Welch & Forbes LLC Lowers Stake in Boston Scientific Corporation (NYSE:BSX)

Welch & Forbes LLC cut its stake in Boston Scientific Corporation (NYSE:BSX - Free Report) by 23.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 112,292 shares of the medical equipment provider's stock after selling 34,174 shares during the period. Welch & Forbes LLC's holdings in Boston Scientific were worth $11,328,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Colonial Trust Co SC grew its holdings in shares of Boston Scientific by 1,625.0% during the 4th quarter. Colonial Trust Co SC now owns 276 shares of the medical equipment provider's stock worth $25,000 after purchasing an additional 260 shares during the period. Investment Management Corp VA ADV purchased a new position in Boston Scientific in the 4th quarter valued at approximately $25,000. Sunbeam Capital Management LLC acquired a new position in Boston Scientific during the 4th quarter worth $26,000. Ameriflex Group Inc. purchased a new stake in shares of Boston Scientific during the fourth quarter worth approximately $31,000. Finally, Fourth Dimension Wealth LLC acquired a new stake in shares of Boston Scientific in the 4th quarter valued at $36,000. Institutional investors and hedge funds own 89.07% of the company's stock.

Boston Scientific Price Performance

Shares of BSX traded up $1.44 during trading hours on Thursday, reaching $104.63. The company had a trading volume of 6,323,485 shares, compared to its average volume of 6,749,846. The company has a market capitalization of $154.79 billion, a price-to-earnings ratio of 76.33, a PEG ratio of 2.69 and a beta of 0.68. Boston Scientific Corporation has a 12-month low of $71.88 and a 12-month high of $107.53. The firm has a 50 day simple moving average of $103.38 and a 200-day simple moving average of $100.79. The company has a current ratio of 1.45, a quick ratio of 0.88 and a debt-to-equity ratio of 0.47.

Boston Scientific (NYSE:BSX - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The medical equipment provider reported $0.75 EPS for the quarter, topping the consensus estimate of $0.67 by $0.08. Boston Scientific had a return on equity of 18.67% and a net margin of 11.58%. The business had revenue of $4.66 billion for the quarter, compared to analyst estimates of $4.57 billion. During the same quarter in the previous year, the company earned $0.56 EPS. The company's quarterly revenue was up 20.9% on a year-over-year basis. Research analysts expect that Boston Scientific Corporation will post 2.85 earnings per share for the current year.

Insiders Place Their Bets

In other news, SVP Vance R. Brown sold 4,826 shares of the firm'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 transaction of $458,904.34. Following the completion of the transaction, the senior vice president directly owned 36,193 shares of the company's stock, valued at $3,441,592.37. This trade represents a 11.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at 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 shares were sold at an average price of $104.54, for a total value of $477,956.88. Following the completion of the sale, the executive vice president directly owned 18,705 shares in the company, valued at approximately $1,955,420.70. The trade was a 19.64% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 461,970 shares of company stock valued at $47,755,193. Company insiders own 0.50% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Truist Financial raised their price objective on shares of Boston Scientific from $113.00 to $117.00 and gave the stock a "buy" rating in a report on Thursday, April 24th. Wall Street Zen upgraded shares of Boston Scientific from a "hold" rating to a "buy" rating in a research note on Tuesday, April 29th. Royal Bank Of Canada lifted their target price on Boston Scientific from $116.00 to $120.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. Leerink Partners initiated coverage on Boston Scientific in a research note on Monday, June 16th. They set an "outperform" rating and a $118.00 price target on the stock. Finally, Citigroup reiterated a "buy" rating and issued a $125.00 price objective (up previously from $119.00) on shares of Boston Scientific in a research note on Thursday, May 22nd. Twenty-two research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, Boston Scientific has an average rating of "Buy" and an average price target of $116.09.

About Boston Scientific

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.