Boston Scientific Corporation (NYSE:BSX) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a report released on Friday. The firm presently has a $33.00 price target on the medical equipment provider’s stock. Zacks Investment Research‘s price target points to a potential upside of 11.60% from the stock’s current price.
According to Zacks, “Boston Scientific's unimpressive defibrillator performance within the core CRM continues to remain a drag. We are also concerned about the foreign exchange headwind. This apart, the Yet, the recall of the company's Lotus range of heart devices is expected to hamper sales throughot 2017. On a positive note, over the past three months, Boston Scientific has been trading above the broader industry. The company is leaving no stone unturned to strengthen its core businesses and invest more in global markets. Among the recent developments, worth mentioning is the company’s acquisition of Symetis, in a bid to fortify its European structural heart business. We are also encouraged with the company gaining a number of product approvals both in the domestic and overseas markets. Notably, the company received an FDA approval for the RESONATE family of ICD and CRT-D systems.”
A number of other research analysts also recently commented on BSX. BMO Capital Markets restated a “buy” rating and issued a $30.00 target price on shares of Boston Scientific Corporation in a research note on Friday, October 13th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Boston Scientific Corporation in a research note on Wednesday, August 9th. Cowen and Company restated a “buy” rating and issued a $32.00 target price (up previously from $31.00) on shares of Boston Scientific Corporation in a research note on Friday, July 28th. J P Morgan Chase & Co restated an “overweight” rating and issued a $31.00 target price (up previously from $27.00) on shares of Boston Scientific Corporation in a research note on Wednesday, June 28th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $32.00 target price on shares of Boston Scientific Corporation in a research note on Monday, September 25th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $30.31.
Boston Scientific Corporation (BSX) traded up 0.321% during trading on Friday, hitting $29.665. The stock had a trading volume of 1,335,701 shares. The firm’s 50 day moving average is $28.93 and its 200 day moving average is $27.31. The firm has a market cap of $40.70 billion, a price-to-earnings ratio of 53.068 and a beta of 1.09. Boston Scientific Corporation has a 1-year low of $19.67 and a 1-year high of $29.83.
Boston Scientific Corporation (NYSE:BSX) last issued its earnings results on Thursday, July 27th. The medical equipment provider reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.01. Boston Scientific Corporation had a return on equity of 23.62% and a net margin of 9.04%. The firm had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $2.21 billion. During the same quarter in the previous year, the company posted $0.27 earnings per share. The business’s quarterly revenue was up 6.2% compared to the same quarter last year. On average, analysts anticipate that Boston Scientific Corporation will post $1.26 earnings per share for the current year.
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In related news, SVP John Bradley Sorenson sold 2,100 shares of the business’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $27.15, for a total transaction of $57,015.00. Following the completion of the transaction, the senior vice president now owns 18,880 shares of the company’s stock, valued at approximately $512,592. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Timothy A. Pratt sold 10,000 shares of the business’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $26.67, for a total value of $266,700.00. Following the transaction, the executive vice president now directly owns 195,846 shares of the company’s stock, valued at approximately $5,223,212.82. The disclosure for this sale can be found here. Insiders have sold a total of 531,297 shares of company stock valued at $15,144,095 in the last three months. 0.74% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Acrospire Investment Management LLC raised its holdings in Boston Scientific Corporation by 157.3% in the 2nd quarter. Acrospire Investment Management LLC now owns 5,071 shares of the medical equipment provider’s stock valued at $141,000 after acquiring an additional 3,100 shares in the last quarter. Bronfman E.L. Rothschild L.P. raised its holdings in Boston Scientific Corporation by 14.3% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 5,761 shares of the medical equipment provider’s stock valued at $160,000 after acquiring an additional 720 shares in the last quarter. San Francisco Sentry Investment Group CA acquired a new position in Boston Scientific Corporation in the 2nd quarter valued at approximately $191,000. Peddock Capital Advisors LLC acquired a new position in Boston Scientific Corporation in the 2nd quarter valued at approximately $201,000. Finally, Elgethun Capital Management acquired a new position in Boston Scientific Corporation in the 2nd quarter valued at approximately $207,000. 90.30% of the stock is owned by institutional investors and hedge funds.
Boston Scientific Corporation Company Profile
Boston Scientific Corporation is a developer, manufacturer and marketer of medical devices that are used in a range of interventional medical specialties. The Company offers its products by seven businesses: Interventional Cardiology, Cardiac Rhythm Management, Endoscopy, Peripheral Interventions, Urology and Pelvic Health, Neuromodulation, and Electrophysiology.
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