Robbins Farley Makes New Investment in Boston Scientific Co. (NYSE:BSX)

Robbins Farley acquired a new stake in Boston Scientific Co. (NYSE:BSX - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The firm acquired 37,080 shares of the medical equipment provider's stock, valued at approximately $3,741,000. Boston Scientific comprises 2.0% of Robbins Farley's holdings, making the stock its 23rd largest position.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in Boston Scientific in the 4th quarter worth approximately $1,762,522,000. Capital World Investors boosted its holdings in Boston Scientific by 28.7% in the 4th 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 period. Wellington Management Group LLP boosted its holdings in Boston Scientific by 10.2% in the 4th quarter. Wellington Management Group LLP now owns 36,165,399 shares of the medical equipment provider's stock valued at $3,230,293,000 after purchasing an additional 3,344,571 shares during the period. GAMMA Investing LLC boosted its holdings in Boston Scientific by 11,720.3% in the 1st quarter. GAMMA Investing LLC now owns 2,577,887 shares of the medical equipment provider's stock valued at $260,057,000 after purchasing an additional 2,556,078 shares during the period. Finally, Axiom Investors LLC DE boosted its holdings in Boston Scientific by 208.2% in the 4th quarter. Axiom Investors LLC DE now owns 3,752,430 shares of the medical equipment provider's stock valued at $335,167,000 after purchasing an additional 2,535,007 shares during the period. Hedge funds and other institutional investors own 89.07% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on BSX. BTIG Research reaffirmed a "buy" rating and set a $124.00 price objective on shares of Boston Scientific in a report on Wednesday, April 23rd. Barclays lifted their target price on shares of Boston Scientific from $118.00 to $125.00 and gave the company an "overweight" rating in a research note on Friday, April 25th. Robert W. Baird boosted their price target on Boston Scientific from $115.00 to $120.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. Citigroup reaffirmed a "buy" rating and issued a $125.00 price objective (up from $119.00) on shares of Boston Scientific in a research report on Thursday, May 22nd. Finally, Truist Financial upped their price objective on Boston Scientific from $113.00 to $117.00 and gave the stock a "buy" rating in a research note on Thursday, April 24th. Twenty-one equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $116.00.

Boston Scientific Trading Up 1.1%

Shares of NYSE:BSX traded up $1.04 during trading on Friday, reaching $99.60. 10,330,779 shares of the company were exchanged, compared to its average volume of 6,574,434. The firm has a market capitalization of $147.35 billion, a PE ratio of 79.68, a P/E/G ratio of 2.79 and a beta of 0.68. The business's fifty day simple moving average is $101.03 and its 200-day simple moving average is $98.74. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.08 and a quick ratio of 1.02. Boston Scientific Co. has a 12-month low of $71.88 and a 12-month high of $107.17.

Boston Scientific (NYSE:BSX - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The medical equipment provider reported $0.75 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.67 by $0.08. The company had revenue of $4.66 billion during the quarter, compared to the consensus estimate of $4.57 billion. Boston Scientific had a net margin of 11.07% and a return on equity of 17.80%. The firm's quarterly revenue was up 20.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.56 earnings per share. On average, research analysts anticipate that Boston Scientific Co. will post 2.85 EPS for the current year.

Insider Activity

In other news, SVP Vance R. Brown sold 4,826 shares of the company's stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $95.09, for a total value of $458,904.34. Following the transaction, the senior vice president now directly owns 36,193 shares in the company, valued at approximately $3,441,592.37. This represents a 11.77% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP John Bradley Sorenson sold 4,572 shares of the company's stock in a transaction that occurred on Monday, May 5th. The stock was 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 now owns 18,705 shares in the company, valued at approximately $1,955,420.70. This represents a 19.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 411,970 shares of company stock valued at $42,406,693 in the last 90 days. Company insiders own 0.50% of the company's stock.

Boston Scientific 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.