BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Trims Stock Position in Boston Scientific Co. (NYSE:BSX)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp trimmed its holdings in Boston Scientific Co. (NYSE:BSX) by 54.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 564,188 shares of the medical equipment provider’s stock after selling 683,886 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Boston Scientific were worth $43,448,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BSX. Vanguard Group Inc. grew its holdings in shares of Boston Scientific by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 127,437,884 shares of the medical equipment provider’s stock worth $8,728,221,000 after purchasing an additional 1,988,082 shares during the period. Capital World Investors boosted its stake in Boston Scientific by 69.9% during the first quarter. Capital World Investors now owns 16,008,085 shares of the medical equipment provider’s stock worth $1,096,394,000 after buying an additional 6,588,256 shares during the period. Putnam Investments LLC increased its position in shares of Boston Scientific by 110.5% during the fourth quarter. Putnam Investments LLC now owns 13,067,570 shares of the medical equipment provider’s stock valued at $755,436,000 after acquiring an additional 6,859,280 shares during the last quarter. Vontobel Asset Management Inc. raised its stake in shares of Boston Scientific by 10.2% in the 4th quarter. Vontobel Asset Management Inc. now owns 10,974,569 shares of the medical equipment provider’s stock valued at $668,472,000 after acquiring an additional 1,015,140 shares during the period. Finally, Canada Pension Plan Investment Board lifted its holdings in shares of Boston Scientific by 15.0% in the 1st quarter. Canada Pension Plan Investment Board now owns 7,897,203 shares of the medical equipment provider’s stock worth $540,879,000 after acquiring an additional 1,027,543 shares during the last quarter. Institutional investors and hedge funds own 89.07% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on BSX. Evercore ISI upped their price target on Boston Scientific from $78.00 to $81.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 2nd. Raymond James increased their target price on Boston Scientific from $91.00 to $94.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, September 4th. Truist Financial increased their price target on shares of Boston Scientific from $86.00 to $90.00 and gave the stock a “buy” rating in a research report on Tuesday, July 16th. JPMorgan Chase & Co. upped their target price on shares of Boston Scientific from $82.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Boston Scientific from $73.00 to $78.00 and gave the company a “hold” rating in a research report on Thursday, July 25th. Three equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Boston Scientific currently has an average rating of “Moderate Buy” and a consensus price target of $86.65.

Insiders Place Their Bets

In related news, EVP Wendy Carruthers sold 6,983 shares of the company’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 completion of the sale, the executive vice president now directly owns 40,188 shares of the company’s stock, valued at approximately $2,978,734.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last 90 days, insiders have sold 20,949 shares of company stock valued at $1,627,877. 0.50% of the stock is currently owned by insiders.

Boston Scientific Stock Performance

Shares of BSX opened at $84.00 on Tuesday. The company has a market capitalization of $123.24 billion, a price-to-earnings ratio of 70.59, a price-to-earnings-growth ratio of 2.75 and a beta of 0.79. Boston Scientific Co. has a 52-week low of $48.35 and a 52-week high of $84.89. The company has a quick ratio of 1.14, a current ratio of 1.61 and a debt-to-equity ratio of 0.44. The stock has a 50 day moving average price of $78.84 and a 200 day moving average price of $74.84.

Boston Scientific (NYSE:BSX) last issued its earnings results on Wednesday, July 24th. The medical equipment provider reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.04. Boston Scientific had a net margin of 12.00% and a return on equity of 16.59%. The business had revenue of $4.12 billion during the quarter, compared to analysts’ expectations of $4.02 billion. During the same quarter in the prior year, the business posted $0.53 EPS. The company’s revenue for the quarter was up 14.5% on a year-over-year basis. Research analysts predict that Boston Scientific Co. will post 2.4 EPS for the current fiscal 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.