Summit Financial LLC Acquires 3,428 Shares of Boston Scientific Co. (NYSE:BSX)

Summit Financial LLC lifted its holdings in Boston Scientific Co. (NYSE:BSX) by 13.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,483 shares of the medical equipment provider’s stock after purchasing an additional 3,428 shares during the quarter. Summit Financial LLC’s holdings in Boston Scientific were worth $2,633,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Mechanics Bank Trust Department bought a new stake in Boston Scientific during the 4th quarter worth about $415,000. Highland Capital Management LLC bought a new stake in Boston Scientific during the fourth quarter worth about $4,887,000. Covenant Asset Management LLC acquired a new position in Boston Scientific during the fourth quarter valued at approximately $3,405,000. Brookstone Capital Management grew its stake in Boston Scientific by 23.7% in the fourth quarter. Brookstone Capital Management now owns 105,860 shares of the medical equipment provider’s stock valued at $9,455,000 after purchasing an additional 20,307 shares in the last quarter. Finally, Beacon Investment Advisory Services Inc. increased its position in shares of Boston Scientific by 31.7% during the 4th quarter. Beacon Investment Advisory Services Inc. now owns 19,527 shares of the medical equipment provider’s stock worth $1,744,000 after purchasing an additional 4,702 shares during the last quarter. Institutional investors and hedge funds own 89.07% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BSX. UBS Group upped their target price on shares of Boston Scientific from $105.00 to $130.00 and gave the company a “buy” rating in a report on Friday, February 7th. Argus set a $130.00 price objective on Boston Scientific in a research report on Tuesday, February 18th. Wells Fargo & Company boosted their target price on Boston Scientific from $100.00 to $118.00 and gave the stock an “overweight” rating in a report on Thursday, February 6th. Stifel Nicolaus raised their price target on Boston Scientific from $100.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, February 6th. Finally, Piper Sandler upped their price objective on shares of Boston Scientific from $95.00 to $115.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Two investment analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $108.91.

Insider Activity at Boston Scientific

In other news, EVP John Bradley Sorenson sold 1,201 shares of the firm’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $106.31, for a total transaction of $127,678.31. Following the completion of the sale, the executive vice president now owns 25,443 shares of the company’s stock, valued at $2,704,845.33. This trade represents a 4.51 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Arthur C. Butcher sold 17,313 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $101.80, for a total transaction of $1,762,463.40. Following the transaction, the executive vice president now directly owns 5,502 shares in the company, valued at approximately $560,103.60. This represents a 75.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 137,302 shares of company stock worth $14,319,269 over the last quarter. Company insiders own 0.50% of the company’s stock.

Boston Scientific Trading Up 1.6 %

BSX opened at $100.95 on Tuesday. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.08 and a quick ratio of 1.02. Boston Scientific Co. has a fifty-two week low of $66.80 and a fifty-two week high of $107.17. The company’s 50 day moving average price is $102.20 and its two-hundred day moving average price is $93.30. The firm has a market capitalization of $149.30 billion, a price-to-earnings ratio of 80.76, a PEG ratio of 2.79 and a beta of 0.77.

Boston Scientific (NYSE:BSX) last issued its quarterly earnings results on Wednesday, February 5th. The medical equipment provider reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.05. Boston Scientific had a return on equity of 17.80% and a net margin of 11.07%. As a group, research analysts predict that Boston Scientific Co. will post 2.85 earnings per share for the current year.

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.