Boston Scientific Co. (NYSE:BSX) Sees Significant Decline in Short Interest

Boston Scientific Co. (NYSE:BSX) was the target of a large drop in short interest in July. As of July 31st, there was short interest totalling 10,800,000 shares, a drop of 6.3% from the July 15th total of 11,530,000 shares. Based on an average trading volume of 5,860,000 shares, the short-interest ratio is currently 1.8 days.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on BSX. StockNews.com upgraded shares of Boston Scientific from a “hold” rating to a “buy” rating in a report on Wednesday, July 24th. Needham & Company LLC lifted their price target on shares of Boston Scientific from $82.00 to $86.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Argus raised their target price on Boston Scientific from $80.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, May 28th. Citigroup upped their price target on Boston Scientific from $87.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. Finally, BTIG Research lifted their price objective on Boston Scientific from $80.00 to $84.00 and gave the stock a “buy” rating in a report on Monday, July 15th. Two research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $84.76.

Insiders Place Their Bets

In other news, EVP Wendy Carruthers sold 6,983 shares of the stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $75.33, for a total value of $526,029.39. Following the completion of the sale, the executive vice president now owns 45,628 shares in the company, valued at $3,437,157.24. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, EVP Wendy Carruthers sold 6,983 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $75.33, for a total value of $526,029.39. Following the completion of the transaction, the executive vice president now directly owns 45,628 shares of the company’s stock, valued at $3,437,157.24. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Arthur C. Butcher sold 14,011 shares of Boston Scientific stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $75.34, for a total value of $1,055,588.74. Following the sale, the executive vice president now owns 20,197 shares in the company, valued at $1,521,641.98. The disclosure for this sale can be found here. Insiders have sold 34,960 shares of company stock valued at $2,638,984 in the last three months. 0.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Boston Scientific

Institutional investors have recently modified their holdings of the company. CVA Family Office LLC grew its position in Boston Scientific by 7.4% during the second quarter. CVA Family Office LLC now owns 1,909 shares of the medical equipment provider’s stock valued at $147,000 after acquiring an additional 131 shares during the last quarter. International Assets Investment Management LLC grew its holdings in shares of Boston Scientific by 0.6% during the 2nd quarter. International Assets Investment Management LLC now owns 22,596 shares of the medical equipment provider’s stock valued at $1,740,000 after purchasing an additional 139 shares during the last quarter. ST Germain D J Co. Inc. raised its position in Boston Scientific by 8.0% in the 2nd quarter. ST Germain D J Co. Inc. now owns 1,923 shares of the medical equipment provider’s stock worth $148,000 after purchasing an additional 143 shares during the period. Pinnacle Associates Ltd. lifted its stake in Boston Scientific by 2.0% in the first quarter. Pinnacle Associates Ltd. now owns 7,478 shares of the medical equipment provider’s stock worth $512,000 after purchasing an additional 148 shares during the last quarter. Finally, Transcend Capital Advisors LLC boosted its position in Boston Scientific by 2.2% during the second quarter. Transcend Capital Advisors LLC now owns 6,773 shares of the medical equipment provider’s stock valued at $522,000 after buying an additional 148 shares during the period. 89.07% of the stock is currently owned by institutional investors.

Boston Scientific Stock Down 0.3 %

BSX stock opened at $78.48 on Wednesday. The company’s 50 day moving average is $76.46 and its 200 day moving average is $72.20. The stock has a market cap of $115.14 billion, a price-to-earnings ratio of 65.95, a price-to-earnings-growth ratio of 2.49 and a beta of 0.78. The company has a current ratio of 1.66, a quick ratio of 1.14 and a debt-to-equity ratio of 0.47. Boston Scientific has a 1-year low of $48.35 and a 1-year high of $79.43.

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

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.