Premier Fund Managers Ltd Sells 24,700 Shares of Boston Scientific Corporation (NYSE:BSX)

Key Points

• Premier Fund Managers Ltd has decreased its stake in Boston Scientific Corporation by 21.6%, selling 24,700 shares and now holding 89,750 shares valued at approximately $8.9 million.
• Insider transactions showed significant sales, with Director Edward J. Ludwig selling 4,000 shares and EVP Arthur C. Butcher selling 17,314 shares, reflecting a respective 17.79% and 43.78% reduction in their holdings.
• Boston Scientific's stock has experienced a 0.3% decline, with a current market capitalization of $156.58 billion and a price-to-earnings ratio of 63.00.

Premier Fund Managers Ltd lowered its holdings in Boston Scientific Corporation (NYSE:BSX - Free Report) by 21.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 89,750 shares of the medical equipment provider's stock after selling 24,700 shares during the period. Premier Fund Managers Ltd's holdings in Boston Scientific were worth $8,916,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of BSX. Investment Management Corp VA ADV bought a new position in shares of Boston Scientific during the 4th quarter worth $25,000. Colonial Trust Co SC lifted its stake in shares of Boston Scientific by 1,625.0% during the 4th quarter. Colonial Trust Co SC now owns 276 shares of the medical equipment provider's stock valued at $25,000 after buying an additional 260 shares in the last quarter. Sunbeam Capital Management LLC purchased a new stake in shares of Boston Scientific during the 4th quarter valued at approximately $26,000. Ameriflex Group Inc. purchased a new stake in shares of Boston Scientific during the 4th quarter valued at approximately $31,000. Finally, Fourth Dimension Wealth LLC purchased a new stake in shares of Boston Scientific during the 4th quarter valued at approximately $36,000. Hedge funds and other institutional investors own 89.07% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on BSX shares. UBS Group upped their price target on shares of Boston Scientific from $130.00 to $135.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Truist Financial increased their price objective on Boston Scientific from $120.00 to $125.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Citigroup reissued a "buy" rating and set a $125.00 price objective (up previously from $119.00) on shares of Boston Scientific in a report on Thursday, May 22nd. 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 report on Thursday, July 24th. Finally, Leerink Partnrs raised Boston Scientific to a "strong-buy" rating in a report on Monday, June 16th. 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's stock. According to data from MarketBeat, Boston Scientific currently has a consensus rating of "Buy" and an average target price of $117.50.

Insiders Place Their Bets

In other Boston Scientific news, EVP Joseph Michael Fitzgerald sold 50,000 shares of Boston Scientific stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $106.97, for a total value of $5,348,500.00. Following the completion of the sale, the executive vice president owned 178,342 shares of the company's stock, valued at approximately $19,077,243.74. This trade represents a 21.90% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John Bradley Sorenson sold 4,572 shares of Boston Scientific stock in a transaction on Monday, May 5th. The stock was sold at an average price of $104.54, for a total value of $477,956.88. Following the completion of the sale, the executive vice president directly owned 18,705 shares of the company's stock, valued at approximately $1,955,420.70. The trade was a 19.64% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 464,045 shares of company stock worth $48,030,786. 0.50% of the stock is owned by corporate insiders.

Boston Scientific Trading Up 0.2%

NYSE BSX traded up $0.22 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. Boston Scientific Corporation has a 52-week low of $71.88 and a 52-week high of $108.94. The company has a current ratio of 1.45, a quick ratio of 0.88 and a debt-to-equity ratio of 0.47. The company's 50-day simple moving average is $103.56 and its 200 day simple moving average is $101.69. The firm has a market cap of $157.84 billion, a P/E ratio of 63.51, a PEG ratio of 2.55 and a beta of 0.68.

Boston Scientific (NYSE:BSX - Get Free Report) last released its earnings results on Wednesday, July 23rd. The medical equipment provider reported $0.75 EPS for the quarter, beating analysts' consensus estimates of $0.72 by $0.03. The company had revenue of $5.06 billion during the quarter, compared to analysts' expectations of $4.89 billion. Boston Scientific had a return on equity of 19.39% and a net margin of 13.55%. The firm's revenue for the quarter was up 22.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.62 EPS. Research analysts predict that Boston Scientific Corporation will post 2.85 EPS for the current fiscal 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.