Resona Asset Management Co. Ltd. Buys 34,240 Shares of Boston Scientific Corporation (NYSE:BSX)

Key Points

• Resona Asset Management Co. Ltd. has increased its stake in Boston Scientific Corporation by 7.9% during the first quarter, now owning a total of 469,178 shares valued at approximately $47.2 million.
• Despite a 0.4% decline in stock price, Boston Scientific reported a strong quarterly performance, with earnings per share of $0.75 and revenue of $5.06 billion, exceeding analysts' expectations.
• Recent analyst ratings have been positive, with target prices raised, including Citigroup's adjustment to $125.00 and a majority of analysts maintaining a buy rating on Boston Scientific stock.

Resona Asset Management Co. Ltd. lifted its holdings in Boston Scientific Corporation (NYSE:BSX - Free Report) by 7.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 469,178 shares of the medical equipment provider's stock after purchasing an additional 34,240 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Boston Scientific were worth $47,224,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Brighton Jones LLC lifted its position in Boston Scientific by 0.8% during the 4th quarter. Brighton Jones LLC now owns 27,376 shares of the medical equipment provider's stock worth $2,445,000 after acquiring an additional 226 shares during the last quarter. Bank Pictet & Cie Europe AG raised its position in shares of Boston Scientific by 40.8% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 73,096 shares of the medical equipment provider's stock valued at $6,529,000 after buying an additional 21,173 shares during the last quarter. Highview Capital Management LLC DE raised its position in shares of Boston Scientific by 6.2% during the fourth quarter. Highview Capital Management LLC DE now owns 24,507 shares of the medical equipment provider's stock valued at $2,189,000 after buying an additional 1,439 shares during the last quarter. Rockefeller Capital Management L.P. raised its position in shares of Boston Scientific by 7.3% during the fourth quarter. Rockefeller Capital Management L.P. now owns 148,074 shares of the medical equipment provider's stock valued at $13,191,000 after buying an additional 10,110 shares during the last quarter. Finally, Sagespring Wealth Partners LLC acquired a new position in shares of Boston Scientific during the fourth quarter valued at about $909,000. Institutional investors and hedge funds own 89.07% of the company's stock.

Insiders Place Their Bets

In related news, Director Yoshiaki Fujimori sold 2,901 shares of the firm's stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $106.99, for a total value of $310,377.99. Following the completion of the transaction, the director owned 2,081 shares of the company's stock, valued at approximately $222,646.19. This trade represents a 58.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael F. Mahoney sold 164,443 shares of the firm's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $103.69, for a total transaction of $17,051,094.67. Following the completion of the transaction, the chief executive officer directly owned 1,476,882 shares of the company's stock, valued at approximately $153,137,894.58. This trade represents a 10.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 345,029 shares of company stock valued at $35,976,603 in the last quarter. Company insiders own 0.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on BSX shares. Royal Bank Of Canada reissued an "outperform" rating on shares of Boston Scientific in a research note on Thursday, July 24th. Morgan Stanley upped their price objective on shares of Boston Scientific from $120.00 to $125.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. Needham & Company LLC reissued a "buy" rating and set a $115.00 price target on shares of Boston Scientific in a research note on Wednesday, May 28th. UBS Group increased 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. Finally, Robert W. Baird increased their price target on shares of Boston Scientific from $117.00 to $123.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. Two research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $117.50.

Boston Scientific Trading Down 1.0%

BSX traded down $1.00 during mid-day trading on Friday, hitting $103.15. The stock had a trading volume of 5,342,171 shares, compared to its average volume of 6,961,994. The stock's fifty day simple moving average is $103.56 and its 200-day simple moving average is $102.10. 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 Corporation has a 1-year low of $77.29 and a 1-year high of $108.94. The firm has a market capitalization of $152.84 billion, a price-to-earnings ratio of 61.40, a price-to-earnings-growth ratio of 2.51 and a beta of 0.66.

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

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.