Sound View Wealth Advisors Group LLC Invests $266,000 in Boston Scientific Corporation (NYSE:BSX)

Key Points

• Sound View Wealth Advisors Group LLC acquired 2,635 shares of Boston Scientific Corporation (BSX), valued at approximately $266,000, in the first quarter.
• Research firms have a generally positive outlook on Boston Scientific, with an average rating of "Buy" and a consensus target price of $117.50.
• CEO Michael F. Mahoney sold over 164,000 shares of BSX for approximately $17 million, which reduced his ownership by 10.02%.

Sound View Wealth Advisors Group LLC purchased a new position in shares of Boston Scientific Corporation (NYSE:BSX - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,635 shares of the medical equipment provider's stock, valued at approximately $266,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BSX. Bank Pictet & Cie Europe AG boosted its holdings in Boston Scientific by 40.8% in 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 purchasing an additional 21,173 shares during the last quarter. Oppenheimer & Co. Inc. lifted its holdings in Boston Scientific by 18.8% during the 1st quarter. Oppenheimer & Co. Inc. now owns 39,523 shares of the medical equipment provider's stock worth $3,987,000 after buying an additional 6,264 shares during the last quarter. Segall Bryant & Hamill LLC bought a new position in Boston Scientific during the 1st quarter worth approximately $8,234,000. Blue Trust Inc. lifted its holdings in Boston Scientific by 13.0% during the 1st quarter. Blue Trust Inc. now owns 5,000 shares of the medical equipment provider's stock worth $504,000 after buying an additional 575 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S lifted its holdings in Boston Scientific by 109.9% during the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 270,107 shares of the medical equipment provider's stock worth $24,126,000 after buying an additional 141,398 shares during the last quarter. 89.07% of the stock is currently owned by institutional investors and hedge funds.

Boston Scientific Stock Up 1.3%

BSX traded up $1.33 during trading on Monday, reaching $106.74. 4,623,589 shares of the stock traded hands, compared to its average volume of 7,770,241. The stock has a market cap of $157.92 billion, a price-to-earnings ratio of 63.54, a price-to-earnings-growth ratio of 2.54 and a beta of 0.66. Boston Scientific Corporation has a fifty-two week low of $71.88 and a fifty-two 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. The stock's 50-day simple moving average is $103.63 and its two-hundred day simple moving average is $101.93.

Boston Scientific (NYSE:BSX - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The medical equipment provider reported $0.75 earnings per share (EPS) 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 analysts' expectations of $4.89 billion. Boston Scientific had a return on equity of 19.39% and a net margin of 13.55%. The business's revenue for the quarter was up 22.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.62 earnings per share. As a group, equities research analysts expect that Boston Scientific Corporation will post 2.85 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have commented on BSX shares. Morgan Stanley increased their target price on Boston Scientific from $120.00 to $125.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Needham & Company LLC reissued a "buy" rating and issued a $115.00 price target on shares of Boston Scientific in a report on Wednesday, May 28th. Leerink Partners started coverage on Boston Scientific in a report on Monday, June 16th. They issued an "outperform" rating and a $118.00 price target on the stock. Wells Fargo & Company raised their price target on Boston Scientific from $118.00 to $124.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Finally, Truist Financial raised their target price on Boston Scientific from $120.00 to $125.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Two equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Boston Scientific presently has an average rating of "Buy" and an average target price of $117.50.

Insider Activity at Boston Scientific

In other Boston Scientific news, EVP Arthur C. Butcher sold 17,313 shares of the firm'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 transaction, the executive vice president directly owned 23,600 shares in the company, valued at $2,469,268. This trade represents a 42.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael F. Mahoney sold 164,443 shares of the firm's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $103.69, for a total value of $17,051,094.67. Following the transaction, the chief executive officer owned 1,476,882 shares in the company, valued at approximately $153,137,894.58. This trade represents a 10.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 345,029 shares of company stock valued at $35,976,603. Insiders own 0.50% of the company's stock.

Boston Scientific Company 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.