Boston Scientific (NYSE:BSX) Price Target Raised to $98.00 at Royal Bank of Canada

Boston Scientific (NYSE:BSX) had its price objective lifted by Royal Bank of Canada from $95.00 to $98.00 in a report released on Thursday morning, Benzinga reports. They currently have an outperform rating on the medical equipment provider’s stock.

Other equities analysts also recently issued research reports about the stock. JPMorgan Chase & Co. lifted their target price on shares of Boston Scientific from $82.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Canaccord Genuity Group raised their price objective on shares of Boston Scientific from $88.00 to $98.00 and gave the stock a “buy” rating in a report on Monday. BTIG Research boosted their target price on shares of Boston Scientific from $84.00 to $93.00 and gave the company a “buy” rating in a report on Monday, October 14th. Morgan Stanley raised their price target on Boston Scientific from $79.00 to $92.00 and gave the stock an “overweight” rating in a report on Monday, July 15th. Finally, Mizuho boosted their price objective on Boston Scientific from $100.00 to $110.00 and gave the company an “outperform” rating in a research note on Thursday. Three research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Boston Scientific currently has an average rating of “Moderate Buy” and an average target price of $93.39.

Boston Scientific Stock Performance

Shares of BSX stock traded down $0.17 during trading hours on Thursday, hitting $84.93. 1,829,340 shares of the company were exchanged, compared to its average volume of 6,024,712. The company has a current ratio of 1.61, a quick ratio of 1.14 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $124.60 billion, a price-to-earnings ratio of 71.52, a P/E/G ratio of 2.87 and a beta of 0.80. The firm has a fifty day simple moving average of $83.19 and a 200 day simple moving average of $77.57. Boston Scientific has a 52-week low of $49.15 and a 52-week high of $88.79.

Boston Scientific (NYSE:BSX) last issued its earnings results on Wednesday, October 23rd. The medical equipment provider reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.04. The firm had revenue of $4.21 billion for the quarter, compared to analyst estimates of $4.04 billion. Boston Scientific had a return on equity of 16.59% and a net margin of 12.00%. The business’s revenue was up 19.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.50 earnings per share. Research analysts predict that Boston Scientific will post 2.4 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Michael F. Mahoney sold 162,777 shares of the company’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $84.63, for a total transaction of $13,775,817.51. Following the completion of the sale, the chief executive officer now directly owns 1,572,096 shares in the company, valued at $133,046,484.48. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, EVP Joseph Michael Fitzgerald sold 132,527 shares of Boston Scientific stock in a transaction that occurred on 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 directly owns 160,467 shares in the company, valued at $13,639,695. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael F. Mahoney sold 162,777 shares of the company’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $84.63, for a total value of $13,775,817.51. Following the completion of the sale, the chief executive officer now directly owns 1,572,096 shares in the company, valued at approximately $133,046,484.48. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 316,253 shares of company stock valued at $26,714,298. 0.50% of the stock is currently owned by company insiders.

Institutional Trading of Boston Scientific

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its position in Boston Scientific by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 127,437,884 shares of the medical equipment provider’s stock valued at $8,728,221,000 after acquiring an additional 1,988,082 shares during the period. Capital World Investors grew its holdings in Boston Scientific by 69.9% in the first quarter. Capital World Investors now owns 16,008,085 shares of the medical equipment provider’s stock worth $1,096,394,000 after purchasing an additional 6,588,256 shares during the period. Legal & General Group Plc increased its stake in shares of Boston Scientific by 2.7% during the second quarter. Legal & General Group Plc now owns 13,922,773 shares of the medical equipment provider’s stock valued at $1,072,195,000 after purchasing an additional 360,793 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of Boston Scientific by 30.0% during the second quarter. Ameriprise Financial Inc. now owns 7,899,610 shares of the medical equipment provider’s stock valued at $608,349,000 after purchasing an additional 1,824,405 shares during the last quarter. Finally, Canada Pension Plan Investment Board grew its stake in shares of Boston Scientific by 15.0% in the 1st quarter. Canada Pension Plan Investment Board now owns 7,897,203 shares of the medical equipment provider’s stock worth $540,879,000 after buying an additional 1,027,543 shares during the last quarter. Institutional investors own 89.07% 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.