Boston Scientific (NYSE:BSX) Rating Lowered to Hold at StockNews.com

StockNews.com lowered shares of Boston Scientific (NYSE:BSX) from a buy rating to a hold rating in a report released on Wednesday.

BSX has been the subject of a number of other reports. BTIG Research upped their target price on Boston Scientific from $80.00 to $84.00 and gave the company a buy rating in a research note on Monday, July 15th. TD Cowen increased their price objective on Boston Scientific from $77.00 to $86.00 and gave the stock a buy rating in a research note on Tuesday, July 16th. Canaccord Genuity Group increased their price objective on Boston Scientific from $83.00 to $88.00 and gave the stock a buy rating in a research note on Thursday, July 25th. JPMorgan Chase & Co. increased their price objective on Boston Scientific from $82.00 to $85.00 and gave the stock an overweight rating in a research note on Thursday, July 25th. Finally, Raymond James increased their price objective on Boston Scientific from $85.00 to $91.00 and gave the stock a strong-buy rating in a research note on Thursday, July 25th. Three investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $85.24.

Boston Scientific Stock Performance

Shares of NYSE BSX opened at $81.79 on Wednesday. The business has a fifty day simple moving average of $76.86 and a 200 day simple moving average of $72.81. The company has a current ratio of 1.66, a quick ratio of 1.14 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $119.99 billion, a price-to-earnings ratio of 68.73, a PEG ratio of 2.49 and a beta of 0.78. Boston Scientific has a one year low of $48.35 and a one year high of $82.10.

Boston Scientific (NYSE:BSX) last issued its earnings results on Wednesday, July 24th. The medical equipment provider reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.04. The business had revenue of $4.12 billion during the quarter, compared to analyst estimates of $4.02 billion. Boston Scientific had a return on equity of 16.80% and a net margin of 12.00%. Boston Scientific’s revenue was up 14.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.53 earnings per share. Sell-side analysts expect that Boston Scientific will post 2.4 EPS for the current year.

Insider Activity at Boston Scientific

In related news, EVP Wendy Carruthers sold 6,983 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $74.12, for a total value of $517,579.96. Following the transaction, the executive vice president now owns 40,188 shares in the company, valued at $2,978,734.56. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold a total of 20,949 shares of company stock worth $1,583,395 over the last 90 days. Insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Boston Scientific

A number of hedge funds have recently modified their holdings of the business. Brown Financial Advisors acquired a new stake in shares of Boston Scientific during the second quarter worth about $1,423,000. RiverFront Investment Group LLC acquired a new stake in Boston Scientific in the 2nd quarter valued at approximately $222,000. Cetera Investment Advisers raised its position in Boston Scientific by 2.9% in the 2nd quarter. Cetera Investment Advisers now owns 295,984 shares of the medical equipment provider’s stock valued at $22,794,000 after buying an additional 8,399 shares during the last quarter. Truist Financial Corp raised its position in Boston Scientific by 1.1% in the 2nd quarter. Truist Financial Corp now owns 214,594 shares of the medical equipment provider’s stock valued at $16,526,000 after buying an additional 2,254 shares during the last quarter. Finally, HWG Holdings LP acquired a new stake in Boston Scientific in the 2nd quarter valued at approximately $482,000. Institutional investors and hedge funds own 89.07% of the company’s stock.

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.