Short Interest in Boston Scientific Co. (BSX) Drops By 22.5%

Boston Scientific Co. (NYSE:BSX) saw a significant drop in short interest during the month of June. As of June 15th, there was short interest totalling 11,140,076 shares, a drop of 22.5% from the May 31st total of 14,367,253 shares. Currently, 0.8% of the shares of the company are short sold. Based on an average daily volume of 13,883,441 shares, the days-to-cover ratio is presently 0.8 days.

Several equities analysts have issued reports on BSX shares. TheStreet raised Boston Scientific from a “c” rating to an “a-” rating in a report on Tuesday, May 29th. Needham & Company LLC reissued a “buy” rating and set a $35.00 price target on shares of Boston Scientific in a report on Tuesday, March 27th. Canaccord Genuity reissued a “buy” rating and set a $36.00 price target on shares of Boston Scientific in a report on Wednesday, April 25th. Bank of America raised their price target on Boston Scientific from $30.00 to $34.00 and gave the stock a “buy” rating in a report on Thursday, April 5th. Finally, Citigroup raised their price target on Boston Scientific from $32.00 to $34.00 and gave the stock a “buy” rating in a report on Tuesday, May 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, eighteen have issued a buy rating and three have given a strong buy rating to the stock. Boston Scientific currently has a consensus rating of “Buy” and a consensus price target of $32.70.

Shares of NYSE:BSX opened at $32.70 on Friday. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.82 and a quick ratio of 0.59. The stock has a market capitalization of $44.84 billion, a P/E ratio of 25.00, a PEG ratio of 2.32 and a beta of 0.77. Boston Scientific has a 52 week low of $24.54 and a 52 week high of $37.30.

Boston Scientific (NYSE:BSX) last announced its quarterly earnings data on Wednesday, April 25th. The medical equipment provider reported $0.33 EPS for the quarter, beating the Zacks’ consensus estimate of $0.32 by $0.01. The firm had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.34 billion. Boston Scientific had a net margin of 1.21% and a return on equity of 25.10%. The firm’s revenue was up 10.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.29 earnings per share. sell-side analysts anticipate that Boston Scientific will post 1.39 earnings per share for the current fiscal year.

In other Boston Scientific news, EVP David A. Pierce sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, May 1st. The stock was sold at an average price of $28.80, for a total transaction of $144,000.00. Following the transaction, the executive vice president now owns 29,201 shares of the company’s stock, valued at $840,988.80. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Arthur C. Butcher sold 7,500 shares of the firm’s stock in a transaction dated Thursday, May 10th. The stock was sold at an average price of $30.06, for a total value of $225,450.00. Following the transaction, the senior vice president now directly owns 12,484 shares in the company, valued at approximately $375,269.04. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 163,030 shares of company stock worth $5,211,897. Corporate insiders own 0.73% of the company’s stock.

A number of large investors have recently made changes to their positions in the stock. Dynamic Technology Lab Private Ltd lifted its position in Boston Scientific by 13.0% in the first quarter. Dynamic Technology Lab Private Ltd now owns 65,450 shares of the medical equipment provider’s stock valued at $1,788,000 after purchasing an additional 7,540 shares during the period. Nicola Wealth Management LTD. acquired a new stake in shares of Boston Scientific during the 1st quarter valued at approximately $2,951,000. Suntrust Banks Inc. lifted its position in shares of Boston Scientific by 1,533.4% during the 1st quarter. Suntrust Banks Inc. now owns 441,715 shares of the medical equipment provider’s stock valued at $12,066,000 after acquiring an additional 414,672 shares during the period. Amalgamated Bank lifted its position in shares of Boston Scientific by 10.9% during the 1st quarter. Amalgamated Bank now owns 200,561 shares of the medical equipment provider’s stock valued at $5,479,000 after acquiring an additional 19,666 shares during the period. Finally, Summit Trail Advisors LLC lifted its position in shares of Boston Scientific by 3,853.8% during the 1st quarter. Summit Trail Advisors LLC now owns 194,923 shares of the medical equipment provider’s stock valued at $195,000 after acquiring an additional 189,993 shares during the period. Hedge funds and other institutional investors own 89.12% of the company’s stock.

About Boston Scientific

Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. It operates through three segments: Cardiovascular, Rhythm Management, and MedSurg. The company offers interventional cardiology products, including drug-eluting coronary stent systems used in the treatment of coronary artery disease; percutaneous coronary interventions therapy products to treat atherosclerosis; intravascular catheter-directed ultrasound imaging catheters, fractional flow reserve devices, and systems for use in coronary arteries and heart chambers, as well as certain peripheral vessels; and structural heart therapy systems.

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