Boston Scientific (NYSE:BSX) Stock Price Expected to Rise, Truist Financial Analyst Says

Boston Scientific (NYSE:BSX) had its target price upped by stock analysts at Truist Financial from $100.00 to $110.00 in a report released on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the medical equipment provider’s stock. Truist Financial’s price target indicates a potential upside of 22.71% from the company’s previous close.

Several other analysts have also recently issued reports on BSX. Needham & Company LLC reaffirmed a “hold” rating on shares of Boston Scientific in a report on Wednesday, November 27th. Sanford C. Bernstein boosted their price objective on Boston Scientific from $92.00 to $100.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. TD Cowen increased their target price on Boston Scientific from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. BTIG Research raised their price objective on Boston Scientific from $84.00 to $93.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Finally, JPMorgan Chase & Co. increased their target price on shares of Boston Scientific from $100.00 to $110.00 and gave the stock an “overweight” rating in a report on Monday. Four research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Boston Scientific currently has a consensus rating of “Moderate Buy” and an average price target of $95.96.

Boston Scientific Price Performance

BSX stock opened at $89.64 on Wednesday. The stock has a 50-day simple moving average of $88.20 and a 200-day simple moving average of $82.08. Boston Scientific has a 1 year low of $54.95 and a 1 year high of $91.93. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.02 and a current ratio of 1.48. The firm has a market cap of $132.11 billion, a P/E ratio of 74.39, a price-to-earnings-growth ratio of 2.67 and a beta of 0.80.

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

Insider Buying and Selling

In other news, EVP Wendy Carruthers sold 6,983 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $90.78, for a total transaction of $633,916.74. Following the completion of the transaction, the executive vice president now directly owns 29,308 shares in the company, valued at $2,660,580.24. The trade was a 19.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Edward J. Ludwig sold 4,877 shares of the stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $91.63, for a total transaction of $446,879.51. Following the completion of the sale, the director now directly owns 39,398 shares of the company’s stock, valued at approximately $3,610,038.74. This trade represents a 11.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 328,157 shares of company stock worth $27,957,676. Corporate insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Boston Scientific

Several hedge funds have recently made changes to their positions in the stock. B. Riley Wealth Advisors Inc. raised its stake in shares of Boston Scientific by 36.2% in the third quarter. B. Riley Wealth Advisors Inc. now owns 15,553 shares of the medical equipment provider’s stock valued at $1,303,000 after purchasing an additional 4,136 shares in the last quarter. Oddo BHF Asset Management Sas bought a new stake in Boston Scientific in the 3rd quarter valued at $35,046,000. Synovus Financial Corp raised its stake in shares of Boston Scientific by 7.1% in the 3rd quarter. Synovus Financial Corp now owns 17,518 shares of the medical equipment provider’s stock valued at $1,468,000 after buying an additional 1,167 shares in the last quarter. Tidal Investments LLC lifted its holdings in shares of Boston Scientific by 8.8% during the 3rd quarter. Tidal Investments LLC now owns 86,507 shares of the medical equipment provider’s stock worth $7,249,000 after acquiring an additional 6,990 shares during the period. Finally, Wilmington Savings Fund Society FSB acquired a new stake in shares of Boston Scientific during the 3rd quarter valued at about $1,175,000. 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.