PNC Financial Services Group Inc. Grows Position in Boston Scientific Corporation (NYSE:BSX)

Key Points

• PNC Financial Services Group Inc. increased its stake in Boston Scientific Corporation by 2.9%, acquiring an additional 32,087 shares, bringing their total ownership to 1,152,559 shares valued at approximately $116.27 million.
• Boston Scientific reported $0.75 EPS for the last quarter, exceeding analysts' expectations of $0.72, and showcasing a 22.8% year-over-year revenue growth with total revenue of $5.06 billion.
• Various hedge funds have adjusted their holdings in Boston Scientific, with institutional investors now owning 89.07% of the company, indicating strong market interest and confidence.

PNC Financial Services Group Inc. boosted its stake in shares of Boston Scientific Corporation (NYSE:BSX - Free Report) by 2.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,152,559 shares of the medical equipment provider's stock after acquiring an additional 32,087 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.08% of Boston Scientific worth $116,270,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of BSX. Colonial Trust Co SC raised its holdings in shares of Boston Scientific by 1,625.0% in the fourth quarter. Colonial Trust Co SC now owns 276 shares of the medical equipment provider's stock valued at $25,000 after purchasing an additional 260 shares during the last quarter. Investment Management Corp VA ADV acquired a new position in Boston Scientific in the fourth quarter valued at about $25,000. Sunbeam Capital Management LLC acquired a new position in Boston Scientific in the fourth quarter valued at about $26,000. Ameriflex Group Inc. acquired a new position in Boston Scientific during the fourth quarter worth about $31,000. Finally, Fourth Dimension Wealth LLC acquired a new position in Boston Scientific during the fourth quarter worth about $36,000. 89.07% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on BSX. UBS Group increased their target price on shares of Boston Scientific from $130.00 to $135.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Jefferies Financial Group reissued a "hold" rating on shares of Boston Scientific in a research report on Monday, July 21st. Oppenheimer increased their target price 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. Needham & Company LLC reissued a "buy" rating and set a $115.00 target price on shares of Boston Scientific in a research report on Wednesday, May 28th. Finally, Citigroup restated a "buy" rating and set a $125.00 price target (up from $119.00) on shares of Boston Scientific in a report on Thursday, May 22nd. Two investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $117.50.

Boston Scientific Stock Performance

Shares of NYSE BSX traded up $0.32 during mid-day trading on Thursday, reaching $103.27. 847,532 shares of the company's stock were exchanged, compared to its average volume of 7,628,960. The firm has a market capitalization of $153.02 billion, a price-to-earnings ratio of 61.39, a price-to-earnings-growth ratio of 2.52 and a beta of 0.66. Boston Scientific Corporation has a 52 week low of $74.01 and a 52 week high of $108.94. 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 firm has a 50-day moving average price of $103.61 and a two-hundred day moving average price of $102.01.

Boston Scientific (NYSE:BSX - Get Free Report) last announced 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. The business had revenue of $5.06 billion for the quarter, compared to analysts' expectations of $4.89 billion. Boston Scientific had a return on equity of 19.21% and a net margin of 13.55%. The firm's quarterly revenue was up 22.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.62 EPS. Analysts predict that Boston Scientific Corporation will post 2.85 EPS for the current year.

Insider Buying and Selling at Boston Scientific

In other Boston Scientific news, Director Yoshiaki Fujimori sold 2,901 shares of Boston Scientific stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $106.99, for a total transaction of $310,377.99. Following the completion of the transaction, the director 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Joseph Michael Fitzgerald sold 56,372 shares of the business's stock in a transaction dated 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 transaction, the executive vice president directly owned 178,342 shares of the company's stock, valued at $18,347,824.96. The trade was a 24.02% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 345,029 shares of company stock worth $35,976,603. 0.50% of the stock is owned by corporate insiders.

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.