Boston Scientific (NYSE:BSX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday, January 9th.
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 research analysts also recently issued research reports about the stock. BMO Capital Markets reiterated a “buy” rating and issued a $31.00 target price on shares of Boston Scientific in a research note on Wednesday, November 29th. Needham & Company LLC upgraded shares of Boston Scientific from a “buy” rating to a “strong-buy” rating and increased their price objective for the company from $25.04 to $32.00 in a research report on Friday, December 8th. Oppenheimer restated a “hold” rating on shares of Boston Scientific in a research report on Wednesday, November 29th. Canaccord Genuity lowered their price objective on shares of Boston Scientific from $36.00 to $35.00 and set a “buy” rating on the stock in a research report on Wednesday, November 29th. Finally, TheStreet downgraded shares of Boston Scientific from a “b” rating to a “c+” rating in a research report on Thursday, December 7th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $31.00.
Boston Scientific (NYSE:BSX) traded up $0.25 during trading hours on Tuesday, reaching $27.65. 10,024,387 shares of the company traded hands, compared to its average volume of 9,690,000. The company has a market capitalization of $37,970.00, a price-to-earnings ratio of 45.33, a P/E/G ratio of 1.95 and a beta of 0.96. Boston Scientific has a 1-year low of $23.29 and a 1-year high of $29.93. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.72 and a quick ratio of 0.50.
Boston Scientific (NYSE:BSX) last issued its earnings results on Thursday, October 26th. The medical equipment provider reported $0.31 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.31. The firm had revenue of $2.22 billion for the quarter, compared to the consensus estimate of $2.21 billion. Boston Scientific had a net margin of 9.55% and a return on equity of 23.60%. The business’s revenue was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.27 earnings per share. analysts anticipate that Boston Scientific will post 1.25 earnings per share for the current year.
In related news, insider Valley Gold Master Fund L. Sun bought 408,006 shares of the business’s stock in a transaction that occurred on Tuesday, November 28th. The stock was bought at an average cost of $0.45 per share, with a total value of $183,602.70. Also, SVP David A. Pierce sold 5,152 shares of the firm’s stock in a transaction on Tuesday, January 9th. The shares were sold at an average price of $27.00, for a total transaction of $139,104.00. Following the transaction, the senior vice president now directly owns 38,116 shares of the company’s stock, valued at $1,029,132. The disclosure for this sale can be found here. Over the last three months, insiders sold 96,585 shares of company stock valued at $2,578,197. Corporate insiders own 0.74% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Capital World Investors grew its stake in Boston Scientific by 1.6% during the second quarter. Capital World Investors now owns 101,914,290 shares of the medical equipment provider’s stock valued at $2,825,064,000 after acquiring an additional 1,611,442 shares in the last quarter. BlackRock Inc. lifted its position in Boston Scientific by 4.6% during the second quarter. BlackRock Inc. now owns 100,184,511 shares of the medical equipment provider’s stock valued at $2,777,113,000 after purchasing an additional 4,439,966 shares during the last quarter. Vanguard Group Inc. lifted its position in Boston Scientific by 2.8% during the second quarter. Vanguard Group Inc. now owns 93,657,300 shares of the medical equipment provider’s stock valued at $2,596,181,000 after purchasing an additional 2,522,556 shares during the last quarter. Janus Henderson Group PLC lifted its position in Boston Scientific 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 valued at $1,077,270,000 after purchasing an additional 38,690,577 shares during the last quarter. Finally, Winslow Capital Management LLC lifted its position in Boston Scientific by 21.9% during the second quarter. Winslow Capital Management LLC now owns 11,212,783 shares of the medical equipment provider’s stock valued at $310,818,000 after purchasing an additional 2,011,640 shares during the last quarter. 90.51% of the stock is 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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