Boston Scientific Corporation (NYSE:BSX) Shares Sold by Zweig DiMenna Associates LLC

Key Points

• Zweig DiMenna Associates LLC has reduced its stake in Boston Scientific Corporation by 56.5%, owning 123,000 shares worth approximately $12.41 million as of its latest SEC filing.
• Multiple analysts have recently upgraded their ratings on Boston Scientific, with UBS raising its price target from $130 to $135, while the stock has an average price target of $117.50 among 27 analysts.
• Boston Scientific's latest quarterly earnings surpassed expectations, reporting $0.75 EPS against a target of $0.72, alongside a revenue increase of 22.8% year-over-year to $5.06 billion.

Zweig DiMenna Associates LLC decreased its stake in shares of Boston Scientific Corporation (NYSE:BSX - Free Report) by 56.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 123,000 shares of the medical equipment provider's stock after selling 159,900 shares during the quarter. Boston Scientific makes up 2.0% of Zweig DiMenna Associates LLC's investment portfolio, making the stock its 17th biggest holding. Zweig DiMenna Associates LLC's holdings in Boston Scientific were worth $12,408,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of BSX. HM Payson & Co. boosted its position 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 period. Baldwin Investment Management LLC raised its stake in Boston Scientific by 1.2% during the 4th quarter. Baldwin Investment Management LLC now owns 8,740 shares of the medical equipment provider's stock valued at $781,000 after acquiring an additional 102 shares during the last quarter. Park Square Financial Group LLC raised its stake in Boston Scientific by 5.2% during the 1st quarter. Park Square Financial Group LLC now owns 2,066 shares of the medical equipment provider's stock valued at $208,000 after acquiring an additional 103 shares during the last quarter. Evergreen Capital Management LLC raised its stake in Boston Scientific by 1.7% during the 4th quarter. Evergreen Capital Management LLC now owns 6,331 shares of the medical equipment provider's stock valued at $565,000 after acquiring an additional 106 shares during the last quarter. Finally, Forum Financial Management LP raised its stake in Boston Scientific by 0.8% during the 1st quarter. Forum Financial Management LP now owns 13,448 shares of the medical equipment provider's stock valued at $1,357,000 after acquiring an additional 112 shares during the last quarter. Hedge funds and other institutional investors own 89.07% of the company's stock.

Insider Buying and Selling

In other news, EVP Joseph Michael Fitzgerald sold 56,372 shares of Boston Scientific stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $102.88, for a total transaction of $5,799,551.36. Following the sale, the executive vice president directly owned 178,342 shares of the company's stock, valued at approximately $18,347,824.96. The trade was a 24.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Arthur C. Butcher sold 17,314 shares of Boston Scientific stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $102.06, for a total value of $1,767,066.84. Following the sale, the executive vice president directly owned 22,235 shares in the company, valued at approximately $2,269,304.10. The trade was a 43.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 461,144 shares of company stock valued at $47,720,408 over the last ninety days. Insiders own 0.50% of the company's stock.

Analyst Upgrades and Downgrades

BSX has been the subject of several analyst reports. Citigroup reaffirmed a "buy" rating and set a $125.00 price objective (up from $119.00) on shares of Boston Scientific in a research note on Thursday, May 22nd. Needham & Company LLC reaffirmed a "buy" rating and set a $115.00 price objective on shares of Boston Scientific in a research note on Wednesday, May 28th. UBS Group upped their price objective on Boston Scientific from $130.00 to $135.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Robert W. Baird upped their price objective on Boston Scientific from $117.00 to $123.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. Finally, Wall Street Zen raised Boston Scientific from a "hold" rating to a "buy" rating in a research note on Tuesday, April 29th. Two equities 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. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $117.50.

Boston Scientific Trading Up 1.3%

Boston Scientific stock traded up $1.34 during midday trading on Tuesday, reaching $107.18. The stock had a trading volume of 2,253,497 shares, compared to its average volume of 7,699,240. Boston Scientific Corporation has a twelve month low of $71.88 and a twelve month high of $108.94. The stock has a market capitalization of $158.57 billion, a PE ratio of 63.77, a price-to-earnings-growth ratio of 2.55 and a beta of 0.68. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.88 and a current ratio of 1.45. The stock's 50-day simple moving average is $103.56 and its 200 day simple moving average is $101.66.

Boston Scientific (NYSE:BSX - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The medical equipment provider reported $0.75 earnings per share for the quarter, beating analysts' consensus estimates of $0.72 by $0.03. Boston Scientific had a return on equity of 19.39% and a net margin of 13.55%. The firm had revenue of $5.06 billion for the quarter, compared to analysts' expectations of $4.89 billion. During the same quarter last year, the firm earned $0.62 earnings per share. The firm's revenue for the quarter was up 22.8% compared to the same quarter last year. Analysts expect that Boston Scientific Corporation will post 2.85 EPS for the current year.

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.