Boston Scientific (NYSE:BSX) Sets New 52-Week High – Time to Buy?

Shares of Boston Scientific Co. (NYSE:BSX) hit a new 52-week high on Monday . The company traded as high as $89.35 and last traded at $88.75, with a volume of 461073 shares changing hands. The stock had previously closed at $86.99.

Analyst Upgrades and Downgrades

BSX has been the topic of several analyst reports. JPMorgan Chase & Co. increased 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. Royal Bank of Canada lifted their price target on Boston Scientific from $95.00 to $98.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Mizuho upped their price target on Boston Scientific from $100.00 to $110.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. TD Cowen increased their price objective on shares of Boston Scientific from $86.00 to $100.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Finally, Barclays upped their target price on shares of Boston Scientific from $78.00 to $86.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Four equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Boston Scientific has a consensus rating of “Moderate Buy” and a consensus target price of $93.39.

Boston Scientific Stock Performance

The company has a quick ratio of 1.02, a current ratio of 1.48 and a debt-to-equity ratio of 0.44. The stock has a market cap of $133.25 billion, a P/E ratio of 71.89, a PEG ratio of 2.56 and a beta of 0.79. The stock has a fifty day simple moving average of $85.26 and a 200-day simple moving average of $79.59.

Boston Scientific (NYSE:BSX) last released its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.04. The business had revenue of $4.21 billion for the quarter, compared to analysts’ expectations of $4.04 billion. Boston Scientific had a return on equity of 17.23% and a net margin of 11.26%. Boston Scientific’s revenue for the quarter was up 19.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.50 EPS. Equities analysts expect that Boston Scientific Co. will post 2.46 earnings per share for the current fiscal year.

Insider Transactions at Boston Scientific

In other news, EVP Joseph Michael Fitzgerald sold 132,527 shares of the business’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $85.00, for a total transaction of $11,264,795.00. Following the transaction, the executive vice president now directly owns 160,467 shares in the company, valued at $13,639,695. The trade was a 45.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Wendy Carruthers sold 6,983 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $83.86, for a total value of $585,594.38. Following the completion of the sale, the executive vice president now owns 34,748 shares in the company, valued at $2,913,967.28. This represents a 16.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 309,270 shares of company stock valued at $26,196,718 over the last three months. Company insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Boston Scientific

Several hedge funds have recently bought and sold shares of the stock. BDF Gestion bought a new stake in Boston Scientific in the 2nd quarter valued at about $3,570,000. LRI Investments LLC bought a new stake in shares of Boston Scientific during the 1st quarter valued at $139,000. Cetera Advisor Networks LLC grew its holdings in shares of Boston Scientific by 11.8% during the 1st quarter. Cetera Advisor Networks LLC now owns 201,426 shares of the medical equipment provider’s stock worth $13,796,000 after purchasing an additional 21,252 shares in the last quarter. Brookstone Capital Management increased its position in shares of Boston Scientific by 389.1% in the second quarter. Brookstone Capital Management now owns 69,945 shares of the medical equipment provider’s stock worth $5,414,000 after purchasing an additional 55,645 shares during the period. Finally, HWG Holdings LP acquired a new position in Boston Scientific in the second quarter valued at about $482,000. 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.