Boston Scientific (NYSE:BSX) Stock Breaks Above Fifty Day Moving Average - What's Next?

Key Points

• Boston Scientific shares rose 5.1% and moved above their 50-day average of $44.47, trading as high as $46.97; they remain below the 200-day average of $56.16.
• Recent quarterly results showed EPS of $0.73, in line with estimates, and revenue of $5.14 billion, slightly ahead of forecasts and up 1.4% year over year.
• Analyst sentiment remains “Moderate Buy,” with a consensus price target of $61.43, although several firms recently cut ratings or targets.

Boston Scientific Corporation (NYSE:BSX - Get Free Report)'s stock price passed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $44.47 and traded as high as $46.97. Boston Scientific shares last traded at $45.7340, with a volume of 34,550,987 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Jefferies Financial Group lowered Boston Scientific from a "buy" rating to a "hold" rating and lowered their price objective for the stock from $60.00 to $46.00 in a research report on Wednesday, October 28th. TD Cowen lowered Boston Scientific from a "buy" rating to a "hold" rating and cut their target price for the company from $56.00 to $46.00 in a research report on Friday, October 30th. Leerink Partners decreased their target price on Boston Scientific from $55.00 to $50.00 and set an "outperform" rating for the company in a research note on Thursday, October 29th. Mizuho set a $50.00 target price on Boston Scientific in a research note on Thursday, October 29th. Finally, The Goldman Sachs Group lowered their target price on Boston Scientific from $71.00 to $57.00 and set a "buy" rating for the company in a report on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $61.43.

Boston Scientific Stock Up 5.1%

The stock has a market cap of $66.28 billion, a price-to-earnings ratio of 19.38, a price-to-earnings-growth ratio of 1.27 and a beta of 0.60. The firm's fifty day moving average price is $44.47 and its two-hundred day moving average price is $56.16. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.36 and a quick ratio of 0.74.

Boston Scientific (NYSE:BSX - Get Free Report) last issued its earnings results on Wednesday, October 28th. The medical equipment provider reported $0.73 EPS for the quarter, meeting the consensus estimate of $0.73. Boston Scientific had a return on equity of 18.61% and a net margin of 16.62%. The company had revenue of $5.14 billion during the quarter, compared to the consensus estimate of $5.09 billion. During the same period last year, the business posted $0.75 EPS. The firm's revenue for the quarter was up 1.4% compared to the same quarter last year. Sell-side analysts forecast that Boston Scientific Corporation will post 3.17 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Boston Scientific

Several hedge funds and other institutional investors have recently modified their holdings of the company. Kelleher Financial Advisors bought a new stake in shares of Boston Scientific during the second quarter worth about $25,000. Clal Insurance Enterprises Holdings Ltd bought a new stake in Boston Scientific during the 1st quarter worth approximately $28,000. Nvwm LLC increased its holdings in Boston Scientific by 526.2% during the 3rd quarter. Nvwm LLC now owns 645 shares of the medical equipment provider's stock worth $28,000 after purchasing an additional 542 shares in the last quarter. Rakuten Securities Inc. purchased a new stake in shares of Boston Scientific in the second quarter worth approximately $30,000. Finally, Kings Path Partners LLC purchased a new stake in shares of Boston Scientific in the third quarter worth approximately $31,000. Institutional investors own 89.07% of the company's stock.

About Boston Scientific

Boston Scientific Corporation is a medical technology company that develops, manufactures and markets devices used to diagnose and treat a broad range of complex medical conditions. Founded in 1979 and headquartered in Marlborough, Massachusetts, the company serves healthcare providers and patients worldwide.

Its products support minimally invasive procedures in areas including interventional cardiology, peripheral interventions, electrophysiology, endoscopy, urology and neuromodulation.

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