Pictet Asset Management Holding SA Sells 353,025 Shares of Boston Scientific Corporation $BSX

Key Points

• Pictet Asset Management reduced its Boston Scientific stake by 14.8%, selling 353,025 shares in the third quarter; it retained 2,040,055 shares valued at about $89.1 million.
• Boston Scientific reported quarterly EPS of $0.73, matching estimates, and revenue of $5.14 billion, above forecasts and up 1.4% year over year.
• Analysts’ average rating was “Moderate Buy”, with an average price target of $61.43; shares opened at $44.00 in the report.

Pictet Asset Management Holding SA decreased its holdings in Boston Scientific Corporation (NYSE:BSX - Free Report) by 14.8% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,040,055 shares of the medical equipment provider's stock after selling 353,025 shares during the period. Pictet Asset Management Holding SA owned approximately 0.14% of Boston Scientific worth $89,056,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Perigon Wealth Management LLC bought a new stake in shares of Boston Scientific during the 2nd quarter valued at $883,000. Y Intercept Hong Kong Ltd grew its stake in shares of Boston Scientific by 148.8% in the 2nd quarter. Y Intercept Hong Kong Ltd now owns 1,120,331 shares of the medical equipment provider's stock worth $47,816,000 after buying an additional 670,060 shares during the last quarter. Wealthfront Advisers LLC bought a new position in shares of Boston Scientific during the second quarter valued at $3,253,000. PensionDanmark Pensionsforsikringsaktieselskab boosted its stake in Boston Scientific by 9.9% in the 2nd quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 320,038 shares of the medical equipment provider's stock worth $13,659,000 after purchasing an additional 28,961 shares in the last quarter. Finally, Tocqueville Asset Management L.P. purchased a new stake in Boston Scientific during the 2nd quarter valued at about $38,539,000. Hedge funds and other institutional investors own 89.07% of the company's stock.

Boston Scientific Stock Up 2.9%

Shares of BSX opened at $44.00 on Tuesday. The business's 50 day moving average is $44.26 and its 200 day moving average is $55.46. Boston Scientific Corporation has a 12-month low of $39.57 and a 12-month high of $105.65. The company has a market capitalization of $63.78 billion, a PE ratio of 18.64, a price-to-earnings-growth ratio of 1.36 and a beta of 0.60. The company has a current ratio of 1.36, a quick ratio of 0.74 and a debt-to-equity ratio of 0.42.

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

Wall Street Analyst Weigh In

BSX has been the subject of a number of analyst reports. Truist Financial reduced their price objective on shares of Boston Scientific from $57.00 to $51.00 and set a "buy" rating for the company in a research note on Wednesday, October 14th. Rothschild & Co Redburn cut their price target on shares of Boston Scientific from $106.00 to $78.00 and set a "buy" rating on the stock in a report on Thursday, July 30th. Wall Street Zen downgraded Boston Scientific from a "buy" rating to a "hold" rating in a report on Sunday, August 2nd. Stifel Nicolaus decreased their price objective on shares of Boston Scientific from $60.00 to $55.00 and set a "buy" rating for the company in a report on Monday, October 26th. Finally, Wells Fargo & Company lowered their price objective on shares of Boston Scientific from $48.00 to $45.00 and set an "equal weight" rating on the stock in a research report on Thursday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Boston Scientific currently has an average rating of "Moderate Buy" and an average target price of $61.43.

About Boston Scientific

Boston Scientific is a medical technology company that develops, manufactures and markets devices used in minimally invasive procedures across a range of medical specialties. Founded in 1979, the company is headquartered in Marlborough, Massachusetts.

Its products support areas including cardiovascular care, endoscopy, urology and neuromodulation. They include catheter-based devices and therapies for conditions affecting the heart and blood vessels, as well as devices used in diagnostic and therapeutic procedures involving the digestive and urinary systems.

Boston Scientific serves healthcare providers and patients around the world.

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