Lord Abbett & CO. LLC Decreases Stake in Boston Scientific Co. (NYSE:BSX)

Lord Abbett & CO. LLC cut its stake in shares of Boston Scientific Co. (NYSE:BSX) by 8.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 941,114 shares of the medical equipment provider’s stock after selling 83,474 shares during the quarter. Lord Abbett & CO. LLC owned about 0.06% of Boston Scientific worth $78,865,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BSX. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Boston Scientific by 7.6% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 71,068 shares of the medical equipment provider’s stock worth $5,473,000 after purchasing an additional 5,044 shares during the period. ORG Partners LLC lifted its stake in Boston Scientific by 6,094.7% during the 2nd quarter. ORG Partners LLC now owns 1,177 shares of the medical equipment provider’s stock valued at $90,000 after acquiring an additional 1,158 shares during the period. Triad Wealth Partners LLC purchased a new stake in shares of Boston Scientific in the 2nd quarter valued at $26,000. Brookstone Capital Management increased its stake in shares of Boston Scientific by 389.1% in the second quarter. Brookstone Capital Management now owns 69,945 shares of the medical equipment provider’s stock worth $5,414,000 after acquiring an additional 55,645 shares during the period. Finally, OFI Invest Asset Management acquired a new position in Boston Scientific during the second quarter valued at $36,000. Hedge funds and other institutional investors own 89.07% of the company’s stock.

Boston Scientific Stock Down 0.3 %

Shares of NYSE:BSX opened at $90.12 on Friday. Boston Scientific Co. has a 52-week low of $54.95 and a 52-week high of $91.93. 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 business has a fifty day moving average of $87.98 and a two-hundred day moving average of $81.77. The stock has a market cap of $132.81 billion, a P/E ratio of 74.48, a PEG ratio of 2.67 and a beta of 0.80.

Boston Scientific (NYSE:BSX) last released its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.04. The firm had revenue of $4.21 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period last year, the business earned $0.50 earnings per share. On average, research analysts expect that Boston Scientific Co. will post 2.46 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have weighed in on BSX. Wells Fargo & Company increased their price target on Boston Scientific from $98.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday. Canaccord Genuity Group raised their target price on Boston Scientific from $98.00 to $101.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Morgan Stanley lifted their price target on Boston Scientific from $92.00 to $100.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Evercore ISI upped their price objective on Boston Scientific from $82.00 to $90.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Finally, TD Cowen lifted their target price on shares of Boston Scientific from $100.00 to $110.00 and gave the company a “buy” rating in a report on Thursday. Four equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Boston Scientific presently has a consensus rating of “Moderate Buy” and an average price target of $94.43.

Insider Activity at Boston Scientific

In other news, EVP Wendy Carruthers sold 6,983 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $83.86, for a total value of $585,594.38. Following the transaction, the executive vice president now owns 34,748 shares of the company’s stock, valued at $2,913,967.28. This represents a 16.73 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Edward J. Ludwig sold 4,877 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $91.63, for a total value of $446,879.51. Following the sale, the director now directly owns 39,398 shares of the company’s stock, valued at $3,610,038.74. The trade was a 11.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 328,157 shares of company stock worth $27,957,676. Insiders own 0.50% of the company’s stock.

Boston Scientific 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.