Plan Group Financial LLC Boosts Stake in Boston Scientific Corporation (NYSE:BSX)

Key Points

• Plan Group Financial LLC increased its stake in Boston Scientific Corporation by 70.7%, acquiring an additional 3,096 shares in Q1, bringing its total holdings to 7,475 shares worth approximately $754,000.
• Boston Scientific reported a 22.8% increase in revenue year-over-year, totaling $5.06 billion for the quarter, and exceeded EPS estimates by $0.03.
• Analysts maintain a positive outlook on Boston Scientific with a consensus rating of "Buy" and a consensus target price of $117.50, with several firms recently raising their price targets above $125.00.

Plan Group Financial LLC increased its stake in shares of Boston Scientific Corporation (NYSE:BSX - Free Report) by 70.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,475 shares of the medical equipment provider's stock after purchasing an additional 3,096 shares during the quarter. Plan Group Financial LLC's holdings in Boston Scientific were worth $754,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Brighton Jones LLC grew its holdings in Boston Scientific by 0.8% during the fourth quarter. Brighton Jones LLC now owns 27,376 shares of the medical equipment provider's stock worth $2,445,000 after acquiring an additional 226 shares during the period. Bank Pictet & Cie Europe AG raised its position in Boston Scientific by 40.8% in 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 purchasing an additional 21,173 shares during the period. Highview Capital Management LLC DE grew its stake in shares of Boston Scientific by 6.2% in the fourth quarter. Highview Capital Management LLC DE now owns 24,507 shares of the medical equipment provider's stock valued at $2,189,000 after buying an additional 1,439 shares in the last quarter. Arete Wealth Advisors LLC acquired a new position in Boston Scientific during the 4th quarter worth $308,000. Finally, Envestnet Asset Management Inc. lifted its holdings in Boston Scientific by 1.8% during the 4th quarter. Envestnet Asset Management Inc. now owns 2,441,719 shares of the medical equipment provider's stock worth $218,094,000 after buying an additional 43,992 shares during the last quarter. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Joseph Michael Fitzgerald sold 56,372 shares of Boston Scientific stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $102.88, for a total value of $5,799,551.36. Following the completion of the sale, the executive vice president directly owned 178,342 shares in the company, valued at approximately $18,347,824.96. The trade was a 24.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael F. Mahoney sold 164,443 shares of the company's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $103.69, for a total transaction of $17,051,094.67. Following the transaction, the chief executive officer owned 1,476,882 shares of the company's stock, 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 sold 345,029 shares of company stock worth $35,976,603 over the last three months. Insiders own 0.50% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on BSX shares. Robert W. Baird increased their price objective on Boston Scientific from $117.00 to $123.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Erste Group Bank raised Boston Scientific to a "strong-buy" rating in a research report on Thursday, May 8th. Leerink Partners started coverage on Boston Scientific in a research note on Monday, June 16th. They issued an "outperform" rating and a $118.00 target price for the company. Oppenheimer upped their target price on Boston Scientific from $110.00 to $118.00 and gave the stock a "market perform" rating in a research report on Thursday, July 24th. Finally, Barclays upped their price target on Boston Scientific from $125.00 to $133.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Two investment analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $117.50.

Boston Scientific Stock Performance

Shares of BSX traded down $0.06 during mid-day trading on Thursday, hitting $102.89. The stock had a trading volume of 5,405,736 shares, compared to its average volume of 7,704,204. The company's fifty day simple moving average is $103.58 and its two-hundred day simple moving average is $102.04. The company has a quick ratio of 0.88, a current ratio of 1.37 and a debt-to-equity ratio of 0.49. The company has a market cap of $152.46 billion, a PE ratio of 61.25, a PEG ratio of 2.48 and a beta of 0.66. Boston Scientific Corporation has a fifty-two week low of $74.01 and a fifty-two week high of $108.94.

Boston Scientific (NYSE:BSX - Get Free Report) last released its quarterly earnings data 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. Boston Scientific had a return on equity of 19.21% and a net margin of 13.55%. The firm had revenue of $5.06 billion during the quarter, compared to analysts' expectations of $4.89 billion. During the same quarter last year, the firm earned $0.62 earnings per share. The business's revenue for the quarter was up 22.8% on a year-over-year basis. On average, equities analysts expect that Boston Scientific Corporation will post 2.85 earnings per share for the current year.

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.