Covenant Asset Management LLC Makes New $3.41 Million Investment in Boston Scientific Co. (NYSE:BSX)

Covenant Asset Management LLC bought a new stake in Boston Scientific Co. (NYSE:BSX) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 38,120 shares of the medical equipment provider’s stock, valued at approximately $3,405,000.

A number of other institutional investors and hedge funds also recently modified their holdings of BSX. State Street Corp increased its position in shares of Boston Scientific by 2.3% during the 3rd quarter. State Street Corp now owns 62,846,328 shares of the medical equipment provider’s stock valued at $5,266,522,000 after purchasing an additional 1,389,172 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Boston Scientific by 2.2% during the 3rd quarter. Wellington Management Group LLP now owns 32,820,828 shares of the medical equipment provider’s stock worth $2,750,385,000 after purchasing an additional 718,515 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of 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 during the period. Charles Schwab Investment Management Inc. lifted its stake in Boston Scientific by 0.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 8,018,377 shares of the medical equipment provider’s stock valued at $671,940,000 after purchasing an additional 64,720 shares during the last quarter. Finally, Impax Asset Management Group plc grew its holdings in Boston Scientific by 17.5% during the third quarter. Impax Asset Management Group plc now owns 5,470,174 shares of the medical equipment provider’s stock valued at $457,138,000 after purchasing an additional 815,403 shares during the period. 89.07% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on BSX. TD Cowen increased their price target on Boston Scientific from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Barclays boosted their price target on shares of Boston Scientific from $111.00 to $118.00 and gave the company an “overweight” rating in a research report on Monday, February 10th. Stifel Nicolaus raised their price objective on shares of Boston Scientific from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, February 6th. Canaccord Genuity Group raised their price target on Boston Scientific from $98.00 to $101.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Finally, Royal Bank of Canada increased their price objective on Boston Scientific from $105.00 to $116.00 and gave the stock an “outperform” rating in a report on Thursday, February 6th. One investment analyst has rated the stock with a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Boston Scientific has a consensus rating of “Buy” and an average price target of $107.39.

Boston Scientific Price Performance

Shares of Boston Scientific stock opened at $106.20 on Friday. The stock has a market capitalization of $156.51 billion, a price-to-earnings ratio of 84.96, a price-to-earnings-growth ratio of 2.79 and a beta of 0.80. Boston Scientific Co. has a 52-week low of $65.33 and a 52-week high of $107.17. The company has a fifty day moving average of $96.11 and a 200-day moving average of $87.97. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.02 and a current ratio of 1.48.

Boston Scientific (NYSE:BSX) last posted its earnings results on Wednesday, February 5th. The medical equipment provider reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.05. Boston Scientific had a return on equity of 18.11% and a net margin of 11.07%. Equities research analysts expect that Boston Scientific Co. will post 2.83 EPS for the current year.

Insider Activity at Boston Scientific

In other Boston Scientific news, EVP Arthur C. Butcher sold 17,313 shares of Boston Scientific stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $101.80, for a total transaction of $1,762,463.40. Following the transaction, the executive vice president now owns 5,502 shares of the company’s stock, valued at $560,103.60. The trade was a 75.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Edward J. Ludwig sold 12,000 shares of the stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $105.48, for a total transaction of $1,265,760.00. Following the completion of the sale, the director now directly owns 24,398 shares of the company’s stock, valued at approximately $2,573,501.04. This trade represents a 32.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 87,326 shares of company stock worth $8,673,948. 0.50% of the stock is owned by insiders.

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.