Boston Scientific (NYSE:BSX) Shares Gap Down – Should You Sell?

Boston Scientific Co. (NYSE:BSX) gapped down before the market opened on Wednesday . The stock had previously closed at $88.01, but opened at $85.28. Boston Scientific shares last traded at $84.35, with a volume of 5,893,629 shares.

Analysts Set New Price Targets

A number of research firms have recently commented on BSX. Truist Financial increased their price objective on Boston Scientific from $90.00 to $100.00 and gave the company a “buy” rating in a report on Monday, October 14th. Raymond James raised their price objective on shares of Boston Scientific from $91.00 to $94.00 and gave the stock a “strong-buy” rating in a report on Wednesday, September 4th. StockNews.com lowered shares of Boston Scientific from a “buy” rating to a “hold” rating in a research note on Tuesday, September 24th. Morgan Stanley upped their target price on shares of Boston Scientific from $79.00 to $92.00 and gave the company an “overweight” rating in a report on Monday, July 15th. Finally, Stifel Nicolaus lifted their target price on shares of Boston Scientific from $85.00 to $100.00 and gave the company a “buy” rating in a report on Friday, October 18th. Four analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Boston Scientific currently has a consensus rating of “Moderate Buy” and an average target price of $90.68.

Boston Scientific Trading Down 2.1 %

The stock has a market cap of $126.38 billion, a price-to-earnings ratio of 70.24, a PEG 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. The business has a fifty day simple moving average of $82.97 and a 200 day simple moving average of $77.50.

Boston Scientific (NYSE:BSX) last posted its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.04. Boston Scientific had a net margin of 12.00% and a return on equity of 16.59%. The company had revenue of $4.12 billion during the quarter, compared to the consensus estimate of $4.02 billion. During the same quarter in the prior year, the company posted $0.53 EPS. The company’s quarterly revenue was up 14.5% compared to the same quarter last year. As a group, equities analysts anticipate that Boston Scientific Co. will post 2.4 EPS for the current year.

Insider Activity

In related news, EVP Wendy Carruthers sold 6,983 shares of Boston Scientific stock in a transaction on Tuesday, September 3rd. The stock was 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 in the company, valued at approximately $3,061,135.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Joseph Michael Fitzgerald sold 132,527 shares of Boston Scientific stock in a transaction on 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 owns 160,467 shares in the company, valued at approximately $13,639,695. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Wendy Carruthers sold 6,983 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $81.70, for a total transaction of $570,511.10. Following the sale, the executive vice president now directly owns 37,468 shares of the company’s stock, valued at approximately $3,061,135.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 316,253 shares of company stock valued at $26,714,298 in the last ninety days. Company insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Boston Scientific

Several institutional investors and hedge funds have recently modified their holdings of BSX. Triad Wealth Partners LLC acquired a new position in shares of Boston Scientific in the second quarter worth about $26,000. Values First Advisors Inc. acquired a new stake in Boston Scientific during the third quarter worth about $28,000. First Foundation Advisors bought a new position in Boston Scientific in the first quarter worth about $25,000. Eagle Bay Advisors LLC boosted its stake in Boston Scientific by 542.1% in the first quarter. Eagle Bay Advisors LLC now owns 366 shares of the medical equipment provider’s stock valued at $25,000 after acquiring an additional 309 shares during the period. Finally, Andra AP fonden bought a new position in shares of Boston Scientific during the second quarter valued at approximately $29,000. Hedge funds and other institutional investors own 89.07% of the company’s stock.

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.