Boston Scientific (NYSE:BSX) Price Target Raised to $88.00 at Canaccord Genuity Group

Boston Scientific (NYSE:BSX) had its price objective raised by Canaccord Genuity Group from $83.00 to $88.00 in a research note issued to investors on Thursday morning, Benzinga reports. They currently have a buy rating on the medical equipment provider’s stock.

A number of other research firms have also weighed in on BSX. Evercore ISI lifted their price objective on shares of Boston Scientific from $78.00 to $81.00 and gave the company an outperform rating in a research report on Tuesday, July 2nd. Raymond James boosted their price target on shares of Boston Scientific from $73.00 to $85.00 and gave the stock a strong-buy rating in a research note on Thursday, April 25th. Barclays raised their price objective on shares of Boston Scientific from $70.00 to $78.00 and gave the company an overweight rating in a research report on Friday, April 26th. Wells Fargo & Company boosted their target price on Boston Scientific from $72.00 to $82.00 and gave the stock an overweight rating in a research report on Thursday, April 25th. Finally, Argus raised their price target on Boston Scientific from $80.00 to $95.00 and gave the company a buy rating in a report on Tuesday, May 28th. Two equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $84.76.

Boston Scientific Stock Up 0.9 %

Shares of NYSE:BSX opened at $74.92 on Thursday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.66 and a quick ratio of 1.14. The stock has a market cap of $109.92 billion, a P/E ratio of 62.96, a P/E/G ratio of 2.49 and a beta of 0.78. Boston Scientific has a 1-year low of $48.35 and a 1-year high of $79.43. The firm has a fifty day moving average price of $76.49 and a 200 day moving average price of $70.47.

Boston Scientific (NYSE:BSX) last released its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.04. The firm had revenue of $4.12 billion for the quarter, compared to analyst estimates of $4.02 billion. Boston Scientific had a return on equity of 16.80% and a net margin of 12.00%. The business’s revenue was up 14.5% on a year-over-year basis. During the same quarter last year, the company posted $0.53 earnings per share. Sell-side analysts predict that Boston Scientific will post 2.4 EPS for the current year.

Insider Buying and Selling

In other Boston Scientific news, EVP John Bradley Sorenson sold 17,587 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $71.50, for a total value of $1,257,470.50. Following the transaction, the executive vice president now directly owns 50,638 shares in the company, valued at approximately $3,620,617. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, EVP Wendy Carruthers sold 6,983 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $77.30, for a total value of $539,785.90. Following the completion of the transaction, the executive vice president now directly owns 42,908 shares in the company, valued at $3,316,788.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John Bradley Sorenson sold 17,587 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $71.50, for a total value of $1,257,470.50. Following the completion of the sale, the executive vice president now directly owns 50,638 shares in the company, valued at $3,620,617. The disclosure for this sale can be found here. In the last quarter, insiders sold 62,441 shares of company stock worth $4,624,453. 0.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. HB Wealth Management LLC raised its position in shares of Boston Scientific by 16.3% in the 2nd quarter. HB Wealth Management LLC now owns 23,018 shares of the medical equipment provider’s stock worth $1,773,000 after buying an additional 3,219 shares during the period. Zimmermann Investment Management & Planning LLC purchased a new stake in Boston Scientific during the 2nd quarter worth $202,000. Kintegral Advisory LLC increased its holdings in Boston Scientific by 459.1% in the 2nd quarter. Kintegral Advisory LLC now owns 59,454 shares of the medical equipment provider’s stock valued at $4,579,000 after purchasing an additional 48,820 shares in the last quarter. Breakwater Capital Group raised its position in Boston Scientific by 5.2% in the second quarter. Breakwater Capital Group now owns 7,665 shares of the medical equipment provider’s stock valued at $590,000 after purchasing an additional 376 shares during the period. Finally, Conning Inc. lifted its stake in shares of Boston Scientific by 4.0% during the second quarter. Conning Inc. now owns 10,759 shares of the medical equipment provider’s stock worth $829,000 after purchasing an additional 412 shares in the last quarter. 89.07% of the stock is currently owned by hedge funds and other institutional investors.

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.