Citigroup Raises Boston Scientific (NYSE:BSX) Price Target to $98.00

Boston Scientific (NYSE:BSX) had its target price raised by Citigroup from $92.00 to $98.00 in a report issued on Thursday morning, Benzinga reports. The brokerage currently has a buy rating on the medical equipment provider’s stock.

A number of other equities research analysts have also issued reports on BSX. Bank of America raised their price target on shares of Boston Scientific from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Morgan Stanley raised their price target on shares of Boston Scientific from $79.00 to $92.00 and gave the stock an “overweight” rating in a report on Monday, July 15th. JPMorgan Chase & Co. raised their price target on shares of Boston Scientific from $82.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Raymond James raised their target price on shares of Boston Scientific from $91.00 to $94.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, September 4th. Finally, Robert W. Baird raised their target price on shares of Boston Scientific from $90.00 to $91.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Three analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $93.39.

Boston Scientific Price Performance

Shares of NYSE:BSX opened at $84.73 on Thursday. The company’s fifty day moving average price is $83.47 and its 200-day moving average price is $77.80. The firm has a market capitalization of $124.31 billion, a price-to-earnings ratio of 71.20, a PEG ratio of 2.87 and a beta of 0.80. Boston Scientific has a one year low of $49.15 and a one year high of $88.79. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.61 and a quick ratio of 1.14.

Boston Scientific (NYSE:BSX) last released its earnings results on Wednesday, October 23rd. The medical equipment provider reported $0.63 EPS for the quarter, beating the consensus estimate of $0.59 by $0.04. Boston Scientific had a net margin of 12.00% and a return on equity of 16.59%. The company had revenue of $4.21 billion for the quarter, compared to analyst estimates of $4.04 billion. During the same quarter last year, the firm earned $0.50 EPS. The firm’s quarterly revenue was up 19.3% compared to the same quarter last year. On average, equities research analysts anticipate that Boston Scientific will post 2.4 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Wendy Carruthers sold 6,983 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $74.12, for a total transaction of $517,579.96. Following the completion of the transaction, the executive vice president now directly owns 40,188 shares of the company’s stock, valued at $2,978,734.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Joseph Michael Fitzgerald sold 132,527 shares of the business’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $85.00, for a total transaction of $11,264,795.00. Following the completion of the transaction, the executive vice president now directly owns 160,467 shares of the company’s stock, valued at $13,639,695. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Wendy Carruthers sold 6,983 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $74.12, for a total transaction of $517,579.96. Following the transaction, the executive vice president now directly owns 40,188 shares of the company’s stock, valued at $2,978,734.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 316,253 shares of company stock valued at $26,714,298. Insiders own 0.50% of the company’s stock.

Institutional Trading of Boston Scientific

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Eagle Bay Advisors LLC increased its holdings in Boston Scientific by 542.1% during the first quarter. Eagle Bay Advisors LLC now owns 366 shares of the medical equipment provider’s stock valued at $25,000 after buying an additional 309 shares during the last quarter. First Foundation Advisors purchased a new stake in shares of Boston Scientific in the first quarter worth $25,000. Triad Wealth Partners LLC purchased a new stake in shares of Boston Scientific in the second quarter worth $26,000. Values First Advisors Inc. purchased a new stake in shares of Boston Scientific in the third quarter worth $28,000. Finally, Andra AP fonden purchased a new stake in shares of Boston Scientific in the second quarter worth $29,000. 89.07% of the stock is owned by hedge funds and other institutional investors.

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.