Summit Financial LLC Cuts Stake in Boston Scientific Co. (NYSE:BSX)

Summit Financial LLC reduced its stake in Boston Scientific Co. (NYSE:BSX) by 0.9% during the first quarter, according to its most recent filing with the SEC. The fund owned 15,631 shares of the medical equipment provider’s stock after selling 138 shares during the quarter. Summit Financial LLC’s holdings in Boston Scientific were worth $1,071,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. US Bancorp DE lifted its holdings in Boston Scientific by 2.7% during the third quarter. US Bancorp DE now owns 443,737 shares of the medical equipment provider’s stock valued at $23,506,000 after purchasing an additional 11,641 shares during the last quarter. ORG Partners LLC lifted its holdings in Boston Scientific by 612.5% during the third quarter. ORG Partners LLC now owns 1,140 shares of the medical equipment provider’s stock valued at $60,000 after purchasing an additional 980 shares during the last quarter. Corient Private Wealth LLC lifted its holdings in Boston Scientific by 2.2% during the third quarter. Corient Private Wealth LLC now owns 178,806 shares of the medical equipment provider’s stock valued at $9,443,000 after purchasing an additional 3,776 shares during the last quarter. Signaturefd LLC lifted its holdings in Boston Scientific by 10.2% during the third quarter. Signaturefd LLC now owns 25,031 shares of the medical equipment provider’s stock valued at $1,322,000 after purchasing an additional 2,317 shares during the last quarter. Finally, Syon Capital LLC purchased a new stake in Boston Scientific during the third quarter valued at about $964,000. 89.07% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP John Bradley Sorenson sold 17,587 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was 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 owns 50,638 shares of the company’s stock, valued at $3,620,617. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, EVP John Bradley Sorenson sold 17,587 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $71.50, for a total value of $1,257,470.50. Following the completion of the sale, the executive vice president now owns 50,638 shares of the company’s stock, valued at $3,620,617. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Eric Francis Yves Thepaut sold 12,931 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $74.14, for a total value of $958,704.34. Following the completion of the sale, the executive vice president now directly owns 31,422 shares of the company’s stock, valued at approximately $2,329,627.08. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 74,599 shares of company stock valued at $5,286,149. 0.50% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms have commented on BSX. StockNews.com downgraded shares of Boston Scientific from a “buy” rating to a “hold” rating in a report on Saturday, March 16th. Citigroup upped their price target on Boston Scientific from $85.00 to $87.00 and gave the company a “buy” rating in a research report on Wednesday. Argus upped their price target on Boston Scientific from $69.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, April 3rd. Wells Fargo & Company upped their price target 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, Robert W. Baird upped their price target on Boston Scientific from $79.00 to $84.00 and gave the company an “outperform” rating in a research report on Thursday, April 25th. Three research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $75.41.

Boston Scientific Trading Down 1.3 %

Shares of NYSE:BSX traded down $0.98 during trading on Thursday, reaching $74.39. 5,581,296 shares of the company traded hands, compared to its average volume of 6,504,015. The firm has a market capitalization of $109.14 billion, a price-to-earnings ratio of 62.51, a P/E/G ratio of 2.60 and a beta of 0.77. Boston Scientific Co. has a 52-week low of $48.35 and a 52-week high of $76.25. The company has a current ratio of 1.66, a quick ratio of 1.14 and a debt-to-equity ratio of 0.47. The business’s fifty day moving average is $70.42 and its 200-day moving average is $63.54.

Boston Scientific (NYSE:BSX) last released its quarterly earnings data on Wednesday, April 24th. The medical equipment provider reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.05. The firm had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.68 billion. Boston Scientific had a return on equity of 16.39% and a net margin of 12.06%. As a group, analysts forecast that Boston Scientific Co. will post 2.32 EPS for the current year.

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.