Picton Mahoney Asset Management Acquires 13,344 Shares of Boston Scientific Corporation (NYSE:BSX)

Key Points

• Picton Mahoney Asset Management increased its holdings in Boston Scientific Corporation (NYSE:BSX) by 4.7% during the first quarter, owning 294,465 shares valued at approximately $29.7 million.
• Other institutional investors, including Capital World Investors and GAMMA Investing LLC, also significantly raised their stakes in Boston Scientific, reflecting strong institutional interest with 89.07% of the company's stock now held by institutional investors.
• The company reported a 22.8% year-over-year revenue increase to $5.06 billion for the last quarter and surpassed earnings expectations with $0.75 earnings per share.

Picton Mahoney Asset Management lifted its holdings in Boston Scientific Corporation (NYSE:BSX - Free Report) by 4.7% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 294,465 shares of the medical equipment provider's stock after purchasing an additional 13,344 shares during the quarter. Boston Scientific accounts for approximately 0.5% of Picton Mahoney Asset Management's holdings, making the stock its 21st largest position. Picton Mahoney Asset Management's holdings in Boston Scientific were worth $29,706,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Bank Pictet & Cie Europe AG boosted its stake in Boston Scientific by 40.8% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 73,096 shares of the medical equipment provider's stock valued at $6,529,000 after buying an additional 21,173 shares in the last quarter. Oppenheimer & Co. Inc. boosted its stake in Boston Scientific by 18.8% during the first quarter. Oppenheimer & Co. Inc. now owns 39,523 shares of the medical equipment provider's stock valued at $3,987,000 after buying an additional 6,264 shares in the last quarter. Segall Bryant & Hamill LLC bought a new position in Boston Scientific during the first quarter valued at about $8,234,000. Blue Trust Inc. boosted its stake in Boston Scientific by 13.0% during the first quarter. Blue Trust Inc. now owns 5,000 shares of the medical equipment provider's stock valued at $504,000 after buying an additional 575 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S boosted its stake in Boston Scientific by 109.9% during the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 270,107 shares of the medical equipment provider's stock valued at $24,126,000 after buying an additional 141,398 shares in the last quarter. Institutional investors own 89.07% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on BSX shares. Robert W. Baird raised their target price on Boston Scientific from $117.00 to $123.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. Needham & Company LLC reaffirmed a "buy" rating and set a $115.00 target price on shares of Boston Scientific in a report on Wednesday, May 28th. BTIG Research reissued a "buy" rating and issued a $124.00 price objective on shares of Boston Scientific in a research note on Wednesday, April 23rd. Jefferies Financial Group reissued a "hold" rating on shares of Boston Scientific in a research note on Monday, July 21st. Finally, UBS Group upped their target price on Boston Scientific from $130.00 to $135.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Two analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $117.50.

Insider Activity

In related news, EVP Joseph Michael Fitzgerald sold 56,372 shares of the firm's stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $102.88, for a total value of $5,799,551.36. Following the completion of the transaction, the executive vice president directly owned 178,342 shares of the company's stock, valued at $18,347,824.96. This trade represents a 24.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael F. Mahoney sold 164,443 shares of the business's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $103.69, for a total transaction of $17,051,094.67. Following the completion of the sale, the chief executive officer directly owned 1,476,882 shares in the company, valued at $153,137,894.58. This trade represents a 10.02% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 461,144 shares of company stock valued at $47,720,408. Corporate insiders own 0.50% of the company's stock.

Boston Scientific Stock Performance

Shares of BSX traded up $0.22 during mid-day trading on Wednesday, hitting $106.69. The company's stock had a trading volume of 7,162,908 shares, compared to its average volume of 7,725,030. The stock's 50-day moving average is $103.56 and its two-hundred day moving average is $101.69. The firm has a market capitalization of $157.84 billion, a PE ratio of 63.51, a price-to-earnings-growth ratio of 2.55 and a beta of 0.68. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.88 and a current ratio of 1.45. Boston Scientific Corporation has a one year low of $71.88 and a one year high of $108.94.

Boston Scientific (NYSE:BSX - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The medical equipment provider reported $0.75 earnings per share for the quarter, beating analysts' consensus estimates of $0.72 by $0.03. Boston Scientific had a net margin of 13.55% and a return on equity of 19.39%. The firm had revenue of $5.06 billion during the quarter, compared to the consensus estimate of $4.89 billion. During the same period in the prior year, the firm earned $0.62 EPS. The business's revenue was up 22.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Boston Scientific Corporation will post 2.85 EPS for the current year.

Boston Scientific Company 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.