Penobscot Investment Management Company Inc. Lowers Holdings in Boston Scientific Corporation $BSX

Key Points

• Penobscot Investment Management cut its Boston Scientific stake by 68.1% in the first quarter, selling 36,803 shares and ending with 17,212 shares valued at about $1.08 million.
• Several Boston Scientific insiders bought shares recently, including directors Cheryl Pegus and David C. Habiger; insiders purchased 9,800 shares worth $554,012 over the last 90 days.
• The company reported better-than-expected quarterly results, with revenue up 11.6% year over year, and its board approved a $5 billion share buyback plan.

Penobscot Investment Management Company Inc. reduced its stake in shares of Boston Scientific Corporation (NYSE:BSX - Free Report) by 68.1% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 17,212 shares of the medical equipment provider's stock after selling 36,803 shares during the period. Penobscot Investment Management Company Inc.'s holdings in Boston Scientific were worth $1,080,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of BSX. Brighton Jones LLC boosted its stake in shares of Boston Scientific by 0.8% in the fourth quarter. Brighton Jones LLC now owns 27,376 shares of the medical equipment provider's stock worth $2,445,000 after buying an additional 226 shares during the last quarter. FWL Investment Management LLC purchased a new position in Boston Scientific during the second quarter valued at approximately $26,000. Main Street Financial Solutions LLC raised its position in Boston Scientific by 35.3% during the second quarter. Main Street Financial Solutions LLC now owns 7,556 shares of the medical equipment provider's stock valued at $812,000 after acquiring an additional 1,971 shares in the last quarter. Ieq Capital LLC lifted its holdings in Boston Scientific by 97.0% in the second quarter. Ieq Capital LLC now owns 123,592 shares of the medical equipment provider's stock valued at $13,275,000 after acquiring an additional 60,860 shares during the period. Finally, HUB Investment Partners LLC boosted its position in Boston Scientific by 56.2% in the 2nd quarter. HUB Investment Partners LLC now owns 7,102 shares of the medical equipment provider's stock worth $763,000 after purchasing an additional 2,556 shares in the last quarter. Hedge funds and other institutional investors own 89.07% of the company's stock.

Insiders Place Their Bets

In related news, Director Cheryl Pegus bought 1,770 shares of the business's stock in a transaction dated Wednesday, May 20th. The stock was acquired at an average price of $56.49 per share, with a total value of $99,987.30. Following the completion of the purchase, the director directly owned 1,770 shares of the company's stock, valued at approximately $99,987.30. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director David C. Habiger purchased 2,250 shares of Boston Scientific stock in a transaction that occurred on Wednesday, May 20th. The shares were bought at an average price of $55.92 per share, with a total value of $125,820.00. Following the transaction, the director owned 13,878 shares in the company, valued at approximately $776,057.76. The trade was a 19.35% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders purchased 9,800 shares of company stock worth $554,012. Company insiders own 0.34% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Needham & Company LLC dropped their price objective on shares of Boston Scientific from $77.00 to $57.00 and set a "buy" rating on the stock in a research note on Wednesday. Citigroup decreased their target price on shares of Boston Scientific from $87.00 to $70.00 and set a "buy" rating for the company in a research note on Thursday, May 28th. Zacks Research downgraded shares of Boston Scientific from a "hold" rating to a "strong sell" rating in a report on Friday, June 5th. Weiss Ratings lowered shares of Boston Scientific from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Tuesday. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Boston Scientific in a report on Thursday, May 28th. One analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Boston Scientific has an average rating of "Moderate Buy" and a consensus target price of $81.32.

Boston Scientific Stock Down 1.2%

Boston Scientific stock opened at $44.77 on Thursday. The stock has a market capitalization of $66.54 billion, a PE ratio of 18.73, a price-to-earnings-growth ratio of 0.87 and a beta of 0.58. Boston Scientific Corporation has a 12 month low of $42.25 and a 12 month high of $109.50. The business has a 50 day simple moving average of $49.93 and a 200-day simple moving average of $68.22. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.90 and a quick ratio of 1.22.

Boston Scientific (NYSE:BSX - Get Free Report) last announced its earnings results on Wednesday, April 22nd. The medical equipment provider reported $0.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.79 by $0.01. Boston Scientific had a return on equity of 19.17% and a net margin of 17.29%.The firm had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.19 billion. During the same quarter last year, the firm posted $0.75 EPS. The business's revenue was up 11.6% on a year-over-year basis. Boston Scientific has set its Q2 2026 guidance at 0.820-0.840 EPS and its FY 2026 guidance at 3.340-3.410 EPS. On average, analysts anticipate that Boston Scientific Corporation will post 3.36 EPS for the current fiscal year.

Boston Scientific declared that its Board of Directors has approved a share repurchase plan on Monday, May 18th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the medical equipment provider to buy up to 6.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

Boston Scientific Profile

Boston Scientific Corporation NYSE: BSX is a global medical device company that develops, manufactures and markets a broad portfolio of products used in less-invasive medical procedures. Founded in 1979 by John Abele and Peter Nicholas, the company is headquartered in Marlborough, Massachusetts, and focuses on technologies that enable physicians to treat a wide range of cardiovascular, digestive, urologic, pulmonary and chronic pain conditions without open surgery.

Boston Scientific's activities span product development, clinical research, regulatory affairs and commercial sales.

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