Moran Wealth Management LLC Increases Stake in Boston Scientific Co. (NYSE:BSX)

Moran Wealth Management LLC lifted its stake in shares of Boston Scientific Co. (NYSE:BSX) by 414.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 199,001 shares of the medical equipment provider’s stock after purchasing an additional 160,311 shares during the quarter. Moran Wealth Management LLC’s holdings in Boston Scientific were worth $16,676,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. Triad Wealth Partners LLC acquired a new stake in shares of Boston Scientific during the second quarter worth $26,000. Values First Advisors Inc. purchased a new stake in shares of Boston Scientific during the third quarter worth about $28,000. Andra AP fonden purchased a new position in shares of Boston Scientific during the 2nd quarter valued at approximately $29,000. Lynx Investment Advisory bought a new stake in shares of Boston Scientific in the 2nd quarter worth about $30,000. Finally, E Fund Management Hong Kong Co. Ltd. acquired a new stake in Boston Scientific during the third quarter valued at approximately $30,000. Hedge funds and other institutional investors own 89.07% of the company’s stock.

Analyst Upgrades and Downgrades

BSX has been the subject of a number of recent research reports. Citigroup boosted their price objective on shares of Boston Scientific from $92.00 to $98.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. TD Cowen increased their price objective on Boston Scientific from $86.00 to $100.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Raymond James lifted their target price on Boston Scientific from $91.00 to $94.00 and gave the company a “strong-buy” rating in a research note on Wednesday, September 4th. Bank of America lifted their price objective on shares of Boston Scientific from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Finally, Evercore ISI raised their target price on shares of Boston Scientific from $82.00 to $90.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Four equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $93.39.

Boston Scientific Price Performance

NYSE BSX traded down $0.53 during trading hours on Wednesday, reaching $89.80. 371,109 shares of the company’s stock were exchanged, compared to its average volume of 6,068,980. The firm has a fifty day moving average of $85.56 and a 200-day moving average of $79.84. The company has a current ratio of 1.48, a quick ratio of 1.02 and a debt-to-equity ratio of 0.44. Boston Scientific Co. has a one year low of $53.93 and a one year high of $91.08. The stock has a market cap of $132.35 billion, a PE ratio of 74.63, a price-to-earnings-growth ratio of 2.56 and a beta of 0.79.

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, topping analysts’ consensus estimates of $0.59 by $0.04. Boston Scientific had a net margin of 11.26% and a return on equity of 17.23%. The company had revenue of $4.21 billion for the quarter, compared to analyst estimates of $4.04 billion. During the same period in the prior year, the business earned $0.50 earnings per share. Boston Scientific’s quarterly revenue was up 19.3% on a year-over-year basis. On average, equities research analysts predict that Boston Scientific Co. will post 2.46 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Wendy Carruthers sold 6,983 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $81.70, for a total value of $570,511.10. Following the transaction, the executive vice president now owns 37,468 shares of the company’s stock, valued at approximately $3,061,135.60. This trade represents a 15.71 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Joseph Michael Fitzgerald sold 132,527 shares of the business’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $85.00, for a total transaction of $11,264,795.00. Following the sale, the executive vice president now directly owns 160,467 shares of the company’s stock, valued at approximately $13,639,695. This trade represents a 45.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 309,270 shares of company stock valued at $26,196,718 over the last 90 days. 0.50% of the stock is owned by company insiders.

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.