Canaccord Genuity Group Boosts Boston Scientific (NYSE:BSX) Price Target to $88.00

Boston Scientific (NYSE:BSX) had its target price lifted by Canaccord Genuity Group from $83.00 to $88.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the medical equipment provider’s stock. Canaccord Genuity Group’s price objective indicates a potential upside of 13.17% from the stock’s previous close.

BSX has been the subject of several other research reports. TD Cowen upped their price target on shares of Boston Scientific from $77.00 to $86.00 and gave the company a “buy” rating in a report on Tuesday, July 16th. Wells Fargo & Company upped their price target on shares of Boston Scientific from $72.00 to $82.00 and gave the company an “overweight” rating in a report on Thursday, April 25th. The Goldman Sachs Group initiated coverage on shares of Boston Scientific in a report on Thursday, May 30th. They issued a “buy” rating and a $90.00 price target for the company. JPMorgan Chase & Co. upped their price target on shares of Boston Scientific from $72.00 to $82.00 and gave the company an “overweight” rating in a report on Thursday, April 25th. Finally, Truist Financial increased their target price on shares of Boston Scientific from $86.00 to $90.00 and gave the stock a “buy” rating in a report on Tuesday, July 16th. Two analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $83.95.

Boston Scientific Stock Down 1.1 %

Shares of NYSE BSX opened at $77.76 on Thursday. The stock has a market cap of $114.08 billion, a P/E ratio of 65.34, a P/E/G ratio of 2.70 and a beta of 0.78. The firm has a 50 day moving average price of $76.49 and a 200 day moving average price of $70.18. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.14 and a current ratio of 1.66. Boston Scientific has a 52-week low of $48.35 and a 52-week high of $79.43.

Boston Scientific (NYSE:BSX) last released its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.04. The company had revenue of $4.12 billion during the quarter, compared to analysts’ expectations of $4.02 billion. Boston Scientific had a net margin of 12.06% and a return on equity of 16.39%. The business’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.53 earnings per share. Analysts expect that Boston Scientific will post 2.32 EPS for the current year.

Insider Buying and Selling

In related news, EVP Wendy Carruthers sold 6,983 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $77.30, for a total transaction of $539,785.90. Following the transaction, the executive vice president now directly owns 42,908 shares of the company’s stock, valued at $3,316,788.40. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Boston Scientific news, EVP Wendy Carruthers sold 6,983 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $77.30, for a total transaction of $539,785.90. Following the sale, the executive vice president now directly owns 42,908 shares in the company, valued at $3,316,788.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Arthur C. Butcher sold 14,011 shares of the stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $75.34, for a total transaction of $1,055,588.74. Following the sale, the executive vice president now owns 20,197 shares in the company, valued at $1,521,641.98. The disclosure for this sale can be found here. Over the last three months, insiders have sold 72,259 shares of company stock valued at $5,344,014. 0.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Boston Scientific

A number of large investors have recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Boston Scientific in the 4th quarter valued at approximately $930,626,000. Putnam Investments LLC boosted its stake in shares of Boston Scientific by 110.5% in the 4th quarter. Putnam Investments LLC now owns 13,067,570 shares of the medical equipment provider’s stock valued at $755,436,000 after purchasing an additional 6,859,280 shares in the last quarter. Capital World Investors boosted its stake in shares of Boston Scientific by 236.1% in the 4th quarter. Capital World Investors now owns 9,419,829 shares of the medical equipment provider’s stock valued at $544,560,000 after purchasing an additional 6,617,360 shares in the last quarter. Capital Research Global Investors acquired a new stake in shares of Boston Scientific in the 1st quarter valued at approximately $182,897,000. Finally, Vanguard Group Inc. boosted its stake in shares of Boston Scientific by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 127,437,884 shares of the medical equipment provider’s stock valued at $8,728,221,000 after purchasing an additional 1,988,082 shares in the last quarter. 89.07% of the stock is currently owned by institutional investors and hedge funds.

Boston Scientific Company Profile

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.