a trading volume of 5,875,124 shares, compared to its average volume of 7,847,640. The company has a current ratio of 1.45, a quick ratio of 0.88 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $156.92 billion, a price-to-earnings ratio of 63.14, a PEG ratio of 2.67 and a beta of 0.68. The company's 50 day simple moving average is $103.58 and its 200 day simple moving average is $101.51. Boston Scientific Corporation has a twelve month low of $71.88 and a twelve month high of $108.94.

Boston Scientific (NYSE:BSX - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The medical equipment provider reported $0.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.72 by $0.03. The firm had revenue of $5.06 billion for 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 19.39%. The business's revenue for the quarter was up 22.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.62 EPS. Analysts anticipate that Boston Scientific Corporation will post 2.85 earnings per share for the current year.

Analyst Upgrades and Downgrades

BSX has been the topic of several analyst reports. Leerink Partnrs raised shares of Boston Scientific to a "strong-buy" rating in a research report on Monday, June 16th. Erste Group Bank raised shares of Boston Scientific to a "strong-buy" rating in a research report on Thursday, May 8th. Evercore ISI upped their price target on shares of Boston Scientific from $110.00 to $112.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. BTIG Research reissued a "buy" rating and issued a $124.00 price objective on shares of Boston Scientific in a research report on Wednesday, April 23rd. Finally, Barclays increased their price objective on shares of Boston Scientific from $125.00 to $133.00 and gave the company an "overweight" rating in a research report on Thursday. Two research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Boston Scientific presently has a consensus rating of "Buy" and a consensus price target of $117.50.

Insider Activity

In related news, EVP Arthur C. Butcher sold 17,314 shares of the business's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $102.06, for a total value of $1,767,066.84. Following the transaction, the executive vice president directly owned 22,235 shares of the company's stock, valued at approximately $2,269,304.10. The trade was a 43.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Joseph Michael Fitzgerald sold 56,372 shares of the business's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $102.88, for a total transaction 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 $18,347,824.96. This trade represents a 24.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 457,144 shares of company stock valued at $47,296,288 over the last quarter. 0.50% of the stock is owned by insiders.

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.