Boston Scientific (NYSE:BSX) Downgraded by Needham & Company LLC

Needham & Company LLC cut shares of Boston Scientific (NYSE:BSX) from a buy rating to a hold rating in a research report released on Friday, MarketBeat Ratings reports. The brokerage currently has $86.00 price objective on the medical equipment provider’s stock.

Other analysts have also recently issued research reports about the company. Truist Financial raised their price target on Boston Scientific from $90.00 to $100.00 and gave the company a “buy” rating in a report on Monday, October 14th. TD Cowen raised their price target on Boston Scientific from $77.00 to $86.00 and gave the company a “buy” rating in a report on Tuesday, July 16th. Evercore ISI raised their price target on Boston Scientific from $82.00 to $90.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. JPMorgan Chase & Co. raised their price target on Boston Scientific from $82.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. Finally, Raymond James raised their price target on Boston Scientific from $91.00 to $94.00 and gave the company a “strong-buy” rating in a report on Wednesday, September 4th. Four analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $90.24.

Boston Scientific Stock Performance

Shares of BSX opened at $88.05 on Friday. The stock’s 50-day simple moving average is $82.73 and its 200 day simple moving average is $77.37. The stock has a market capitalization of $129.18 billion, a price-to-earnings ratio of 73.99, a price-to-earnings-growth ratio of 2.87 and a beta of 0.80. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.14 and a current ratio of 1.61. Boston Scientific has a 52-week low of $49.15 and a 52-week high of $88.79.

Boston Scientific (NYSE:BSX) last issued its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.04. The business had revenue of $4.12 billion for the quarter, compared to analysts’ expectations of $4.02 billion. Boston Scientific had a return on equity of 16.59% and a net margin of 12.00%. The firm’s quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.53 EPS. Research analysts forecast that Boston Scientific will post 2.4 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Joseph Michael Fitzgerald sold 132,527 shares of Boston Scientific stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $85.00, for a total value of $11,264,795.00. Following the sale, the executive vice president now directly owns 160,467 shares in the company, valued at approximately $13,639,695. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Joseph Michael Fitzgerald sold 132,527 shares of Boston Scientific stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $85.00, for a total value of $11,264,795.00. Following the sale, the executive vice president now directly owns 160,467 shares in the company, valued at approximately $13,639,695. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Wendy Carruthers sold 6,983 shares of Boston Scientific stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $74.12, for a total value of $517,579.96. Following the completion of the sale, the executive vice president now owns 40,188 shares in the company, valued at approximately $2,978,734.56. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 316,253 shares of company stock worth $26,714,298 in the last ninety days. 0.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. CRA Financial Services LLC lifted its stake in shares of Boston Scientific by 4.3% in the 3rd quarter. CRA Financial Services LLC now owns 2,841 shares of the medical equipment provider’s stock valued at $238,000 after purchasing an additional 117 shares during the period. CVA Family Office LLC lifted its stake in shares of Boston Scientific by 7.4% in the 2nd quarter. CVA Family Office LLC now owns 1,909 shares of the medical equipment provider’s stock valued at $147,000 after purchasing an additional 131 shares during the period. International Assets Investment Management LLC lifted its stake in shares of Boston Scientific by 0.6% in the 2nd quarter. International Assets Investment Management LLC now owns 22,596 shares of the medical equipment provider’s stock valued at $1,740,000 after purchasing an additional 139 shares during the period. ST Germain D J Co. Inc. raised its stake in Boston Scientific by 8.0% during the second quarter. ST Germain D J Co. Inc. now owns 1,923 shares of the medical equipment provider’s stock valued at $148,000 after buying an additional 143 shares during the last quarter. Finally, Transcend Capital Advisors LLC raised its stake in Boston Scientific by 2.2% during the second quarter. Transcend Capital Advisors LLC now owns 6,773 shares of the medical equipment provider’s stock valued at $522,000 after buying an additional 148 shares during the last quarter. Hedge funds and other institutional investors own 89.07% 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 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.