Boston Scientific Corporation (NYSE:BSX) Shares Sold by Ramirez Asset Management Inc.

Key Points

• Ramirez Asset Management Inc. has decreased its stake in Boston Scientific Corporation by 37.3%, selling 5,899 shares and retaining 9,936 shares worth approximately $1,002,000.
• Notable institutional investors have increased their stakes in Boston Scientific, with Capital World Investors raising its position by 28.7% and GAMMA Investing LLC boosting its position by over 11,720% in the first quarter.
• Boston Scientific's recent earnings report showed a significant revenue increase of 22.8% year-over-year, reporting $5.06 billion and exceeding analysts' expectations with an EPS of $0.75.

Ramirez Asset Management Inc. decreased its holdings in Boston Scientific Corporation (NYSE:BSX - Free Report) by 37.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,936 shares of the medical equipment provider's stock after selling 5,899 shares during the quarter. Ramirez Asset Management Inc.'s holdings in Boston Scientific were worth $1,002,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Colonial Trust Co SC boosted 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 worth $25,000 after buying an additional 260 shares during the last quarter. Investment Management Corp VA ADV purchased a new position in shares of Boston Scientific in the fourth quarter worth approximately $25,000. Sunbeam Capital Management LLC bought a new stake in Boston Scientific during the 4th quarter worth approximately $26,000. Ameriflex Group Inc. bought a new stake in Boston Scientific during the 4th quarter worth approximately $31,000. Finally, Fourth Dimension Wealth LLC bought a new stake in Boston Scientific during the 4th quarter worth approximately $36,000. Hedge funds and other institutional investors own 89.07% of the company's stock.

Insider Transactions at Boston Scientific

In related news, EVP Joseph Michael Fitzgerald sold 56,372 shares of the 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 transaction, the executive vice president directly owned 178,342 shares of the company's stock, valued at $18,347,824.96. This trade represents a 24.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP John Bradley Sorenson sold 4,572 shares of the stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $104.54, for a total transaction of $477,956.88. Following the completion of the transaction, the executive vice president directly owned 18,705 shares of the company's stock, valued at $1,955,420.70. The trade was a 19.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 461,144 shares of company stock worth $47,720,408 over the last ninety days. 0.50% of the stock is currently owned by insiders.

Boston Scientific Stock Up 0.2%

Shares of BSX stock traded up $0.22 during mid-day trading on Wednesday, hitting $106.69. 7,162,908 shares of the stock traded hands, compared to its average volume of 7,725,030. The stock has a market cap of $157.84 billion, a P/E ratio of 63.51, a P/E/G ratio of 2.55 and a beta of 0.68. The stock's fifty day moving average is $103.56 and its two-hundred day moving average is $101.69. Boston Scientific Corporation has a 52-week low of $71.88 and a 52-week high of $108.94. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.45 and a quick ratio of 0.88.

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, beating the consensus estimate of $0.72 by $0.03. The business had revenue of $5.06 billion during the quarter, compared to analyst estimates of $4.89 billion. Boston Scientific had a net margin of 13.55% and a return on equity of 19.39%. The company's quarterly revenue was up 22.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.62 earnings per share. Equities analysts predict that Boston Scientific Corporation will post 2.85 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on BSX. Wells Fargo & Company raised their target price on shares of Boston Scientific from $118.00 to $124.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Truist Financial raised their target price on shares of Boston Scientific from $120.00 to $125.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Robert W. Baird raised their target price on shares of Boston Scientific from $117.00 to $123.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Citigroup reissued 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 reissued 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 assigned a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average 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.