1776 Wealth LLC Reduces Position in Boston Scientific Co. (NYSE:BSX)

1776 Wealth LLC decreased its position in Boston Scientific Co. (NYSE:BSX) by 5.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,593 shares of the medical equipment provider’s stock after selling 638 shares during the period. 1776 Wealth LLC’s holdings in Boston Scientific were worth $971,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. RIA Advisory Group LLC purchased a new position in shares of Boston Scientific in the third quarter worth about $265,000. Natixis Advisors LLC raised its position in Boston Scientific by 5.5% during the 3rd quarter. Natixis Advisors LLC now owns 1,845,805 shares of the medical equipment provider’s stock worth $154,678,000 after buying an additional 96,451 shares during the last quarter. Mizuho Markets Americas LLC purchased a new position in Boston Scientific during the 3rd quarter worth approximately $739,000. Empowered Funds LLC lifted its stake in Boston Scientific by 7.9% during the 3rd quarter. Empowered Funds LLC now owns 23,413 shares of the medical equipment provider’s stock valued at $1,962,000 after acquiring an additional 1,715 shares during the period. Finally, Empirical Finance LLC boosted its holdings in shares of Boston Scientific by 2.6% in the 3rd quarter. Empirical Finance LLC now owns 49,639 shares of the medical equipment provider’s stock valued at $4,160,000 after acquiring an additional 1,254 shares during the last quarter. Institutional investors and hedge funds own 89.07% of the company’s stock.

Analyst Upgrades and Downgrades

BSX has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft boosted their price objective on Boston Scientific from $73.00 to $78.00 and gave the company a “hold” rating in a report on Thursday, July 25th. StockNews.com cut shares of Boston Scientific from a “buy” rating to a “hold” rating in a research note on Monday, November 4th. JPMorgan Chase & Co. increased their price objective on Boston Scientific from $82.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Morgan Stanley raised their target price on shares of Boston Scientific from $92.00 to $100.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Finally, Wells Fargo & Company upped their price objective on shares of Boston Scientific from $87.00 to $98.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Four equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $93.39.

Insider Buying and Selling at Boston Scientific

In related news, CEO Michael F. Mahoney sold 162,777 shares of Boston Scientific stock in a transaction on Monday, October 7th. The stock was sold at an average price of $84.63, for a total transaction of $13,775,817.51. Following the completion of the transaction, the chief executive officer now directly owns 1,572,096 shares of the company’s stock, valued at approximately $133,046,484.48. The trade was a 9.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Joseph Michael Fitzgerald sold 132,527 shares of the company’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $85.00, for a total value of $11,264,795.00. Following the completion of the sale, the executive vice president now directly owns 160,467 shares in the company, valued at $13,639,695. This trade represents a 45.23 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 309,270 shares of company stock valued at $26,196,718. 0.50% of the stock is owned by company insiders.

Boston Scientific Stock Performance

Shares of BSX traded down $0.60 during mid-day trading on Friday, hitting $86.99. 10,230,145 shares of the company’s stock were exchanged, compared to its average volume of 6,083,564. The firm has a market capitalization of $128.21 billion, a P/E ratio of 71.88, a P/E/G ratio of 2.61 and a beta of 0.79. Boston Scientific Co. has a fifty-two week low of $53.56 and a fifty-two week high of $89.30. The business’s 50 day moving average is $85.26 and its two-hundred day moving average is $79.49. The company has a current ratio of 1.48, a quick ratio of 1.02 and a debt-to-equity ratio of 0.44.

Boston Scientific (NYSE:BSX) last released its earnings results on Wednesday, October 23rd. The medical equipment provider reported $0.63 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 analysts’ expectations of $4.04 billion. During the same quarter last year, the business earned $0.50 EPS. The business’s revenue was up 19.3% on a year-over-year basis. On average, equities analysts expect that Boston Scientific Co. will post 2.46 earnings per share for the current year.

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.