Vanguard Group Inc. Buys 1,697,945 Shares of Boston Scientific Corporation (NYSE:BSX)

Key Points

• Vanguard Group Inc. increased its ownership in Boston Scientific by 1.3%, acquiring an additional 1,697,945 shares, bringing its total to approximately 134.6 million shares valued at over $13.5 billion.
• Various institutional investors, including HM Payson & Co. and Park Square Financial Group LLC, have also raised their stakes in Boston Scientific, with institutional ownership reaching 89.07%.
• Boston Scientific reported a 22.8% increase in revenue year-over-year for its latest quarter, posting earnings per share of $0.75, exceeding analyst expectations of $0.72.

Vanguard Group Inc. grew its stake in Boston Scientific Corporation (NYSE:BSX - Free Report) by 1.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 134,588,729 shares of the medical equipment provider's stock after purchasing an additional 1,697,945 shares during the period. Vanguard Group Inc. owned approximately 9.10% of Boston Scientific worth $13,577,311,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. HM Payson & Co. lifted its stake in shares of Boston Scientific by 1.4% in the 1st quarter. HM Payson & Co. now owns 6,875 shares of the medical equipment provider's stock valued at $694,000 after purchasing an additional 98 shares during the last quarter. Baldwin Investment Management LLC raised its holdings 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 period. Park Square Financial Group LLC raised its holdings 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 period. HHM Wealth Advisors LLC raised its holdings 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 period. Finally, Evergreen Capital Management LLC raised its holdings 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 period. 89.07% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have commented on BSX. Oppenheimer raised their price objective on Boston Scientific from $110.00 to $118.00 and gave the stock a "market perform" rating in a report on Thursday, July 24th. Leerink Partners began coverage on Boston Scientific in a report on Monday, June 16th. They set an "outperform" rating and a $118.00 price objective on the stock. Citigroup restated a "buy" rating and set a $125.00 price objective (up from $119.00) on shares of Boston Scientific in a report on Thursday, May 22nd. Erste Group Bank upgraded Boston Scientific to a "strong-buy" rating in a report on Thursday, May 8th. Finally, UBS Group raised their price objective on Boston Scientific from $130.00 to $135.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Two equities research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, Boston Scientific currently has a consensus rating of "Buy" and an average target price of $117.50.

Boston Scientific Trading Down 1.9%

BSX opened at $104.71 on Wednesday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.88 and a current ratio of 1.37. The business's 50 day moving average price is $103.65 and its 200 day moving average price is $102.00. Boston Scientific Corporation has a one year low of $73.02 and a one year high of $108.94. The stock has a market capitalization of $155.15 billion, a PE 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 released its quarterly earnings results 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 return on equity of 19.21% and a net margin of 13.55%. The company had revenue of $5.06 billion for the quarter, compared to analysts' expectations of $4.89 billion. During the same period 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, equities research analysts expect that Boston Scientific Corporation will post 2.85 EPS for the current year.

Insider Buying and Selling at Boston Scientific

In other news, EVP Arthur C. Butcher sold 17,313 shares of the company's stock in a transaction on 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 sale, the executive vice president owned 23,600 shares of the company's stock, valued at approximately $2,469,268. This represents a 42.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Yoshiaki Fujimori sold 2,901 shares of the 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 directly owned 2,081 shares in the company, valued at $222,646.19. This trade represents a 58.23% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 345,029 shares of company stock valued at $35,976,603. 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.

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