Outfitter Financial LLC Reduces Position in Boston Scientific Corporation (NYSE:BSX)

Outfitter Financial LLC cut its holdings in shares of Boston Scientific Corporation (NYSE:BSX - Free Report) by 11.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 24,467 shares of the medical equipment provider's stock after selling 3,290 shares during the quarter. Boston Scientific makes up approximately 2.2% of Outfitter Financial LLC's portfolio, making the stock its 16th largest holding. Outfitter Financial LLC's holdings in Boston Scientific were worth $2,468,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Norges Bank bought a new position in Boston Scientific during the fourth quarter valued at approximately $1,762,522,000. Capital World Investors raised its position in shares of 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 purchasing an additional 6,216,199 shares during the last quarter. Wellington Management Group LLP raised its position in Boston Scientific by 10.2% in the 4th quarter. Wellington Management Group LLP now owns 36,165,399 shares of the medical equipment provider's stock worth $3,230,293,000 after buying an additional 3,344,571 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Boston Scientific by 11,720.3% during the 1st quarter. GAMMA Investing LLC now owns 2,577,887 shares of the medical equipment provider's stock valued at $260,057,000 after purchasing an additional 2,556,078 shares during the period. Finally, Axiom Investors LLC DE grew its stake in shares of Boston Scientific by 208.2% during the 4th quarter. Axiom Investors LLC DE now owns 3,752,430 shares of the medical equipment provider's stock valued at $335,167,000 after acquiring an additional 2,535,007 shares during the period. 89.07% of the stock is owned by hedge funds and other institutional investors.

Boston Scientific Price Performance

Shares of BSX stock traded down $0.58 during trading hours on Friday, hitting $104.08. 1,308,083 shares of the company's stock were exchanged, compared to its average volume of 6,743,555. The company has a quick ratio of 0.88, a current ratio of 1.45 and a debt-to-equity ratio of 0.47. The firm has a market cap of $153.97 billion, a P/E ratio of 75.85, a P/E/G ratio of 2.68 and a beta of 0.68. The firm has a 50 day moving average of $103.40 and a two-hundred day moving average of $100.90. Boston Scientific Corporation has a fifty-two week low of $71.88 and a fifty-two week high of $107.53.

Boston Scientific (NYSE:BSX - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The medical equipment provider reported $0.75 EPS for the quarter, beating the consensus estimate of $0.67 by $0.08. Boston Scientific had a return on equity of 18.67% and a net margin of 11.58%. The firm had revenue of $4.66 billion during the quarter, compared to the consensus estimate of $4.57 billion. During the same period in the prior year, the company earned $0.56 EPS. The firm's revenue was up 20.9% compared to the same quarter last year. Sell-side analysts forecast that Boston Scientific Corporation will post 2.85 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have weighed in on BSX shares. BTIG Research restated a "buy" rating and issued a $124.00 price target on shares of Boston Scientific in a research note on Wednesday, April 23rd. Royal Bank Of Canada lifted their price objective on Boston Scientific from $116.00 to $120.00 and gave the company an "outperform" rating in a report on Thursday, April 24th. Truist Financial lifted their price objective on Boston Scientific from $113.00 to $117.00 and gave the company a "buy" rating in a report on Thursday, April 24th. Morgan Stanley lifted their price objective on Boston Scientific from $120.00 to $125.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Finally, Leerink Partners assumed coverage on Boston Scientific in a report on Monday, June 16th. They issued an "outperform" rating and a $118.00 price objective for the company. Twenty-two investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $116.09.

Insider Transactions at Boston Scientific

In other Boston Scientific news, EVP Arthur C. Butcher sold 17,314 shares of the company's stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $102.06, for a total value of $1,767,066.84. Following the completion of the sale, the executive vice president directly owned 22,235 shares in the company, valued at $2,269,304.10. This represents a 43.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John Bradley Sorenson sold 4,572 shares of the company's stock in a transaction on Monday, May 5th. The shares were sold at an average price of $104.54, for a total value of $477,956.88. Following the completion of the sale, the executive vice president owned 18,705 shares of the company's stock, valued at approximately $1,955,420.70. The trade was a 19.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 461,970 shares of company stock worth $47,755,193 in the last quarter. 0.50% of the stock is owned by insiders.

Boston Scientific 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.

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