Zacks Investment Research cut shares of Boston Scientific (NYSE:BSX) from a hold rating to a sell rating in a report published on Tuesday morning.
According to Zacks, “Despite back-to-back hurricances, Boston Scientific managed to registered solid third-quarter show. An improving foreign exchange scenario has also started to contribute to the company’s overall top line performance. The raised guidance is indicative of this bullish trend to continue through the rest of 2017. The company is leaving no stone unturned to strengthen its core business and invest more in global markets. Among the recent developments, worth mentioning is the acquisition of Apama Medical, in the field of atrial fibrillation. On the flip side, Boston Scientific's unimpressive pacemaker performance within the core CRM continues remains a drag. This apart, based on the recent announcement, we believe further delay in relaunch of the earlier-recalled Lotus range of heart devices is expected to hamper sales in 2018 too. In the past three months, Boston Scientific has been trading below the broader industry.”
Other equities research analysts have also issued research reports about the stock. Canaccord Genuity initiated coverage on shares of Boston Scientific in a report on Tuesday, October 24th. They issued a buy rating and a $36.00 price target for the company. BMO Capital Markets reaffirmed a buy rating and issued a $30.00 price objective on shares of Boston Scientific in a research report on Friday, October 13th. Needham & Company LLC reaffirmed a buy rating and issued a $32.00 price objective on shares of Boston Scientific in a research report on Tuesday, October 3rd. SunTrust Banks reaffirmed a buy rating and issued a $34.00 price objective on shares of Boston Scientific in a research report on Monday, October 2nd. Finally, Stifel Nicolaus reaffirmed a buy rating and issued a $32.00 price objective on shares of Boston Scientific in a research report on Monday, September 25th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. Boston Scientific currently has a consensus rating of Buy and a consensus target price of $31.00.
Boston Scientific (BSX) traded up $0.03 during trading hours on Tuesday, hitting $27.46. 8,678,200 shares of the stock traded hands, compared to its average volume of 11,320,000. Boston Scientific has a twelve month low of $23.03 and a twelve month high of $29.93. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.50 and a current ratio of 0.72. The company has a market cap of $37,710.00, a price-to-earnings ratio of 45.02, a P/E/G ratio of 1.82 and a beta of 0.96.
Boston Scientific (NYSE:BSX) last posted its quarterly earnings results on Thursday, October 26th. The medical equipment provider reported $0.31 EPS for the quarter, meeting the consensus estimate of $0.31. Boston Scientific had a net margin of 9.55% and a return on equity of 23.60%. The business had revenue of $2.22 billion during the quarter, compared to analyst estimates of $2.21 billion. During the same quarter in the previous year, the business posted $0.27 EPS. The company’s quarterly revenue was up 5.6% compared to the same quarter last year. sell-side analysts expect that Boston Scientific will post 1.25 EPS for the current fiscal year.
In other Boston Scientific news, SVP David A. Pierce sold 8,763 shares of the business’s stock in a transaction that occurred on Thursday, January 11th. The shares were sold at an average price of $27.74, for a total transaction of $243,085.62. Following the sale, the senior vice president now owns 24,201 shares of the company’s stock, valued at approximately $671,335.74. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Timothy A. Pratt sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $28.22, for a total transaction of $282,200.00. Following the sale, the executive vice president now directly owns 164,681 shares in the company, valued at approximately $4,647,297.82. The disclosure for this sale can be found here. In the last three months, insiders have sold 96,585 shares of company stock worth $2,578,197. 0.74% of the stock is owned by insiders.
A number of large investors have recently added to or reduced their stakes in BSX. Commerce Bank grew its position in Boston Scientific by 17.7% during the 2nd quarter. Commerce Bank now owns 9,803 shares of the medical equipment provider’s stock worth $272,000 after purchasing an additional 1,471 shares during the last quarter. Schroder Investment Management Group grew its position in Boston Scientific by 3.2% during the 2nd quarter. Schroder Investment Management Group now owns 275,180 shares of the medical equipment provider’s stock worth $7,656,000 after purchasing an additional 8,623 shares during the last quarter. Private Advisor Group LLC grew its position in Boston Scientific by 26.6% during the 2nd quarter. Private Advisor Group LLC now owns 19,376 shares of the medical equipment provider’s stock worth $534,000 after purchasing an additional 4,069 shares during the last quarter. Commonwealth Bank of Australia grew its position in Boston Scientific by 8.7% during the 2nd quarter. Commonwealth Bank of Australia now owns 73,572 shares of the medical equipment provider’s stock worth $2,038,000 after purchasing an additional 5,919 shares during the last quarter. Finally, CIBC World Markets Inc. purchased a new stake in Boston Scientific during the 2nd quarter worth approximately $663,000. 90.36% of the stock is currently owned by institutional investors.
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About Boston Scientific
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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