Needham & Company LLC Reaffirms “Hold” Rating for Boston Scientific (NYSE:BSX)

Needham & Company LLC reiterated their hold rating on shares of Boston Scientific (NYSE:BSX) in a research report sent to investors on Wednesday morning,Benzinga reports.

Several other research firms also recently weighed in on BSX. Canaccord Genuity Group increased their price target on Boston Scientific from $88.00 to $98.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Citigroup increased their target price on shares of Boston Scientific from $92.00 to $98.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Mizuho boosted their price target on shares of Boston Scientific from $100.00 to $110.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Raymond James raised their price objective on shares of Boston Scientific from $91.00 to $94.00 and gave the stock a “strong-buy” rating in a report on Wednesday, September 4th. Finally, Truist Financial boosted their target price on shares of Boston Scientific from $90.00 to $100.00 and gave the company a “buy” rating in a report on Monday, October 14th. Four 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 company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $93.39.

Boston Scientific Price Performance

BSX opened at $90.76 on Wednesday. The firm has a market cap of $133.76 billion, a P/E ratio of 75.01, a PEG ratio of 2.63 and a beta of 0.79. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.02 and a current ratio of 1.48. Boston Scientific has a fifty-two week low of $53.93 and a fifty-two week high of $91.93. The firm has a 50-day moving average of $86.43 and a 200 day moving average of $80.51.

Boston Scientific (NYSE:BSX) last issued its quarterly earnings results 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. Boston Scientific had a net margin of 11.26% and a return on equity of 17.23%. The company had revenue of $4.21 billion during the quarter, compared to analyst estimates of $4.04 billion. During the same quarter last year, the business posted $0.50 EPS. Boston Scientific’s quarterly revenue was up 19.3% compared to the same quarter last year. On average, research analysts expect that Boston Scientific will post 2.46 EPS for the current year.

Insider Buying and Selling at Boston Scientific

In other Boston Scientific news, EVP Joseph Michael Fitzgerald sold 132,527 shares of the firm’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $85.00, for a total transaction of $11,264,795.00. Following the sale, the executive vice president now owns 160,467 shares in the company, valued at $13,639,695. This trade represents a 45.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Wendy Carruthers sold 6,983 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $81.70, for a total value of $570,511.10. Following the completion of the transaction, the executive vice president now owns 37,468 shares of the company’s stock, valued at $3,061,135.60. The trade was a 15.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 328,157 shares of company stock worth $27,894,270 over the last three months. 0.50% of the stock is owned by insiders.

Institutional Trading of Boston Scientific

Hedge funds have recently bought and sold shares of the company. Advisors Asset Management Inc. lifted its holdings in shares of Boston Scientific by 45.6% in the 1st quarter. Advisors Asset Management Inc. now owns 7,544 shares of the medical equipment provider’s stock worth $517,000 after acquiring an additional 2,361 shares during the last quarter. Kennedy Capital Management LLC purchased a new stake in Boston Scientific during the first quarter valued at about $3,021,000. B. Riley Wealth Advisors Inc. grew its stake in shares of Boston Scientific by 52.0% during the first quarter. B. Riley Wealth Advisors Inc. now owns 16,270 shares of the medical equipment provider’s stock valued at $1,114,000 after buying an additional 5,564 shares during the last quarter. New Covenant Trust Company N.A. purchased a new position in shares of Boston Scientific in the first quarter worth about $37,000. Finally, Swedbank AB bought a new stake in shares of Boston Scientific in the 1st quarter valued at about $100,113,000. Institutional investors own 89.07% of the company’s stock.

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.