Rathbones Group PLC Lowers Stake in Boston Scientific Corporation (NYSE:BSX)

Key Points

• Rathbones Group PLC has reduced its holdings in Boston Scientific Corporation by 2.3%, owning approximately 2.34 million shares after selling 56,187 shares, which makes it the 21st largest position in their portfolio.
• Boston Scientific recently reported earnings of $0.75 EPS, exceeding estimates, with revenue of $5.06 billion, indicating a 22.8% year-over-year increase.
• Several hedge funds have increased their positions in Boston Scientific, while insider transactions revealed a significant 17.79% decrease in shares owned by a director and a 24.02% decrease by an executive VP.

Rathbones Group PLC trimmed its position in Boston Scientific Corporation (NYSE:BSX - Free Report) by 2.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,339,391 shares of the medical equipment provider's stock after selling 56,187 shares during the quarter. Boston Scientific accounts for 1.1% of Rathbones Group PLC's holdings, making the stock its 21st largest holding. Rathbones Group PLC owned 0.16% of Boston Scientific worth $235,998,000 at the end of the most recent quarter.

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

Boston Scientific Stock Performance

Shares of Boston Scientific stock traded down $1.00 on Friday, reaching $103.15. 5,342,161 shares of the company traded hands, compared to its average volume of 7,585,607. Boston Scientific Corporation has a 52 week low of $77.29 and a 52 week high of $108.94. The company has a 50 day moving average of $103.54 and a 200 day moving average of $102.09. The firm has a market capitalization of $152.84 billion, a PE ratio of 61.40, a PEG ratio of 2.47 and a beta of 0.66. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.37 and a quick ratio of 0.82.

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

Wall Street Analyst Weigh In

BSX has been the topic of a number of research reports. Barclays boosted their target price on shares of Boston Scientific from $125.00 to $133.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. BTIG Research reaffirmed a "buy" rating and set a $124.00 target price on shares of Boston Scientific in a research note on Wednesday, April 23rd. Leerink Partners initiated coverage on shares of Boston Scientific in a research note on Monday, June 16th. They set an "outperform" rating and a $118.00 target price on the stock. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Boston Scientific in a research note on Thursday, July 24th. Finally, Jefferies Financial Group restated a "hold" rating on shares of Boston Scientific in a report on Monday, July 21st. Two investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $117.50.

Insiders Place Their Bets

In other Boston Scientific news, EVP Arthur C. Butcher sold 17,313 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $104.63, for a total value of $1,811,459.19. Following the sale, the executive vice president directly owned 23,600 shares in the company, valued at $2,469,268. This represents a 42.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Edward J. Ludwig sold 4,000 shares of the stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $106.03, for a total transaction of $424,120.00. Following the completion of the sale, the director owned 18,479 shares in the company, valued at $1,959,328.37. This represents a 17.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 345,029 shares of company stock worth $35,976,603. Company insiders own 0.50% of the company's stock.

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.