People s United Financial Inc. increased its stake in shares of Boston Scientific Co. (NYSE:BSX) by 8.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,571 shares of the medical equipment provider’s stock after purchasing an additional 2,407 shares during the quarter. People s United Financial Inc.’s holdings in Boston Scientific were worth $1,254,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Cornerstone Wealth Management LLC acquired a new stake in Boston Scientific during the 2nd quarter worth approximately $208,000. Acadian Asset Management LLC acquired a new stake in Boston Scientific during the 2nd quarter worth approximately $208,000. Bainco International Investors lifted its position in Boston Scientific by 0.8% during the 2nd quarter. Bainco International Investors now owns 208,514 shares of the medical equipment provider’s stock worth $6,818,000 after acquiring an additional 1,729 shares during the period. Migdal Insurance & Financial Holdings Ltd. lifted its position in Boston Scientific by 3,090.5% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 4,020 shares of the medical equipment provider’s stock worth $131,000 after acquiring an additional 3,894 shares during the period. Finally, First Trust Advisors LP lifted its position in Boston Scientific by 1,304.9% during the 2nd quarter. First Trust Advisors LP now owns 267,753 shares of the medical equipment provider’s stock worth $8,756,000 after acquiring an additional 248,695 shares during the period. Institutional investors and hedge funds own 90.85% of the company’s stock.
In related news, Chairman Michael F. Mahoney sold 116,666 shares of the firm’s stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $35.88, for a total value of $4,185,976.08. Following the completion of the transaction, the chairman now directly owns 2,023,104 shares of the company’s stock, valued at approximately $72,588,971.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John Bradley Sorenson sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $35.86, for a total value of $358,600.00. Following the completion of the transaction, the senior vice president now directly owns 44,636 shares of the company’s stock, valued at $1,600,646.96. The disclosure for this sale can be found here. Insiders sold a total of 472,827 shares of company stock valued at $17,554,528 over the last ninety days. 0.73% of the stock is currently owned by company insiders.
A number of research firms have weighed in on BSX. Morgan Stanley increased their price objective on Boston Scientific from $38.00 to $48.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 2nd. Oppenheimer reaffirmed a “hold” rating on shares of Boston Scientific in a research report on Tuesday, September 25th. Guggenheim increased their price objective on Boston Scientific to $45.00 and gave the stock a “buy” rating in a research report on Friday, November 16th. Wells Fargo & Co increased their target price on Boston Scientific from $38.00 to $42.00 and gave the stock an “outperform” rating in a research note on Monday, September 17th. Finally, Cowen set a $42.00 target price on Boston Scientific and gave the stock a “buy” rating in a research note on Monday, October 22nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have assigned a buy rating and three have given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $39.54.
Shares of BSX stock opened at $35.48 on Friday. The company has a market cap of $50.88 billion, a PE ratio of 25.71, a price-to-earnings-growth ratio of 2.42 and a beta of 0.70. Boston Scientific Co. has a 12-month low of $24.79 and a 12-month high of $39.44. The company has a quick ratio of 0.56, a current ratio of 0.78 and a debt-to-equity ratio of 0.58.
Boston Scientific (NYSE:BSX) last released its quarterly earnings data on Wednesday, October 24th. The medical equipment provider reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.01. Boston Scientific had a return on equity of 26.44% and a net margin of 6.93%. The firm had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.40 billion. During the same period last year, the business posted $0.31 EPS. Boston Scientific’s quarterly revenue was up 7.7% on a year-over-year basis. On average, equities research analysts expect that Boston Scientific Co. will post 1.39 earnings per share for the current year.
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Boston Scientific Company Profile
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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