Pinpoint Asset Management Ltd Trims Position in Boston Scientific Corporation (NYSE:BSX)

Key Points

• Pinpoint Asset Management Ltd reduced its stake in Boston Scientific Corporation by 43.6% in the 1st quarter, now owning shares valued at $3.35 million.
• Insider transactions included CEO Michael F. Mahoney selling 164,443 shares for approximately $17 million, reducing his ownership by 10.02%.
• Boston Scientific's most recent earnings report exceeded expectations, with a quarterly revenue of $5.06 billion and an EPS of $0.75, beating estimates by $0.03.

Pinpoint Asset Management Ltd reduced its position in Boston Scientific Corporation (NYSE:BSX - Free Report) by 43.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,170 shares of the medical equipment provider's stock after selling 25,627 shares during the period. Boston Scientific makes up 0.6% of Pinpoint Asset Management Ltd's investment portfolio, making the stock its 21st largest holding. Pinpoint Asset Management Ltd's holdings in Boston Scientific were worth $3,346,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Bank Pictet & Cie Europe AG raised its holdings in shares of Boston Scientific by 40.8% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 73,096 shares of the medical equipment provider's stock worth $6,529,000 after acquiring an additional 21,173 shares during the last quarter. Oppenheimer & Co. Inc. lifted its position in Boston Scientific by 18.8% in the 1st quarter. Oppenheimer & Co. Inc. now owns 39,523 shares of the medical equipment provider's stock valued at $3,987,000 after acquiring an additional 6,264 shares in the last quarter. Segall Bryant & Hamill LLC bought a new position in Boston Scientific in the 1st quarter valued at about $8,234,000. Blue Trust Inc. lifted its position in Boston Scientific by 13.0% in the 1st quarter. Blue Trust Inc. now owns 5,000 shares of the medical equipment provider's stock valued at $504,000 after acquiring an additional 575 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S raised its position in Boston Scientific by 109.9% in the 4th 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 during the last quarter. Institutional investors and hedge funds own 89.07% of the company's stock.

Boston Scientific Price Performance

BSX stock traded up $0.26 during mid-day trading on Friday, reaching $103.22. 5,076,176 shares of the company traded hands, compared to its average volume of 7,613,214. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.37 and a quick ratio of 0.88. The company has a market capitalization of $152.95 billion, a P/E ratio of 61.44, a P/E/G ratio of 2.48 and a beta of 0.66. Boston Scientific Corporation has a 52-week low of $75.00 and a 52-week high of $108.94. The company has a fifty day moving average price of $103.54 and a 200-day moving average price of $102.05.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.72 by $0.03. The firm had revenue of $5.06 billion during the quarter, compared to the consensus estimate of $4.89 billion. Boston Scientific had a return on equity of 19.21% and a net margin of 13.55%. The company's revenue for the quarter was up 22.8% on a year-over-year basis. During the same quarter last year, the company posted $0.62 EPS. As a group, analysts anticipate that Boston Scientific Corporation will post 2.85 earnings per share for the current year.

Analyst Ratings Changes

BSX has been the subject of several recent analyst reports. Needham & Company LLC reiterated a "buy" rating and issued a $115.00 target price on shares of Boston Scientific in a research note on Wednesday, May 28th. Evercore ISI increased their price objective on shares of Boston Scientific from $110.00 to $112.00 and gave the company an "outperform" rating in a research note on Thursday, April 24th. Oppenheimer increased their price target on shares of Boston Scientific from $110.00 to $118.00 and gave the company a "market perform" rating in a research report on Thursday, July 24th. Leerink Partners initiated coverage on shares of Boston Scientific in a research report on Monday, June 16th. They set an "outperform" rating and a $118.00 price target for the company. Finally, Erste Group Bank upgraded shares of Boston Scientific to a "strong-buy" rating in a research report on Thursday, May 8th. Two equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $117.50.

Insider Buying and Selling

In other Boston Scientific news, Director Yoshiaki Fujimori sold 2,901 shares of Boston Scientific stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $106.99, for a total value of $310,377.99. Following the transaction, the director directly owned 2,081 shares of the company's stock, valued at $222,646.19. The trade was a 58.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael F. Mahoney sold 164,443 shares of Boston Scientific stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $103.69, for a total value of $17,051,094.67. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 345,029 shares of company stock worth $35,976,603 over the last ninety days. Corporate insiders own 0.50% of the company's stock.

About Boston Scientific

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.