Oppenheimer Lowers Boston Scientific (NYSE:BSX) Price Target to $85.00

Key Points

• Oppenheimer lowered Boston Scientific’s price target from $90 to $85 while maintaining an “outperform” rating, implying substantial upside from the stock’s previous close.
• Analyst sentiment remains broadly positive, with MarketBeat reporting a “Moderate Buy” consensus rating and an average price target of $79.64, despite several recent target reductions and one downgrade to “peer perform.”
• Boston Scientific authorized a $5 billion stock buyback, allowing repurchases of up to 6.4% of outstanding shares; insiders also bought 9,800 shares worth roughly $554,000 in the latest quarter.

Boston Scientific (NYSE:BSX - Get Free Report) had its price target dropped by analysts at Oppenheimer from $90.00 to $85.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an "outperform" rating on the medical equipment provider's stock. Oppenheimer's price objective would indicate a potential upside of 89.56% from the stock's previous close.

Other equities research analysts also recently issued reports about the company. Barclays cut their price target on Boston Scientific from $96.00 to $89.00 and set an "overweight" rating for the company in a research note on Thursday, May 28th. Evercore set a $65.00 price target on shares of Boston Scientific in a research note on Monday, July 6th. Wolfe Research lowered shares of Boston Scientific from an "outperform" rating to a "peer perform" rating in a research note on Friday, May 29th. Piper Sandler reissued an "overweight" rating and set a $65.00 target price on shares of Boston Scientific in a research report on Friday, June 12th. Finally, Robert W. Baird set a $70.00 price target on Boston Scientific in a research report on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $79.64.

Boston Scientific Price Performance

Shares of NYSE:BSX opened at $44.84 on Monday. The company's fifty day moving average is $47.21 and its two-hundred day moving average is $63.84. The company has a market cap of $66.65 billion, a P/E ratio of 18.76, a price-to-earnings-growth ratio of 0.85 and a beta of 0.58. Boston Scientific has a 12-month low of $42.20 and a 12-month high of $109.50. The company has a quick ratio of 1.22, a current ratio of 1.90 and a debt-to-equity ratio of 0.42.

Boston Scientific declared that its board has authorized a stock buyback program on Monday, May 18th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the medical equipment provider to buy up to 6.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling at Boston Scientific

In other Boston Scientific news, Director David C. Habiger acquired 2,250 shares of Boston Scientific stock in a transaction on Wednesday, May 20th. The stock was purchased at an average price of $55.92 per share, for a total transaction of $125,820.00. Following the purchase, the director directly owned 13,878 shares of the company's stock, valued at $776,057.76. This trade represents a 19.35% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Cheryl Pegus purchased 1,770 shares of the business's stock in a transaction that occurred on Wednesday, May 20th. The stock was bought at an average cost of $56.49 per share, for a total transaction of $99,987.30. Following the completion of the acquisition, the director directly owned 1,770 shares in the company, valued at $99,987.30. The trade was a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired 9,800 shares of company stock worth $554,012 in the last quarter. 0.34% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Boston Scientific

Several institutional investors have recently bought and sold shares of BSX. Brighton Jones LLC raised its stake in shares of Boston Scientific by 0.8% in the fourth quarter. Brighton Jones LLC now owns 27,376 shares of the medical equipment provider's stock valued at $2,445,000 after buying an additional 226 shares during the period. FWL Investment Management LLC bought a new position in shares of Boston Scientific during the 2nd quarter worth $26,000. Main Street Financial Solutions LLC increased its holdings in Boston Scientific by 35.3% in the 2nd quarter. Main Street Financial Solutions LLC now owns 7,556 shares of the medical equipment provider's stock worth $812,000 after acquiring an additional 1,971 shares during the last quarter. Ieq Capital LLC raised its stake in Boston Scientific by 97.0% in the 2nd quarter. Ieq Capital LLC now owns 123,592 shares of the medical equipment provider's stock valued at $13,275,000 after acquiring an additional 60,860 shares during the period. Finally, HUB Investment Partners LLC raised its stake in Boston Scientific by 56.2% in the 2nd quarter. HUB Investment Partners LLC now owns 7,102 shares of the medical equipment provider's stock valued at $763,000 after acquiring an additional 2,556 shares during the period. Hedge funds and other institutional investors own 89.07% of the company's stock.

About Boston Scientific

Boston Scientific Corporation NYSE: BSX is a global medical device company that develops, manufactures and markets a broad portfolio of products used in less-invasive medical procedures. Founded in 1979 by John Abele and Peter Nicholas, the company is headquartered in Marlborough, Massachusetts, and focuses on technologies that enable physicians to treat a wide range of cardiovascular, digestive, urologic, pulmonary and chronic pain conditions without open surgery.

Boston Scientific's activities span product development, clinical research, regulatory affairs and commercial sales.

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