US Bancorp DE Has $35.46 Million Position in Boston Scientific Corporation (NYSE:BSX)

Key Points

• US Bancorp DE reduced its stake in Boston Scientific Corporation by 0.8%, owning 351,518 shares valued at $35.46 million after selling 2,790 shares in the first quarter.
• Several hedge funds, including Capital World Investors and GAMMA Investing LLC, have significantly increased their stakes in Boston Scientific, reflecting growing institutional interest in the company.
• Boston Scientific reported earnings of $0.75 per share for the last quarter, exceeding analyst estimates, with quarterly revenues of $5.06 billion, up 22.8% year-over-year.

US Bancorp DE cut its stake in Boston Scientific Corporation (NYSE:BSX - Free Report) by 0.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 351,518 shares of the medical equipment provider's stock after selling 2,790 shares during the period. US Bancorp DE's holdings in Boston Scientific were worth $35,461,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. HM Payson & Co. lifted its stake in Boston Scientific by 1.4% in the first quarter. HM Payson & Co. now owns 6,875 shares of the medical equipment provider's stock valued at $694,000 after acquiring an additional 98 shares during the last quarter. Baldwin Investment Management LLC lifted its stake in shares of Boston Scientific by 1.2% in the fourth quarter. Baldwin Investment Management LLC now owns 8,740 shares of the medical equipment provider's stock worth $781,000 after buying an additional 102 shares during the last quarter. Park Square Financial Group LLC lifted its stake in shares of Boston Scientific by 5.2% in the first quarter. Park Square Financial Group LLC now owns 2,066 shares of the medical equipment provider's stock worth $208,000 after buying an additional 103 shares during the last quarter. HHM Wealth Advisors LLC lifted its stake in shares of Boston Scientific by 13.2% in the first quarter. HHM Wealth Advisors LLC now owns 881 shares of the medical equipment provider's stock worth $89,000 after buying an additional 103 shares during the last quarter. Finally, Evergreen Capital Management LLC lifted its stake in shares of Boston Scientific by 1.7% in the fourth quarter. Evergreen Capital Management LLC now owns 6,331 shares of the medical equipment provider's stock worth $565,000 after buying an additional 106 shares during the last quarter. 89.07% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BSX has been the subject of a number of analyst reports. Wall Street Zen upgraded shares of Boston Scientific from a "hold" rating to a "buy" rating in a research note on Tuesday, April 29th. Leerink Partners initiated coverage on shares of Boston Scientific in a research note on Monday, June 16th. They issued an "outperform" rating and a $118.00 price objective for the company. Evercore ISI boosted their price objective on shares of Boston Scientific from $110.00 to $112.00 and gave the stock an "outperform" rating in a research note on Thursday, April 24th. Oppenheimer upped their target price on shares of Boston Scientific from $110.00 to $118.00 and gave the company a "market perform" rating in a research note on Thursday, July 24th. Finally, Raymond James Financial upped their target price on shares of Boston Scientific from $121.00 to $124.00 and gave the company a "strong-buy" 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 company. Based on data from MarketBeat, Boston Scientific has an average rating of "Buy" and a consensus price target of $117.50.

Boston Scientific Price Performance

Shares of BSX traded down $2.08 during trading hours on Tuesday, hitting $104.71. The stock had a trading volume of 4,831,602 shares, compared to its average volume of 7,706,827. The company's fifty day moving average is $103.67 and its two-hundred day moving average is $101.98. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.37 and a quick ratio of 0.88. Boston Scientific Corporation has a 52 week low of $73.02 and a 52 week high of $108.94. The stock has a market capitalization of $155.15 billion, a price-to-earnings ratio of 62.33, a P/E/G ratio of 2.57 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 EPS for the quarter, topping analysts' consensus estimates of $0.72 by $0.03. Boston Scientific had a net margin of 13.55% and a return on equity of 19.21%. The firm had revenue of $5.06 billion for the quarter, compared to analyst estimates of $4.89 billion. During the same quarter in the prior year, the firm earned $0.62 EPS. The company's revenue was up 22.8% on a year-over-year basis. On average, analysts anticipate that Boston Scientific Corporation will post 2.85 EPS for the current year.

Insider Activity

In other news, EVP Arthur C. Butcher sold 17,313 shares of the firm's stock in a transaction dated 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 transaction, the executive vice president owned 23,600 shares of the company's stock, valued at approximately $2,469,268. This trade represents a 42.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Edward J. Ludwig sold 4,000 shares of the business's stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $106.03, for a total transaction of $424,120.00. Following the transaction, the director owned 18,479 shares of the company's stock, valued at approximately $1,959,328.37. This represents a 17.79% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 345,029 shares of company stock worth $35,976,603. 0.50% of the stock is currently owned by insiders.

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.