Pekin Hardy Strauss Inc. Acquires 56,566 Shares of Boston Scientific Corporation $BSX

Key Points

• Pekin Hardy Strauss increased its Boston Scientific stake by 59.6% in the third quarter, buying 56,566 shares to hold 151,492 shares valued at about $6.6 million.
• Institutional investors own 89.07% of Boston Scientific shares; several major firms, including BlackRock and Primecap, reported new positions.
• Boston Scientific matched quarterly earnings expectations at $0.73 per share and beat revenue forecasts with $5.14 billion, up 1.4% year over year. Analysts’ consensus rating is “Moderate Buy,” with a $61.43 average price target.

Pekin Hardy Strauss Inc. boosted its holdings in shares of Boston Scientific Corporation (NYSE:BSX - Free Report) by 59.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 151,492 shares of the medical equipment provider's stock after purchasing an additional 56,566 shares during the period. Pekin Hardy Strauss Inc.'s holdings in Boston Scientific were worth $6,613,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of BSX. BlackRock Inc. acquired a new stake in shares of Boston Scientific in the second quarter valued at $5,534,781,000. Primecap Management Co. CA bought a new position in shares of Boston Scientific in the second quarter valued at about $2,156,233,000. Jupiter Topco LLC acquired a new position in Boston Scientific during the 2nd quarter worth about $803,357,000. Bank of America Corp DE acquired a new position in Boston Scientific during the 2nd quarter worth about $556,026,000. Finally, Legal & General Group Plc bought a new stake in Boston Scientific during the 2nd quarter worth about $431,890,000. Institutional investors own 89.07% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Evercore lowered their price objective on shares of Boston Scientific from $65.00 to $52.00 and set an "outperform" rating for the company in a research report on Wednesday, October 7th. Piper Sandler reduced their target price on shares of Boston Scientific from $65.00 to $60.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 29th. Wall Street Zen cut shares of Boston Scientific from a "buy" rating to a "hold" rating in a research note on Sunday, August 2nd. UBS Group decreased their price target on shares of Boston Scientific from $67.00 to $57.00 and set a "buy" rating on the stock in a research note on Thursday, October 29th. Finally, Argus lowered shares of Boston Scientific from a "buy" rating to a "hold" rating in a report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $61.43.

Boston Scientific Price Performance

Boston Scientific stock opened at $44.60 on Friday. The business's 50-day simple moving average is $44.40 and its 200 day simple moving average is $55.94. The company has a quick ratio of 0.74, a current ratio of 1.36 and a debt-to-equity ratio of 0.42. The stock has a market cap of $64.65 billion, a price-to-earnings ratio of 18.90, a P/E/G ratio of 1.36 and a beta of 0.60. Boston Scientific Corporation has a 12-month low of $39.57 and a 12-month high of $105.65.

Boston Scientific (NYSE:BSX - Get Free Report) last announced its quarterly earnings data on Wednesday, October 28th. The medical equipment provider reported $0.73 earnings per share for the quarter, hitting the consensus estimate of $0.73. Boston Scientific had a return on equity of 18.61% and a net margin of 16.62%. The firm had revenue of $5.14 billion during the quarter, compared to analysts' expectations of $5.09 billion. During the same period in the previous year, the business posted $0.75 EPS. The company's quarterly revenue was up 1.4% compared to the same quarter last year. As a group, research analysts anticipate that Boston Scientific Corporation will post 3.17 earnings per share for the current year.

About Boston Scientific

Boston Scientific Corporation is a medical technology company that develops, manufactures and markets devices used to diagnose and treat a broad range of complex medical conditions. Founded in 1979 and headquartered in Marlborough, Massachusetts, the company serves healthcare providers and patients worldwide.

Its products support minimally invasive procedures in areas including interventional cardiology, peripheral interventions, electrophysiology, endoscopy, urology and neuromodulation.

Want to see what other hedge funds are holding BSX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Boston Scientific Corporation (NYSE:BSX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.