Boston Scientific (NYSE:BSX) Reaches New 1-Year High – Still a Buy?

Boston Scientific Co. (NYSE:BSX) reached a new 52-week high on Wednesday . The stock traded as high as $97.17 and last traded at $96.87, with a volume of 555965 shares trading hands. The stock had previously closed at $95.65.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Sanford C. Bernstein upped their price objective on Boston Scientific from $92.00 to $100.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Mizuho boosted their price target on shares of Boston Scientific from $100.00 to $110.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Truist Financial increased their price objective on shares of Boston Scientific from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Wednesday, December 18th. Bank of America boosted their target price on shares of Boston Scientific from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Finally, Wells Fargo & Company increased their price target on shares of Boston Scientific from $98.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, December 11th. Three equities research analysts have rated the stock with a hold rating, twenty 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 has an average rating of “Moderate Buy” and an average target price of $97.26.

Boston Scientific Trading Up 1.5 %

The firm has a market capitalization of $143.15 billion, a P/E ratio of 80.27, a price-to-earnings-growth ratio of 2.67 and a beta of 0.80. The stock has a 50-day simple moving average of $90.36 and a two-hundred day simple moving average of $84.15. The company has a current ratio of 1.48, a quick ratio of 1.02 and a debt-to-equity ratio of 0.44.

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 firm had revenue of $4.21 billion during the quarter, compared to the consensus estimate of $4.04 billion. Boston Scientific had a return on equity of 17.23% and a net margin of 11.26%. The firm’s quarterly revenue was up 19.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.50 earnings per share. On average, equities research analysts anticipate that Boston Scientific Co. will post 2.46 earnings per share for the current year.

Insider Activity at Boston Scientific

In other news, Director Edward J. Ludwig sold 4,877 shares of Boston Scientific stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $91.63, for a total value of $446,879.51. Following the transaction, the director now directly owns 39,398 shares in the company, valued at approximately $3,610,038.74. This trade represents a 11.02 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Arthur C. Butcher sold 14,010 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $89.27, for a total value of $1,250,672.70. Following the sale, the executive vice president now owns 978 shares of the company’s stock, valued at $87,306.06. This trade represents a 93.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 29,989 shares of company stock valued at $2,702,261 over the last ninety days. 0.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Boston Scientific

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in shares of Boston Scientific by 4.4% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 4,119,399 shares of the medical equipment provider’s stock worth $345,205,000 after purchasing an additional 173,034 shares in the last quarter. Brookstone Capital Management grew its stake in Boston Scientific by 23.7% during the 4th quarter. Brookstone Capital Management now owns 105,860 shares of the medical equipment provider’s stock worth $9,455,000 after buying an additional 20,307 shares during the last quarter. HWG Holdings LP purchased a new position in Boston Scientific during the 2nd quarter worth $482,000. Principal Financial Group Inc. raised its stake in Boston Scientific by 5.9% in the third quarter. Principal Financial Group Inc. now owns 2,010,441 shares of the medical equipment provider’s stock valued at $168,475,000 after buying an additional 111,724 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its holdings in Boston Scientific by 0.9% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,456,741 shares of the medical equipment provider’s stock worth $289,675,000 after acquiring an additional 30,636 shares in 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.