Boston Scientific Co. (NYSE:BSX) Short Interest Up 14.1% in October

Boston Scientific Co. (NYSE:BSX) was the recipient of a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 12,910,000 shares, an increase of 14.1% from the October 15th total of 11,310,000 shares. Based on an average daily trading volume, of 5,590,000 shares, the short-interest ratio is presently 2.3 days.

Boston Scientific Stock Up 4.0 %

Boston Scientific stock traded up $3.51 during midday trading on Monday, reaching $90.50. The stock had a trading volume of 1,511,804 shares, compared to its average volume of 6,063,063. The firm’s fifty day simple moving average is $85.26 and its 200-day simple moving average is $79.59. Boston Scientific has a 1-year low of $53.93 and a 1-year high of $90.58. The stock has a market capitalization of $133.38 billion, a P/E ratio of 71.89, a price-to-earnings-growth ratio of 2.56 and a beta of 0.79. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.02 and a current ratio of 1.48.

Boston Scientific (NYSE:BSX) last announced its earnings results on Wednesday, October 23rd. The medical equipment provider reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.04. Boston Scientific had a return on equity of 17.23% and a net margin of 11.26%. The business had revenue of $4.21 billion for the quarter, compared to analyst estimates of $4.04 billion. During the same quarter last year, the firm earned $0.50 EPS. Boston Scientific’s revenue for the quarter was up 19.3% compared to the same quarter last year. As a group, analysts expect that Boston Scientific will post 2.46 EPS for the current fiscal year.

Insiders Place Their Bets

In other Boston Scientific news, EVP Wendy Carruthers sold 6,983 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $81.70, for a total transaction of $570,511.10. Following the completion of the sale, the executive vice president now owns 37,468 shares of the company’s stock, valued at $3,061,135.60. This represents a 15.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael F. Mahoney sold 162,777 shares of the company’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $84.63, for a total value of $13,775,817.51. Following the sale, the chief executive officer now directly owns 1,572,096 shares of the company’s stock, valued at $133,046,484.48. The trade was a 9.38 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 309,270 shares of company stock worth $26,196,718. Company insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. State Street Corp increased its position in shares of Boston Scientific by 2.3% during the 3rd quarter. State Street Corp now owns 62,846,328 shares of the medical equipment provider’s stock worth $5,266,522,000 after purchasing an additional 1,389,172 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Boston Scientific by 2.2% during the 3rd quarter. Wellington Management Group LLP now owns 32,820,828 shares of the medical equipment provider’s stock worth $2,750,385,000 after purchasing an additional 718,515 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Boston Scientific by 1.7% during the 3rd quarter. Geode Capital Management LLC now owns 29,584,841 shares of the medical equipment provider’s stock worth $2,469,607,000 after purchasing an additional 480,729 shares during the last quarter. Capital World Investors increased its holdings in shares of Boston Scientific by 69.9% during the 1st quarter. Capital World Investors now owns 16,008,085 shares of the medical equipment provider’s stock worth $1,096,394,000 after acquiring an additional 6,588,256 shares during the last quarter. Finally, Legal & General Group Plc increased its holdings in shares of Boston Scientific by 2.7% during the 2nd quarter. Legal & General Group Plc now owns 13,922,773 shares of the medical equipment provider’s stock worth $1,072,195,000 after acquiring an additional 360,793 shares during the last quarter. Institutional investors and hedge funds own 89.07% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on BSX. Truist Financial increased their price objective on Boston Scientific from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Bank of America increased their price objective on Boston Scientific from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Needham & Company LLC reissued a “hold” rating on shares of Boston Scientific in a research report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft increased their price objective on Boston Scientific from $73.00 to $78.00 and gave the company a “hold” rating in a research report on Thursday, July 25th. Finally, Royal Bank of Canada raised their target price on Boston Scientific from $95.00 to $98.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Four investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $93.39.

About Boston Scientific

Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. It operates through two segments, MedSurg and Cardiovascular. The company offers devices to diagnose and treat gastrointestinal and pulmonary conditions, such as resolution clips, biliary stent systems, stents and electrocautery enhanced delivery systems, direct visualization systems, digital catheters, and single-use duodenoscopes; devices to treat urological conditions, including ureteral stents, catheters, baskets, guidewires, sheaths, balloons, single-use digital flexible ureteroscopes, holmium laser systems, artificial urinary sphincter, laser system, fiber, and hydrogel systems; and devices to treat neurological movement disorders and manage chronic pain, such as spinal cord stimulator system, proprietary programming software, radiofrequency generator, indirect decompression systems, practice optimization tools, and deep brain stimulation system.