Main Street Financial Solutions LLC Buys New Shares in Boston Scientific Co. (NYSE:BSX)

Main Street Financial Solutions LLC purchased a new position in shares of Boston Scientific Co. (NYSE:BSX) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 2,863 shares of the medical equipment provider’s stock, valued at approximately $220,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Boston Scientific by 1.6% in 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 buying an additional 1,988,082 shares during the last quarter. Primecap Management Co. CA grew its holdings in shares of Boston Scientific by 1.5% during the 4th quarter. Primecap Management Co. CA now owns 37,905,659 shares of the medical equipment provider’s stock valued at $2,191,326,000 after purchasing an additional 550,490 shares during the last quarter. Norges Bank purchased a new position in Boston Scientific in the 4th quarter worth $930,626,000. Capital World Investors lifted its stake in Boston Scientific by 69.9% in 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 purchasing an additional 6,588,256 shares during the last quarter. Finally, Putnam Investments LLC boosted its position in 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 buying an additional 6,859,280 shares during the period. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. BTIG Research boosted 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. Royal Bank of Canada reissued an “outperform” rating and set a $85.00 price objective on shares of Boston Scientific in a research note on Thursday, July 25th. Robert W. Baird lifted their target price on shares of Boston Scientific from $90.00 to $91.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Needham & Company LLC raised their price target on shares of Boston Scientific from $82.00 to $86.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Finally, Citigroup upped their price objective on shares of Boston Scientific from $90.00 to $92.00 and gave the company a “buy” rating in a research note on Thursday, August 22nd. Three research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Boston Scientific currently has a consensus rating of “Moderate Buy” and a consensus price target of $85.38.

Insider Activity

In other news, EVP Wendy Carruthers sold 6,983 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $81.70, for a total value of $570,511.10. Following the sale, the executive vice president now directly owns 37,468 shares of the company’s stock, valued at $3,061,135.60. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last ninety days, insiders sold 20,949 shares of company stock worth $1,627,877. Insiders own 0.50% of the company’s stock.

Boston Scientific Price Performance

BSX opened at $83.31 on Friday. Boston Scientific Co. has a 12-month low of $48.35 and a 12-month high of $84.11. The company has a market cap of $122.68 billion, a price-to-earnings ratio of 70.01, a price-to-earnings-growth ratio of 2.75 and a beta of 0.79. The company has a current ratio of 1.61, a quick ratio of 1.14 and a debt-to-equity ratio of 0.44. The stock has a fifty day simple moving average of $78.08 and a two-hundred day simple moving average of $74.11.

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

Boston Scientific 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.