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

Boston Scientific (NYSE:BSX) had its target price increased by equities research analysts at Canaccord Genuity Group from $83.00 to $88.00 in a report released on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the medical equipment provider’s stock. Canaccord Genuity Group’s price objective indicates a potential upside of 13.17% from the company’s previous close.

Several other research firms have also commented on BSX. Robert W. Baird lifted their price target on shares of Boston Scientific from $90.00 to $91.00 and gave the company an “outperform” rating in a research report on Thursday. Evercore ISI lifted their price target 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. Barclays boosted their target price on Boston Scientific from $70.00 to $78.00 and gave the company an “overweight” rating in a research report on Friday, April 26th. JPMorgan Chase & Co. boosted their target price on Boston Scientific from $72.00 to $82.00 and gave the company an “overweight” rating in a research report on Thursday, April 25th. Finally, Truist Financial boosted their target price on Boston Scientific from $86.00 to $90.00 and gave the company a “buy” rating in a research report on Tuesday, July 16th. Two 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $83.95.

Boston Scientific Trading Down 1.1 %

Shares of Boston Scientific stock opened at $77.76 on Thursday. The stock has a market cap of $114.08 billion, a P/E ratio of 65.34, a P/E/G ratio of 2.70 and a beta of 0.78. The stock’s 50 day simple moving average is $76.49 and its 200-day simple moving average is $70.18. Boston Scientific has a 1-year low of $48.35 and a 1-year high of $79.43. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.66 and a quick ratio of 1.14.

Boston Scientific (NYSE:BSX) last issued its earnings results on Wednesday, July 24th. The medical equipment provider reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.04. The business had revenue of $4.12 billion for the quarter, compared to analysts’ expectations of $4.02 billion. Boston Scientific had a return on equity of 16.39% and a net margin of 12.06%. The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.53 EPS. Analysts predict that Boston Scientific will post 2.32 EPS for the current fiscal year.

Insider Buying and Selling at Boston Scientific

In other Boston Scientific news, EVP John Bradley Sorenson sold 17,587 shares of the company’s stock in a transaction on 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 completion of the transaction, the executive vice president now owns 50,638 shares in the company, valued at $3,620,617. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Boston Scientific news, Director Edward J. Ludwig sold 9,818 shares of the company’s stock in a transaction on Friday, April 26th. The shares were sold at an average price of $73.29, for a total value of $719,561.22. Following the completion of the transaction, the director now owns 41,374 shares in the company, valued at $3,032,300.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction of $1,257,470.50. Following the completion of the sale, the executive vice president now directly owns 50,638 shares of the company’s stock, valued at $3,620,617. The disclosure for this sale can be found here. Insiders sold 72,259 shares of company stock worth $5,344,014 over the last 90 days. Corporate insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Boston Scientific

A number of institutional investors and hedge funds have recently made changes to their positions in BSX. Mutual Advisors LLC raised its holdings in shares of Boston Scientific by 20.7% in the fourth quarter. Mutual Advisors LLC now owns 5,999 shares of the medical equipment provider’s stock valued at $347,000 after buying an additional 1,029 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its holdings in Boston Scientific by 3.0% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 507,550 shares of the medical equipment provider’s stock worth $29,341,000 after purchasing an additional 14,723 shares in the last quarter. Pacer Advisors Inc. raised its holdings in Boston Scientific by 79.6% during the fourth quarter. Pacer Advisors Inc. now owns 178,639 shares of the medical equipment provider’s stock worth $10,327,000 after purchasing an additional 79,168 shares in the last quarter. WASHINGTON TRUST Co raised its holdings in Boston Scientific by 320.9% during the fourth quarter. WASHINGTON TRUST Co now owns 8,418 shares of the medical equipment provider’s stock worth $487,000 after purchasing an additional 6,418 shares in the last quarter. Finally, Ritholtz Wealth Management raised its holdings in Boston Scientific by 5.9% during the fourth quarter. Ritholtz Wealth Management now owns 21,855 shares of the medical equipment provider’s stock worth $1,263,000 after purchasing an additional 1,208 shares in the last quarter. 89.07% of the stock is owned by hedge funds and other 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.