Boston Scientific (NYSE:BSX) Updates FY24 Earnings Guidance

Boston Scientific (NYSE:BSX) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $2.29-2.34 for the period, compared to the consensus earnings per share estimate of $2.26. The company issued revenue guidance of +11-13% to ~$15.8-16.1 billion, compared to the consensus revenue estimate of $15.59 billion. Boston Scientific also updated its FY 2024 guidance to 2.290-2.340 EPS.

Boston Scientific Stock Performance

Boston Scientific stock traded up $3.92 during trading on Wednesday, hitting $72.91. The stock had a trading volume of 14,206,418 shares, compared to its average volume of 6,540,234. Boston Scientific has a 1 year low of $48.35 and a 1 year high of $74.39. The company has a quick ratio of 0.82, a current ratio of 1.32 and a debt-to-equity ratio of 0.44. The stock’s 50 day moving average is $67.39 and its two-hundred day moving average is $60.19. The stock has a market cap of $106.97 billion, a price-to-earnings ratio of 68.14, a price-to-earnings-growth ratio of 2.38 and a beta of 0.78.

Boston Scientific (NYSE:BSX) last posted its quarterly earnings data on Wednesday, January 31st. The medical equipment provider reported $0.55 EPS for the quarter, beating the consensus estimate of $0.51 by $0.04. Boston Scientific had a return on equity of 15.99% and a net margin of 11.19%. The business had revenue of $3.73 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter in the prior year, the business earned $0.45 earnings per share. As a group, analysts predict that Boston Scientific will post 2.25 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on BSX shares. Needham & Company LLC boosted their target price on shares of Boston Scientific from $71.00 to $82.00 and gave the company a buy rating in a report on Wednesday. Citigroup boosted their target price on shares of Boston Scientific from $71.00 to $79.00 and gave the company a buy rating in a report on Wednesday, April 3rd. StockNews.com cut shares of Boston Scientific from a buy rating to a hold rating in a report on Saturday, March 16th. Argus boosted their target price on shares of Boston Scientific from $69.00 to $80.00 and gave the company a buy rating in a report on Wednesday, April 3rd. Finally, Oppenheimer upped their price target on shares of Boston Scientific from $58.00 to $68.00 and gave the stock a market perform rating in a report on Thursday, February 1st. Two research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $69.00.

Insider Buying and Selling at Boston Scientific

In other news, EVP Wendy Carruthers sold 6,983 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $66.89, for a total transaction of $467,092.87. Following the completion of the sale, the executive vice president now directly owns 56,508 shares in the company, valued at $3,779,820.12. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, EVP Wendy Carruthers sold 6,983 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $66.89, for a total transaction of $467,092.87. Following the completion of the sale, the executive vice president now directly owns 56,508 shares in the company, valued at $3,779,820.12. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Edward J. Ludwig sold 7,000 shares of the stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $65.03, for a total transaction of $455,210.00. Following the sale, the director now owns 41,374 shares of the company’s stock, valued at $2,690,551.22. The disclosure for this sale can be found here. Insiders sold a total of 50,979 shares of company stock worth $3,418,529 over the last three months. Company insiders own 0.50% of the company’s stock.

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.