Vestcor Inc Purchases 14,001 Shares of Boston Scientific Corporation (NYSE:BSX)

Key Points

• Vestcor Inc increased its stake in Boston Scientific Corporation (NYSE:BSX) by 33.6%, acquiring an additional 14,001 shares, bringing its total holdings to 55,637 shares valued at approximately $5.61 million.
• Boston Scientific reported a 22.8% year-over-year revenue increase for the quarter, with earnings per share of $0.75, exceeding analysts' expectations of $0.72.
• Analysts have a consensus target price of $117.50 for Boston Scientific, with a majority rating the stock as a "buy."

Vestcor Inc grew its stake in Boston Scientific Corporation (NYSE:BSX - Free Report) by 33.6% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 55,637 shares of the medical equipment provider's stock after purchasing an additional 14,001 shares during the quarter. Vestcor Inc's holdings in Boston Scientific were worth $5,613,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. HM Payson & Co. increased its position in shares of Boston Scientific by 1.4% during 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 increased its position in 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 increased its position in 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. Evergreen Capital Management LLC increased its position in 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. Finally, Forum Financial Management LP increased its position in Boston Scientific by 0.8% in the first quarter. Forum Financial Management LP now owns 13,448 shares of the medical equipment provider's stock worth $1,357,000 after buying an additional 112 shares during the last quarter. Institutional investors own 89.07% of the company's stock.

Boston Scientific Price Performance

NYSE:BSX traded up $0.48 during trading hours on Friday, hitting $105.40. 6,338,985 shares of the company's stock traded hands, compared to its average volume of 7,453,291. The firm has a market cap of $155.93 billion, a P/E ratio of 62.74, a P/E/G ratio of 2.53 and a beta of 0.66. Boston Scientific Corporation has a 52 week low of $71.88 and a 52 week high of $108.94. The business's fifty day simple moving average is $103.63 and its two-hundred day simple moving average is $101.87. The company has a quick ratio of 0.88, a current ratio of 1.45 and a debt-to-equity ratio of 0.47.

Boston Scientific (NYSE:BSX - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The medical equipment provider reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.03. The company had revenue of $5.06 billion during the quarter, compared to analyst estimates of $4.89 billion. Boston Scientific had a return on equity of 19.39% and a net margin of 13.55%. The firm's quarterly revenue was up 22.8% on a year-over-year basis. During the same quarter last year, the company earned $0.62 earnings per share. On average, research analysts anticipate that Boston Scientific Corporation will post 2.85 earnings per share for the current fiscal year.

Insider Activity

In other Boston Scientific news, EVP Joseph Michael Fitzgerald sold 50,000 shares of Boston Scientific stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $106.97, for a total transaction of $5,348,500.00. Following the completion of the sale, the executive vice president owned 178,342 shares of the company's stock, valued at $19,077,243.74. The trade was a 21.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Edward J. Ludwig sold 4,000 shares of Boston Scientific stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $106.03, for a total value of $424,120.00. Following the sale, the director directly owned 18,479 shares of the company's stock, valued at approximately $1,959,328.37. This trade represents a 17.79% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 282,288 shares of company stock valued at $29,411,601. 0.50% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Morgan Stanley raised their target price on Boston Scientific from $120.00 to $125.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. Truist Financial raised their target price on Boston Scientific from $120.00 to $125.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Raymond James Financial raised their target price on Boston Scientific from $121.00 to $124.00 and gave the stock a "strong-buy" rating in a research report on Thursday, July 24th. Needham & Company LLC reissued a "buy" rating and issued a $115.00 target price on shares of Boston Scientific in a research report on Wednesday, May 28th. Finally, Wells Fargo & Company raised their target price on Boston Scientific from $118.00 to $124.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Two analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Boston Scientific currently has a consensus rating of "Buy" and an average target price of $117.50.

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.