Boston Scientific (NYSE:BSX) Hits New 52-Week High – Should You Buy?

Boston Scientific Co. (NYSE:BSX) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $89.35 and last traded at $88.75, with a volume of 461073 shares changing hands. The stock had previously closed at $86.99.

Analyst Upgrades and Downgrades

BSX has been the subject of a number of analyst reports. Morgan Stanley lifted their price objective on shares of Boston Scientific from $92.00 to $100.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Sanford C. Bernstein boosted their price target on shares of Boston Scientific from $92.00 to $100.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Needham & Company LLC restated a “hold” rating on shares of Boston Scientific in a report on Monday. 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 report on Thursday, October 24th. Finally, Citigroup boosted their price target on shares of Boston Scientific from $92.00 to $98.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. Four research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $93.39.

Boston Scientific Trading Down 0.2 %

The firm’s 50-day moving average price is $85.56 and its 200-day moving average price is $79.84. The company has a quick ratio of 1.02, a current ratio of 1.48 and a debt-to-equity ratio of 0.44. The company has a market cap of $133.09 billion, a P/E ratio of 74.63, a price-to-earnings-growth ratio of 2.56 and a beta of 0.79.

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

Insiders Place Their Bets

In other news, CEO Michael F. Mahoney sold 162,777 shares of the company’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $84.63, for a total value of $13,775,817.51. Following the completion of the sale, the chief executive officer now owns 1,572,096 shares of the company’s stock, valued at approximately $133,046,484.48. This represents a 9.38 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Joseph Michael Fitzgerald sold 132,527 shares of the company’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $85.00, for a total transaction of $11,264,795.00. Following the completion of the sale, the executive vice president now directly owns 160,467 shares of the company’s stock, valued at $13,639,695. This trade represents a 45.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 309,270 shares of company stock valued at $26,196,718 in the last quarter. Corporate insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. M&T Bank Corp raised its holdings in Boston Scientific by 0.3% in the 3rd quarter. M&T Bank Corp now owns 106,127 shares of the medical equipment provider’s stock worth $8,894,000 after purchasing an additional 370 shares in the last quarter. Soltis Investment Advisors LLC bought a new position in Boston Scientific in the 3rd quarter worth $240,000. Sunbelt Securities Inc. raised its holdings in Boston Scientific by 16.6% in the 3rd quarter. Sunbelt Securities Inc. now owns 1,414 shares of the medical equipment provider’s stock worth $118,000 after purchasing an additional 201 shares in the last quarter. Coldstream Capital Management Inc. raised its holdings in Boston Scientific by 9.4% in the 3rd quarter. Coldstream Capital Management Inc. now owns 27,326 shares of the medical equipment provider’s stock worth $2,301,000 after purchasing an additional 2,346 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in Boston Scientific by 1.7% in the 3rd quarter. Geode Capital Management LLC now owns 29,584,841 shares of the medical equipment provider’s stock worth $2,469,607,000 after purchasing an additional 480,729 shares in the last quarter. 89.07% of the stock is currently owned by institutional investors.

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.