Public Sector Pension Investment Board Sells 282,872 Shares of Boston Scientific Corporation (NYSE:BSX)

Key Points

• The Public Sector Pension Investment Board reduced its stake in Boston Scientific Corporation by 25.8%, owning $82.06 million worth of stock after selling over 280,000 shares.
• Insiders sold 345,029 shares of Boston Scientific, totaling approximately $35.98 million in the last quarter, indicating a notable decrease in their positions.
• Boston Scientific reported strong financial results with a 22.8% revenue increase year-over-year, earning $0.75 EPS, exceeding analyst expectations.

Public Sector Pension Investment Board trimmed its position in Boston Scientific Corporation (NYSE:BSX - Free Report) by 25.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 813,399 shares of the medical equipment provider's stock after selling 282,872 shares during the period. Public Sector Pension Investment Board owned approximately 0.05% of Boston Scientific worth $82,056,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Boston Scientific by 1.3% during the first quarter. Vanguard Group Inc. now owns 134,588,729 shares of the medical equipment provider's stock worth $13,577,311,000 after buying an additional 1,697,945 shares in the last quarter. Capital World Investors increased its position in shares of Boston Scientific by 28.7% in the fourth quarter. Capital World Investors now owns 27,899,903 shares of the medical equipment provider's stock valued at $2,492,041,000 after acquiring an additional 6,216,199 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its position in shares of Boston Scientific by 2.5% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 22,312,967 shares of the medical equipment provider's stock valued at $1,992,994,000 after acquiring an additional 554,388 shares during the last quarter. Invesco Ltd. increased its position in shares of Boston Scientific by 5.3% in the first quarter. Invesco Ltd. now owns 16,624,940 shares of the medical equipment provider's stock valued at $1,677,124,000 after acquiring an additional 834,274 shares during the last quarter. Finally, Northern Trust Corp increased its position in shares of Boston Scientific by 18.0% in the fourth quarter. Northern Trust Corp now owns 14,595,627 shares of the medical equipment provider's stock valued at $1,303,681,000 after acquiring an additional 2,221,790 shares during the last quarter. 89.07% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Boston Scientific

In related news, Director Yoshiaki Fujimori sold 2,901 shares of the company's stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $106.99, for a total transaction of $310,377.99. Following the completion of the sale, the director owned 2,081 shares of the company's stock, valued at $222,646.19. This represents a 58.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Arthur C. Butcher sold 17,313 shares of the company's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $104.63, for a total transaction of $1,811,459.19. Following the sale, the executive vice president directly owned 23,600 shares of the company's stock, valued at $2,469,268. This represents a 42.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 345,029 shares of company stock valued at $35,976,603 over the last three months. 0.50% of the stock is owned by insiders.

Boston Scientific Stock Performance

NYSE:BSX traded up $1.65 during mid-day trading on Thursday, reaching $104.15. 7,246,069 shares of the company's stock were exchanged, compared to its average volume of 7,600,649. Boston Scientific Corporation has a one year low of $76.60 and a one year high of $108.94. The firm has a market capitalization of $154.32 billion, a PE ratio of 61.99, a price-to-earnings-growth ratio of 2.47 and a beta of 0.66. The business's fifty day simple moving average is $103.51 and its two-hundred day simple moving average is $102.08. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.82 and a current ratio of 1.37.

Boston Scientific (NYSE:BSX - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The medical equipment provider reported $0.75 EPS for the quarter, topping analysts' consensus estimates of $0.72 by $0.03. Boston Scientific had a net margin of 13.55% and a return on equity of 19.21%. The business had revenue of $5.06 billion for the quarter, compared to analyst estimates of $4.89 billion. During the same period last year, the firm earned $0.62 earnings per share. Boston Scientific's revenue for the quarter was up 22.8% compared to the same quarter last year. Analysts anticipate that Boston Scientific Corporation will post 2.85 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

BSX has been the topic of a number of recent research reports. BTIG Research reaffirmed a "buy" rating and issued a $124.00 target price on shares of Boston Scientific in a research report on Wednesday, April 23rd. Evercore ISI lifted their target price on Boston Scientific from $110.00 to $112.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. Oppenheimer upped their target price on shares of Boston Scientific from $110.00 to $118.00 and gave the company a "market perform" rating in a report on Thursday, July 24th. Citigroup reaffirmed a "buy" rating and issued a $125.00 target price (up from $119.00) on shares of Boston Scientific in a report on Thursday, May 22nd. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Boston Scientific in a report on Thursday, July 24th. Two investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $117.50.

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.