Boston Scientific Corporation (NYSE:BSX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Monday, October 16th.
According to Zacks, “Boston Scientific's unimpressive defibrillator performance within the core CRM continues to remain a drag. We are also concerned about the foreign exchange headwind. This apart, the Yet, the recall of the company's Lotus range of heart devices is expected to hamper sales throughot 2017. On a positive note, over the past three months, Boston Scientific has been trading above the broader industry. The company is leaving no stone unturned to strengthen its core businesses and invest more in global markets. Among the recent developments, worth mentioning is the company’s acquisition of Symetis, in a bid to fortify its European structural heart business. We are also encouraged with the company gaining a number of product approvals both in the domestic and overseas markets. Notably, the company received an FDA approval for the RESONATE family of ICD and CRT-D systems.”
BSX has been the subject of a number of other research reports. BidaskClub downgraded shares of Boston Scientific Corporation from a “hold” rating to a “sell” rating in a research report on Saturday, August 26th. Needham & Company LLC increased their target price on shares of Boston Scientific Corporation from $30.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, June 22nd. Royal Bank Of Canada reiterated a “buy” rating and issued a $31.00 target price on shares of Boston Scientific Corporation in a research report on Friday, September 1st. Jefferies Group LLC reiterated a “hold” rating on shares of Boston Scientific Corporation in a research report on Thursday, September 7th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $32.00 target price on shares of Boston Scientific Corporation in a research report on Sunday, July 30th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $30.65.
Boston Scientific Corporation (BSX) opened at 28.82 on Monday. Boston Scientific Corporation has a 52 week low of $19.67 and a 52 week high of $29.93. The company’s 50-day moving average price is $29.13 and its 200 day moving average price is $27.47. The stock has a market capitalization of $39.54 billion, a P/E ratio of 51.56 and a beta of 1.09.
Boston Scientific Corporation (NYSE:BSX) last issued its quarterly earnings results on Thursday, October 26th. The medical equipment provider reported $0.31 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.31. The business had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.21 billion. Boston Scientific Corporation had a net margin of 9.04% and a return on equity of 23.62%. The firm’s quarterly revenue was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.27 EPS. Equities research analysts expect that Boston Scientific Corporation will post $1.26 EPS for the current fiscal year.
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In other news, SVP Wendy Carruthers sold 12,433 shares of the business’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $26.75, for a total value of $332,582.75. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP John Bradley Sorenson sold 2,100 shares of the business’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $27.15, for a total transaction of $57,015.00. Following the completion of the sale, the senior vice president now directly owns 18,880 shares in the company, valued at approximately $512,592. The disclosure for this sale can be found here. In the last ninety days, insiders sold 531,297 shares of company stock worth $15,144,095. Insiders own 0.74% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of BSX. BlackRock Inc. raised its position in Boston Scientific Corporation by 2,181.6% during the first quarter. BlackRock Inc. now owns 95,744,545 shares of the medical equipment provider’s stock worth $2,381,169,000 after acquiring an additional 91,548,235 shares in the last quarter. Janus Henderson Group PLC raised its position in Boston Scientific Corporation by 22,491.6% during the second quarter. Janus Henderson Group PLC now owns 38,862,599 shares of the medical equipment provider’s stock worth $1,077,270,000 after acquiring an additional 38,690,577 shares in the last quarter. Jennison Associates LLC raised its position in Boston Scientific Corporation by 405.3% during the second quarter. Jennison Associates LLC now owns 10,639,290 shares of the medical equipment provider’s stock worth $294,921,000 after acquiring an additional 8,533,655 shares in the last quarter. Marshall Wace North America L.P. bought a new stake in Boston Scientific Corporation during the first quarter worth $149,859,000. Finally, MARSHALL WACE ASIA Ltd bought a new stake in Boston Scientific Corporation during the first quarter worth $149,859,000. 90.48% of the stock is currently owned by hedge funds and other institutional investors.
Boston Scientific Corporation Company Profile
Boston Scientific Corporation is a developer, manufacturer and marketer of medical devices that are used in a range of interventional medical specialties. The Company offers its products by seven businesses: Interventional Cardiology, Cardiac Rhythm Management, Endoscopy, Peripheral Interventions, Urology and Pelvic Health, Neuromodulation, and Electrophysiology.
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