Boston Scientific (NYSE:BSX) Downgraded to Hold Rating by StockNews.com

Boston Scientific (NYSE:BSX) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Thursday.

Several other brokerages have also commented on BSX. Royal Bank of Canada boosted their target price on shares of Boston Scientific from $105.00 to $116.00 and gave the stock an “outperform” rating in a research report on Thursday, February 6th. UBS Group boosted their price objective on shares of Boston Scientific from $105.00 to $130.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Piper Sandler increased their target price on shares of Boston Scientific from $95.00 to $115.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Citigroup boosted their price target on Boston Scientific from $107.00 to $122.00 and gave the stock a “buy” rating in a research note on Thursday, February 6th. Finally, Stifel Nicolaus raised their price objective on Boston Scientific from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, February 6th. Two investment analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Boston Scientific currently has a consensus rating of “Moderate Buy” and an average price target of $107.39.

Boston Scientific Stock Performance

BSX traded down $0.26 during trading on Thursday, hitting $105.41. The stock had a trading volume of 5,977,501 shares, compared to its average volume of 6,049,724. Boston Scientific has a twelve month low of $65.33 and a twelve month high of $107.17. The firm has a market capitalization of $155.36 billion, a P/E ratio of 84.33, a PEG ratio of 2.79 and a beta of 0.80. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.02 and a current ratio of 1.48. The company’s 50-day moving average price is $97.69 and its 200 day moving average price is $89.06.

Boston Scientific (NYSE:BSX) last announced its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.05. Boston Scientific had a net margin of 11.07% and a return on equity of 18.11%. On average, equities research analysts forecast that Boston Scientific will post 2.85 EPS for the current fiscal year.

Insider Transactions at Boston Scientific

In other news, CFO Daniel J. Brennan sold 67,333 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $105.24, for a total value of $7,086,124.92. Following the completion of the sale, the chief financial officer now owns 225,808 shares in the company, valued at $23,764,033.92. This represents a 22.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP John Bradley Sorenson sold 1,201 shares of the firm’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $106.31, for a total value of $127,678.31. Following the sale, the executive vice president now owns 25,443 shares of the company’s stock, valued at $2,704,845.33. The trade was a 4.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 153,640 shares of company stock valued at $15,718,289 in the last three months. 0.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Boston Scientific

Hedge funds have recently modified their holdings of the stock. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in Boston Scientific by 4.4% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 4,119,399 shares of the medical equipment provider’s stock worth $345,205,000 after buying an additional 173,034 shares during the last quarter. Mechanics Bank Trust Department bought a new stake in shares of Boston Scientific during the 4th quarter worth about $415,000. Highland Capital Management LLC acquired a new position in shares of Boston Scientific during the 4th quarter valued at about $4,887,000. Covenant Asset Management LLC bought a new position in shares of Boston Scientific in the 4th quarter valued at approximately $3,405,000. Finally, Brookstone Capital Management lifted its holdings in Boston Scientific by 23.7% in the 4th quarter. Brookstone Capital Management now owns 105,860 shares of the medical equipment provider’s stock worth $9,455,000 after purchasing an additional 20,307 shares during the last quarter. 89.07% of the stock is owned by institutional investors and hedge funds.

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.